Cryptoasset Reporting Framework, Common Reporting Standard amendments, and seeking ...

Retrieved on: 2024-03-06 17:41:30

Tags for this article:

International taxation

OECD

Tax avoidance

Offshore finance

Common Reporting Standard

Standards

Exchange of information

AEOI

HM Revenue and Customs

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Cryptoasset Reporting Framework, Common Reporting Standard amendments, and seeking .... View article details on HISWAI: https://www.gov.uk/government/consultations/cryptoasset-reporting-framework-and-common-reporting-standard/cryptoasset-reporting-framework-and-amendments-to-the-common-reporting-standard-extension-to-domestic-reporting-and-implementation

Summary

The UK's consultation focuses on implementing the OECD's Cryptoasset Reporting Framework (CARF) and amendments to the Common Reporting Standard (CRS) to improve tax transparency and tackle offshore tax avoidance and evasion. It invites input on optional elements and effective execution. The consultation has implications for entities dealing with international taxation, offshore finance, information security, and seeks to conform to standards like AEOI while considering the implications for entities like HM Revenue and Customs and offshore banks in the United Kingdom.

Article found on: www.gov.uk

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