OECD Says It Is Working on Crypto Tax Reporting Standards for 2021

Source: Adobe / piter2121

The Organization for economic cooperation and development (OECD) is expected to adopt a number of international standards that will change the way crypto taxes are reported – and the panel stands ready to use the same tax standards in its crypto taxation efforts that it uses to monitor conventional finances .

Per Law360, Pascal Saint-Amans, director of the OECD Center for Tax Policy and Administration, claimed that there was “broad consensus” among relevant policy makers that a “standard for crypto assets similar to the Common Reporting Standard” was required (CRS) , adopted to end tax evasion in the conventional financial world in 2014.

The media quoted Saint-Amans as saying:

“Basically the idea is to have a standard that is roughly equivalent to the CRS when it is not the CRS.”

And the director added that the “schedule for delivery” is “likely sometime in 2021” as all member states now have “appetite” to introduce a standard.

Indeed, crypto revenue taxation appears to have become an issue for the OECD, which posted a sweeping topic last month report and held a “deep dive” session to this topic.

The OECD has claimed in its most recent research that regulatory efforts to date have largely focused on anti-money laundering and terrorist financing issues – often at the expense of scrutinizing crypto tax matters and combating crypto tax evasion.

Forkast.News Quotes Grace Perez-Navarro, the deputy director of the same OECD tax authority, said:

“There is still considerable scope to improve guidance on tax treatments, particularly in the emerging areas of stablecoins, consensus evidence mechanisms and decentralized funding.”

But the waters can be tarnished by the fact that the “appetite” to tax crypto more effectively is so great that member states – or blocks of nations – have already started working on their own standards.

The EU recently announced that it is considering changing its Administrative Cooperation Tax Reporting (DAC) policy to include crypto – with announcements for the third quarter of next year.

Both the EU and OECD told Law360 that they did not believe that their respective work would hinder the other party – although there have been suggestions that this may not quite be the case.

Saint-Amans was quoted as saying that the work of the OECD would “complement” the efforts of the EU, but claimed that the OECD version would be ready first and “would allow the EU to adapt to our standard” .

The European Commission told the same media company that it was “working to avoid overlap or inconsistencies as much as possible,” but added:

“At the same time, the specific situation of the EU and its member states must be taken into account. We will endeavor to take into account all work by the OECD on tax transparency for cryptocurrencies that is compatible with the EU framework when developing the EU approach. “

___
Learn more:
The OECD wants to tax your crypto to pay for COVID-19 recovery efforts
The South Korean crypto tax can be delayed after parliamentary intervention
The Venezuelan authorities are restricting crypto pay providers
The Russian Ministry wants to detain citizens who do not report Bitcoin earnings