Crypto is a major risk for tax transparency, says the OECD, claiming that gains will eventually be lost without safeguards.
, tax authorities do not have “adequate visibility” for transactions dealing with crypto assets. According to the OECD, the crypto market posed a “significant risk” around tax transparency, claiming that any gains will eventually be lost without additional safeguards.
The proposal suggested individuals and businesses already dealing in crypto services — including exchanges, retail transactions and transferring tokens — have 12 months from the effective date of the rules to comply with the reporting requirements.
“Unlike traditional financial products, crypto-assets can be transferred and held without the intervention of traditional financial intermediaries and without any central administrator having full visibility on either the transactions carried out, or crypto-asset holdings,”a summary of the report. “Therefore, crypto-assets could be exploited to undermine existing international tax transparency initiatives.
Today the OECD released a public consultation document concerning a new global tax transparency framework to provide for the reporting and exchange of information with respect to crypto-assets.
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