Bitcoin News

The OECD Wants to Tax Your Crypto to Pay for COVID-19 Recovery Efforts

The Organization for Economic Cooperation and Development (OECD) is looking to push its members to adopt crypto tax frameworks.

Per a new OECD report, the organization said it wants to promote transparency in all transactions involving cryptoassets, ensuring revenues generated from trading are taxed in the world’s biggest economies.

Intended for the attention of G20 finance ministers and central bank governors, the document stated that, in the aftermath of the ongoing coronavirus pandemic crisis, the global public’s “tolerance for tax evasion and tax avoidance is expected to reach historic lows.”

And this, said the OECD is necessitating a set of measures to “tackle increasingly sophisticated, non-compliant taxpayers and aggressive tax planning, to collect missing and much-needed tax revenues.”

The organization said the new tax reporting framework will use the G20/OECD’s Common Reporting Standard (CRS) as its starting point. It described the CRS as the “global benchmark for ensuring tax transparency with respect to financial assets and income”.

The G20 is a global forum comprising central bank governors from the world’s 19 major economies and the European Union.

The report’s authors wrote,

___
Learn more:
Crypto ‘Is Now Finally Being Taken Seriously’ By Taxman – PwC
South Korea May Review Crypto Tax Law ahead of 2021 Regulations
Crypto Question Placement on New Tax Return ‘Signals IRS Action’
Declare Your Bitcoin or We’ll Take 30% of it – Draft Russian Law

Leave a Reply

Your email address will not be published. Required fields are marked *