International Standards for Automatic Exchange of Information in Tax Matters
Crypto-Asset Reporting Framework and 2023 update to the Common Reporting Standard
Since the approval of the Standard for Automatic Exchange of Financial Account Information
in Tax Matters in 2014, it has been implemented by jurisdictions and financial institutions
across the globe. Taking into account the experience gained and the growing digitalisation
of financial markets, a comprehensive review of the Standard was undertaken. As a
result, this publication includes the Crypto-Asset Reporting Framework (CARF) and
amendments to the Common Reporting Standard (CRS), along with associated Commentaries
and exchange of information frameworks, as approved by the Committee on Fiscal Affairs,
which now collectively represent the International Standards for Automatic Exchange
of Information in Tax Matters.
The CARF provides for the automatic exchange of tax relevant-information on crypto-assets
and was developed to address the rapid growth of the crypto-asset market and to ensure
that recent gains in global tax transparency are not gradually eroded.
The CRS was amended to bring certain electronic money products and central bank digital
currencies in scope. Changes have also been made to ensure that indirect investments
in crypto-assets through derivatives and investment vehicles are now covered by the
CRS. In addition, amendments have been made to strengthen the due diligence and reporting
requirements and to provide a carve-out for genuine non-profit organisations.
This publication also includes the OECD Recommendation on the International Standards
for Automatic Exchange of Information in Tax Matters, which covers both the CARF and
Published on June 08, 2023Also available in: French