{"id":420082,"date":"2022-03-22T21:45:00","date_gmt":"2022-03-22T18:45:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/oecd-opens-proposal-on-tax-transparency-framework-for-crypto-to-public-comment\/"},"modified":"2022-03-22T21:45:00","modified_gmt":"2022-03-22T18:45:00","slug":"oecd-opens-proposal-on-tax-transparency-framework-for-crypto-to-public-comment","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/oecd-opens-proposal-on-tax-transparency-framework-for-crypto-to-public-comment\/","title":{"rendered":"# OECD opens proposal on tax transparency framework for crypto to public comment"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a27393ad6818\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a27393ad6818\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/oecd-opens-proposal-on-tax-transparency-framework-for-crypto-to-public-comment\/#%E2%80%9D_OECD_opens_proposal_on_tax_transparency_framework_for_crypto_to_public_comment_%E2%80%9C\" >&#8221; OECD opens proposal on tax transparency framework for crypto to public comment &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_OECD_opens_proposal_on_tax_transparency_framework_for_crypto_to_public_comment_%E2%80%9C\"><\/span>&#8221; OECD opens proposal on tax transparency framework for crypto to public comment &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvNjFlZDBmZWItNDFmMS00OTQwLTg3ZGEtODVkNTA3OTJkZDVhLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>The Organisation for Economic Cooperation and Development, or OECD, has suggested additional requirements on reporting crypto transactions and identifying users aimed at increasing transparency for global tax authorities.\u00a0<\/p>\n<p>In a public consultation document released on Tuesday, the OECD <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.oecd.org\/tax\/exchange-of-tax-information\/public-consultation-document-crypto-asset-reporting-framework-and-amendments-to-the-common-reporting-standard.pdf\">opened<\/a> for public comment a proposal that would require crypto service providers to better identify users and report on certain transactions. The organization said that under current reporting requirements, tax authorities do not have \u201cadequate visibility\u201d for transactions dealing with crypto assets. According to the OECD, the crypto market posed a \u201csignificant risk\u201d around tax transparency, claiming that any gains will eventually be lost without additional safeguards.<\/p>\n<p>The proposal suggested individuals and businesses already dealing in crypto services \u2014 including exchanges, retail transactions and transferring tokens \u2014 have 12 months from the effective date of the rules to comply with the reporting requirements. Members of the public were asked to weigh in on which crypto assets would be covered under the proposal \u2014 including nonfungible tokens \u2014 as well as on tax reporting rules and \u201cdue diligence\u201d procedures related to collecting information from those engaging in crypto transactions for both hot and cold wallets.<\/p>\n<p>\u201cUnlike traditional financial products, crypto-assets can be transferred and held without the intervention of traditional financial inter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>ries and without any central administrator having full visibility on either the transactions carried out, or crypto-asset holdings,\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.oecd.org\/ctp\/exchange-of-tax-information\/oecd-seeks-input-on-new-tax-transparency-framework-for-crypto-assets-and-amendments-to-the-common-reporting-standard.htm\">said<\/a> a summary of the report. \u201cTherefore, crypto-assets could be exploited to undermine existing international tax transparency initiatives.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">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.  <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/1qKFyXWOQb\">https:\/\/t.co\/1qKFyXWOQb<\/a><\/p>\n<p>\u2014 Amy Lee Rosen (@amyleerosen) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/amyleerosen\/status\/1506266043693510656?ref_src=twsrc%5Etfw\">March 22, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nThe proposal will be available for public comments until April 29, with a consultation meeting expected at the end of May. The OECD said it aims to report on the amended reporting rules during the G20 Bali summit in October.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Things to know (and fear) about new IRS crypto tax reporting<\/em><\/strong><\/p>\n<p>Tax season is upon residents of the United States, with many required to submit their returns by April 18. Countries\u2019 tax authorities often have different reporting requirements for HODLing or exchanging crypto assets, with many U.S.-based centralized exchanges sending the Internal Revenue Service paperwork reflecting transactions for the previous year. Taxpayers often report exchanges of tokens or crypto into fiat as capital gains or losses.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/oecd-opens-proposal-on-tax-transparency-framework-for-crypto-to-public-comment\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; OECD opens proposal on tax transparency framework for crypto to public comment &#8220; The Organisation for Economic Cooperation and Development, or OECD, has suggested additional requirements on reporting crypto transactions and identifying users aimed at increasing transparency for global tax authorities.\u00a0 In a public consultation document released on Tuesday, the OECD opened for public&#8230;<\/p>\n","protected":false},"author":1,"featured_media":420083,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvNjFlZDBmZWItNDFmMS00OTQwLTg3ZGEtODVkNTA3OTJkZDVhLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74863,75833,74880,55229,70934,46483],"class_list":["post-420082","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrencies","tag-oecd","tag-transactions","tag-law","tag-regulation","tag-taxes"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/420082","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=420082"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/420082\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/420083"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=420082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=420082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=420082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}