The UK government has agreed an 'historic' commitment with 48 countries to combat
criminals using crypto assets to evade tax.
The landmark agreement follows on from the UK's tax deal made in 2021 to clamp
down on corporate tax avoidance and 'ensure the right tax is paid in the right
place'.
The new Crypto-Asset Reporting Framework is the Organisation for Economic
Co-operation and Development's (OECD's) flagship tax transparency standard that
will require crypto platforms to begin sharing taxpayer information with tax
authorities.
The new framework will allow international authorities to exchange information in
order to enforce tax compliance and builds on the existing Common Reporting
Standard system authorities utilise to share information.
Victoria Atkins, Financial Secretary to the Treasury, said:
'I am proud that the UK is once again demonstrating leadership on tackling
global tax evasion, helping to secure the revenue that's essential for the
public services we all use.
'We are sending out a strong message that we will not allow criminals to use
crypto to avoid paying their fair share.'
Internet link: GOV.UK