Singapore has joined forces with 47 other jurisdictions to initiate automatic exchanges in crypto-assets reporting by 2027, based on the Crypto-Asset Reporting Framework (CARF) established by the OECD. The CARF, published in June 2023, aims to enhance tax transparency by facilitating the automatic exchange of tax-relevant information concerning crypto-assets. This move addresses the booming crypto-asset market and is designed to preserve the recent advancements in global tax transparency. Singapore's commitment to the CARF and the Exchange of Information (EOI) standards reaffirms its position as a responsible and trusted financial centre. As a member of the Global Forum on Transparency and Exchange of Information for Tax purposes, Singapore demonstrates its dedication to international tax transparency efforts.
Comments