48 countries signed a cryptocurrency tax evasion agreement, but China refused to sign it!

As many as 48 countries have committed to implementing a tax transparency standard starting in 2027 that will provide for the automatic exchange of information between jurisdictions in an effort to crack down on cryptocurrency trading, according to a joint statement and separate announcements from the UK, Singapore and Luxembourg. tax evasion.

Notably, several countries with considerable interest in cryptocurrencies, including Turkey, India, China, Russia, and all African countries, did not sign the statement.

The agreement adds the Organization for Economic Co-operation and Development’s (OECD) Crypto-Asset Reporting Framework (CARF), completed in June this year, to the organization’s Common Reporting Standard (CRS), the automatic exchange of financial account information between tax authorities. standard.

"After two years of negotiations, CARF

On March 2023

A final agreement was reached in March," a press release from the UK stated. "The UK is the first in the world to commit to cracking down on offshore cryptocurrency tax evasion. This would mean that cryptocurrency platforms would need to start sharing taxpayer information with tax authorities, something they currently do not do, which would ensure that these agencies can exchange information to enforce tax compliance.

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The implementation deadline of 2027 also applies to updates in the Common Reporting Standard, with the aim of "rapidly transposing the Common Reporting Standard into domestic law, in accordance with national legislative procedures, and initiating exchange agreements in a timely manner so that by 2027 Start exchanging".

"We invite other jurisdictions to join us in strengthening the global automatic information exchange system so that tax evasion has nowhere to hide," the statement said.