The Organization for Economic Co-operation and Development (OECD) will be proposing a tax framework for cryptoassets to its 37 member countries from 2021.
A standard to better tax your cryptos
The OECD’s mission is „to promote policies that will improve economic and social well-being around the world „. And for this, the organization has its Center for Tax Policy and Administration . In particular, it is responsible for promoting the exchange of information between the tax authorities of member countries. But it also issues conventions aimed at harmonizing their taxes (fiscal federalism) in order to fight against tax evasion.
The best known is the One Bitcoin a Day model convention on the exchange of information in tax matters, or CRS (for Common Reporting Standard ). These recommendations in particular have been limiting bank secrecy since 2005.
According to the director of the Center for Tax Policy and Administration, Pascal Saint-Amans , a similar framework will be introduced for cryptos in 2021:
Basically, the idea is to have a standard that would be roughly equivalent to CRS, if not CRS. It will most likely be delivered sometime in 2021.
This standard will not contradict the directives of entities such as the European Commission, according to Saint-Amans.
Taxes, everyone agrees
For its part, the European Union is seeking to amend its Directive on administrative cooperation in tax matters ( DAC ). His proposal was published on November 23.
According to Saint-Amans, this amendment will be in accordance with the recommendations of the OECD:
The OECD proposal will be “complementary” to ongoing work within the EU. But the OECD is likely to set its standard before the EU. This will be an opportunity for the EU to align with our standard. […] The right comparison is not the Digital Services Directive, but rather all the many directives where the EU has implemented OECD standards. The seventh version of the DAC Act is an example of these, very much in line with what we are doing.