Pascal Saint-Amans, OECD’s Tax Director, has just revealed that a common reporting standard (CRS) for cryptocurrency might come by the end of the next year. OECD, which is a 37-nation organisation, is planning on introducing CRS anytime in 2021. OECD’s tax director revealed that the major purpose behind this crypto tax standard is to prevent tax evasion. He also stated: “The timeline to deliver is probably ’21, sometime in ’21, because there is an appetite by all countries now.” OECD’s Tax Director Aims to Introduce Tax Standards Before Europe This revelation by OECD is coming shortly after the European Commission (EC) is looking to amend the tax evasion laws for cryptocurrency. The commission has published this proposal on November 23, 2020, and is open to receive feedback from the public until December 21, 2020. Just like OECD, EC is also planning to introduce the new laws by Q3 2021. Following this news, OECD’s tax director believes that they will be able to introduce the crypto tax standards before EC. He also believes that this is a huge opportunity for the EU to coordinate with the OECD. In case they fail to coordinate with each other, this simultaneous development of crypto standards and laws will counter each other. Due to this, the European members of OECD might be facing several regulatory challenges which will create trouble for them. EC Working in Parallel Contradicting each other’s policies is quite a big concern however, OECD’s tax director claimed that their proposal will be complementary to the EU regulations. One of the EC spokespersons has also revealed that the commission is working in parallel with OECD. By doing so, there will not be any overlapping issues for any of them. This will also avoid the contradictory situation and hence there will not be any trouble for OECD’s European members.
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