OECD Secretary-General Tax Report

In 9 October 2019, the Organization for Economic Co-operation and Development (“OECD”) Secretary-General released a Tax Report to the G20 Finance Ministers and Central Bank Governors (Link). The report includes tax transparency challenges arising from new technologies.

The Secretary-General states that exactly 5 years after the initial endorsement of the Common Reporting Standard (“CRS”) by G20 leaders, the OECD is now undertaking a comprehensive review of the CRS, ensuring that it continues to provide an effective global firewall against international tax evasion in an increasingly digital financial age. Alongside changes to the Common Reporting Standard, the OECD is also working with tax authorities to build strategies for ensuring compliance with tax obligations in respect of crypto assets, and to ensure they have the tools to address the risks of financial crime posed by such assets, such as through practical training and speedy access to data.

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