Government agrees to crack down on crypto tax evasion

The UK government has agreed an 'historic' commitment with 48 countries to combat criminals using crypto assets to evade tax.

The landmark agreement follows on from the UK's tax deal made in 2021 to clamp down on corporate tax avoidance and 'ensure the right tax is paid in the right place'.

The new Crypto-Asset Reporting Framework is the Organisation for Economic Co-operation and Development's (OECD's) flagship tax transparency standard that will require crypto platforms to begin sharing taxpayer information with tax authorities.

The new framework will allow international authorities to exchange information in order to enforce tax compliance and builds on the existing Common Reporting Standard system authorities utilise to share information.

Victoria Atkins, Financial Secretary to the Treasury, said:

'I am proud that the UK is once again demonstrating leadership on tackling global tax evasion, helping to secure the revenue that's essential for the public services we all use.

'We are sending out a strong message that we will not allow criminals to use crypto to avoid paying their fair share.'

Internet link: GOV.UK