To keep pace with the development of the crypto industry due to its sheer size and complex business models,the Organisation for Economic Co-operation and Development(OECD)introduced the Crypto Asset Reporting Framewor...To keep pace with the development of the crypto industry due to its sheer size and complex business models,the Organisation for Economic Co-operation and Development(OECD)introduced the Crypto Asset Reporting Framework(CARF)to enhance transparency in relevant transactions.It is envisaged that the introduction of CARF will facilitate the exchange of information and potentially lead to increase in tax revenues for those jurisdictions enacting such requirements in due course.In turn,industry players will need to assess the implications this will have in their business from reporting readiness and implementation perspectives.Meanwhile,the tokenisation of real-world assets(RWAs)is gaining momentum.The legal and tax implications that may arise from this latest development can be complex and uncertain.展开更多
This article discusses some major changes and developments in ac-counting standards(i.e.IFRS 15 and IFRS 16)and international taxation rules(i.e.the Two-Pillar solution under BEPS 2.0)and new business models(i.e.crypt...This article discusses some major changes and developments in ac-counting standards(i.e.IFRS 15 and IFRS 16)and international taxation rules(i.e.the Two-Pillar solution under BEPS 2.0)and new business models(i.e.cryptocurrencies and Non-Fungible Tokens)which may have significant impact on taxpayers and pose challenges to tax administrations on how to provide tax certainty and better taxpayer services.The article briefly analyses the impact of these developments on taxpayers and makes suggestions for tax policymakers and tax administrations in the Belt andwww.britacom.org Road jurisdictions.展开更多
文摘To keep pace with the development of the crypto industry due to its sheer size and complex business models,the Organisation for Economic Co-operation and Development(OECD)introduced the Crypto Asset Reporting Framework(CARF)to enhance transparency in relevant transactions.It is envisaged that the introduction of CARF will facilitate the exchange of information and potentially lead to increase in tax revenues for those jurisdictions enacting such requirements in due course.In turn,industry players will need to assess the implications this will have in their business from reporting readiness and implementation perspectives.Meanwhile,the tokenisation of real-world assets(RWAs)is gaining momentum.The legal and tax implications that may arise from this latest development can be complex and uncertain.
文摘This article discusses some major changes and developments in ac-counting standards(i.e.IFRS 15 and IFRS 16)and international taxation rules(i.e.the Two-Pillar solution under BEPS 2.0)and new business models(i.e.cryptocurrencies and Non-Fungible Tokens)which may have significant impact on taxpayers and pose challenges to tax administrations on how to provide tax certainty and better taxpayer services.The article briefly analyses the impact of these developments on taxpayers and makes suggestions for tax policymakers and tax administrations in the Belt andwww.britacom.org Road jurisdictions.
