Canadian tax expert David Rotfleisch was recently cited in an article on thelawyersdaily.ca. He mentions that the Organization for Economic Cooperation and Development (OECD) pledged to release an updated common-reporting standard by the end of 2021.
“The updated common-reporting standard will feature model tax rules whereby the tax authorities of OECD-member countries shall automatically exchange information concerning cryptocurrency transactions and holdings of taxpayers under their jurisdiction. Of course, if an OECD-member country like Canada plans on implementing the OECD’s recommendations, it must first enact a cryptocurrency-reporting regime locally.”
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