Singapore, is joining 47 other jurisdictions, working towards initiating automatic exchanges in crypto-Assets reporting based on the globally recognized Crypto-Asset Reporting Framework (CARF) in 2027. For further details, refer to the joint statement issued by Singapore and the 47 Jurisdictions here in Annex A.
Singapore has played an active role in contributing to the advancement of the CARF within the OECD framework. Published in June 2023, the CARF facilitates the automatic exchange of tax-relevant information concerning Crypto-Assets. Its primary aim is to manage the fast growth of the crypto-asset market while safeguarding the progress made in global tax transparency, ensuring that these advancements remain intact.
Singapore adheres to internationally accepted standards for Exchange of Information (EOI) promoting tax transparency. As a participant in the Global Forum on Transparency and Exchange of Information for Tax Purposes, a key multilateral entity overseeing the application of globally acknowledged standards for tax transparency, Singapore demonstrates its dedication to international tax transparency initiatives. The endorsement of the CARF Joint Statement underscores this commitment, reinforcing Singapore’s standing as a reliable and conscientious financial hub. IRAS will collaborate with the industry to offer guidance for the implementation of CARF in Singapore.
1For more information on the CARF and the amendments to the Common Reporting Standard (CRS), which was approved by OECD’s Committee on Fiscal Affairs in June 2023, please see International Standards for Automatic Exchange of Information in Tax Matters
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