CARIBBEAN-Caribbean countries sign agreement to implement crypto-asset reporting framework.

BELMOPAN, Belize, CMC – Three Caribbean countries have joined several international nations in backing an initiative developed by the Organisation for Economic Co-operation and Development (OECD) to ensure the recent gains in global tax transparency will not be gradually eroded.

Belize, Barbados, and the Cayman Islands have joined at least 47 countries, including Australia, Austria, Belgium, Brazil, Bulgaria, Canada, Chile, Denmark, France, Germany, the United Kingdom, and the United States, in issuing a joint statement on the issue.

“To keep pace with the rapid development and growth of the crypto-asset market and to ensure that recent gains in global tax transparency will not be gradually eroded, we welcome the new international standard on automatic exchange of information between tax authorities developed by the OECD – the Crypto-Asset Reporting Framework (CARF).

“The widespread, consistent, and timely implementation of the CARF will further improve our ability to ensure tax compliance and clamp down on tax evasion, which reduces public revenues and increases the burden on those who pay their taxes,” they said in the statement.

The countries say that as jurisdictions that play host to active crypto markets, “we intend to work towards swiftly transposing the CARF into domestic law and activating exchange agreements in time for exchanges to commence by 2027, subject to national legislative procedures as applicable.

“To ensure consistency and a smooth implementation for both business and governments, those of us that are signatory jurisdictions to the Common Reporting Standard will also implement, in line with the above timeline and subject to national legislative procedures as applicable, amendments to this standard as agreed by the OECD earlier this year.”

The countries are urging other jurisdictions to join them “to enhance the global system of automatic information exchange which leaves no hiding places for tax evasion.”