OECD Plans On Releasing International Tax Standards In 2021 Says Director

Pascal Saint-Amans stands as the Tax Policy and Administration Director for The Organization for Economic Cooperation and Development. Today, Saint-Amans stated that the organization, consisting of 37 nations, will see to the introduction of Common Reporting Standards (CRS) for crypto assets, scheduling it for 2021.

OECD Planning For Tax Standards In 2021

Law360, a prominent media outlet, explained that this new crypto tax standard will be similar to the CRS that was developed by the OECD in order to counteract tax evasion, which is always an issue in this modern day and age.

Saint-Amans had attributed the development of this crypto tax CRS to the overarching need within the crypto regulation space to develop stronger standards within its member countries. The director explained that all the countries in the OECD want this CRS to come out, so he expects the CRS to be published in 2021.

EC Planning Tax Legislation Changes For 2021 As Well

These comments from Saint-Amans comes just days after a process from the European Commission (EC) was launched. This process is dedicated to the extending and amending of the tax evasion laws when it comes to crypto assets at large.

The proposal itself had been published by the EC on the 23rd of November, 2020, primed to receive public feedback about this initiative. The cut-off date for this feedback is set for the 21st of December, 2020. It’s expected that these new laws will see their introduction within 2021’s third quarter, as well.

Even with the EC’s recent actions, Saint-Amans fully expects that Europe will establish its crypto tax standards after the OECD had done the same. The director went as far as to state that this policy arena makes it a prime chance for the EU to adopt his organization’s standard during this time.

Threats Of Putting Some Countries In Difficult Positions

It should be noted, however, as these simultaneous and uncoordinated policy developments could leave the EC and OECD at odds with each other. One of more positions in their respective policies could outright counteract each other, which would cause challenges for the European members of the OECD. A similar event occurred with digital services and its taxation.

These concerns were summarily dismissed by the director, however. Saint-Amans claimed that the OECD’s proposals would only complement any regulations made by the EU. In an interview with Law380, a spokesperson from the EC revealed that it is working with the OECD when it comes to this legislation.

This, the spokesperson said, was to avoid any inconsistencies and overlaps wherever possible. Even so, the spokesperson affirmed that the EC is looking out for the EU and its member states, first, accounting for them before the OECD.