OECD Warns Crypto and Blockchain are Challenging Tax TransparencyThe Organization for Economic Cooperation and Development (OECD) has issued a report to the G20 finance ministers and central bank governors. The report examines the accomplishments and aims of the OECD in advancing its efforts to “redefine the international landscape,” identifying new technologies cryptocurrencies and distributed ledger technology as posing unique challenges to “tax transparency.”
OECD Discusses International Tax AgendaThe report asserts that the OECD, with assistance from the G20, has made “enormous strides” in implementing the OECD’s international “tax agenda.” The organization claims that its policies have resulted in a transition of the “global financial system” from “opacity and incongruity to transparency and coherence.”
Among the primary policy objectives sought by the institutions has been greater “tax transparency,” with the report stating that “tax transparency has been at the heart of the OECD’s role in the international tax area.
Despite boasting of numerous accomplishments with regards to fostering greater taxation transparency, the report identifies the increasing “digitalization of the economy” as giving rise to a number of significant challenges to the the OECD’s international policy objectives.
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