[2018-03-23] OECD Warns Crypto and Blockchain are Challenging Tax Transparency

[PX-Z]

OECD Warns Crypto and Blockchain are Challenging Tax Transparency

The 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 Agenda

The 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.

READ MORE here: https://news.bitcoin.com/oecd-warns-crypto-and-blockchain-challenging-tax-transparency/

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[thefaucetrunner]

They only talk about the transparency of taking taxes. What about the transparency of spending the taxes that are taken? Crypto is definitely a challenge to governments' ability to tax and control the money supply. If they are that hostile to something pseudonymous like Bitcoin, imagine how much they something like Zcash, which has optional anonymity. I wonder what they will come up to address this "tax transparency" problem... more regulation likely. Maybe they will advocate some sold-out fake crypto that exposes every detail of its transactions the government, while still catering, on a superficial level, those who appreciate the technology.