The European Commission has proposed new tax transparency rules for all service providers facilitating transactions in cryptoassets for customers resident in the EU. Taken forward in an amending Administrative Cooperation Directive (DAC 8), the proposal will aim to improve member states’ ability to detect and counter tax fraud, evasion and avoidance, by requiring all cryptoasset service providers, irrespective of size or location, to report transactions of clients residing in the EU.
The rules would also establish a common minimum level of penalties for serious non-compliance, such as the complete absence of reporting despite administrative reminders.
The Commission has published a series of FAQs on DAC 8 covering the cryptoassets reporting requirements, and also a proposal to extend the scope of the automatic exchange of advance cross-border rulings for high net-worth individuals.
The European Commission has proposed new tax transparency rules for all service providers facilitating transactions in cryptoassets for customers resident in the EU. Taken forward in an amending Administrative Cooperation Directive (DAC 8), the proposal will aim to improve member states’ ability to detect and counter tax fraud, evasion and avoidance, by requiring all cryptoasset service providers, irrespective of size or location, to report transactions of clients residing in the EU.
The rules would also establish a common minimum level of penalties for serious non-compliance, such as the complete absence of reporting despite administrative reminders.
The Commission has published a series of FAQs on DAC 8 covering the cryptoassets reporting requirements, and also a proposal to extend the scope of the automatic exchange of advance cross-border rulings for high net-worth individuals.
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