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Daily Tax Report: International

EU Seeks Better Tax Information Exchange on Crypto Transactions

Nov. 24, 2020, 5:24 PM

The European Commission wants to improve tax information exchange rules for new forms of money such as cryptocurrency and is seeking public input on its effort.

Current rules on the exchange of information between tax administrations to prevent tax dodging don’t cover income derived from cryptocurrencies, the commission said in an outline plan. Crypto-assets can be created and transferred without the involvement of banks and other intermediaries, which are normally required to report information on account holders to tax authorities. Thus, for cryptocurrencies “the level of tax transparency is very low,” the plan said.

  • New rules on exchange...

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