Today, the OECD is releasing the XML Schemas and User Guides to support the transmission of information between tax authorities pursuant to the Crypto-Asset Reporting Framework (CARF) and the amended Common Reporting Standard (CRS).
- Access the CARF XML Schema and User Guide.
- Access the updated CRS XML Schema and User Guide.
The CARF XML Schema and User Guide and the CRS XML Schema and User Guide reflect the reporting requirements of the CARF and the amended CRS that were approved by the OECD in 2023 and subsequently endorsed by the G20 and the Global Forum as international standards. First exchanges under both the CARF and the amended CRS are expected to commence in 2027.
While the XML Schemas and User Guides are primarily designed to support the automatic exchange of information between tax authorities, jurisdictions can also mandate the use of the XML Schemas for domestic reporting by Reporting Crypto-Asset Service Providers and Reporting Financial Institutions, respectively.
The OECD also issues a first set of frequently asked questions (FAQs) to provide interpretative guidance on the CARF today. These FAQs help to ensure consistency in the implementation of the CARF. In particular, the guidance clarifies that, as a general matter, providers of non-custodial services in respect of Crypto-Assets, including in a decentralised manner, can meet the definition of Reporting Crypto-Asset Service Provider. Given the interest expressed by both governments and business, work on further and more detailed guidance is underway on relevant aspects surrounding the application of the CARF to non-custodial and decentralised services.
More on the work of the OECD on the CARF and the CRS can be found at: https://www.oecd.org/en/topics/international-standards-on-tax-transparency.html
Media queries should be directed to Manal Corwin, Director of the OECD Centre for Tax Policy and Administration (+33 1 45 24 18 80), or Philip Kerfs, Co-Head of the Tax Treaties and International Co-operation Unit (+33 1 45 24 93 52).