The Isle of Man today joined 47 other jurisdictions in committing to implement a new international standard on the automatic exchange of information between tax authorities.
This new standard, known as the Crypto-Asset Reporting Framework (CARF), has been developed by the Organisation for Economic Cooperation and Development (OECD); it means the Island will now work to build the CARF into domestic law in time for the first exchanges to take place in 2027.
Welcoming the publication of a joint statement by the 48 jurisdictions, Treasury Minister Dr Alex Allinson MHK said:
‘Today’s statement aligns with the Isle of Man’s long-standing strategy of compliance with international tax standards and will build on the successful implementation of the existing Common Reporting Standard.
‘While I do not anticipate there being many businesses on the Island that will need to report under this new standard, it is vital that we play our part in ensuring the crypto-asset market does not facilitate tax evasion, and in facilitating tax compliance both at home and globally.’
The development of this new standard has been monitored by the Assessor and her team for some time and they have been seeking to engage with relevant businesses. If you think your business may be affected and you are not already a member of the relevant working group please do not hesitate to contact the Income Tax Division at email@example.com