Gibraltar reaffirms its commitment to global tax transparency and crypto-asset regulation by adopting the Crypto-Asset Reporting Framework (CARF), with exchanges set to begin by 2027.
In a statement from No.6 Convent Place the Government said it is committed to maintaining its leadership and active role in global tax cooperation, as demonstrated in its participation at the 17th Plenary Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes in Asunción, Paraguay.
This event, celebrating 15 years of progress, marks a significant step forward with the implementation of the Crypto-Asset Reporting Framework (CARF), the statement added.
“Gibraltar is among the 61 jurisdictions committed to extending the automatic exchange of tax information to crypto-assets, a vital move in addressing the evolving challenges of the digital economy,” said No.6.
In a statement from No.6 Convent Place the Government said it is committed to maintaining its leadership and active role in global tax cooperation, as demonstrated in its participation at the 17th Plenary Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes in Asunción, Paraguay.
This event, celebrating 15 years of progress, marks a significant step forward with the implementation of the Crypto-Asset Reporting Framework (CARF), the statement added.
“Gibraltar is among the 61 jurisdictions committed to extending the automatic exchange of tax information to crypto-assets, a vital move in addressing the evolving challenges of the digital economy,” said No.6.
Exchanges under CARF are envisaged to commence in 2027 or 2028.
The Gibraltar delegation to the Plenary comprised of Commissioner of Income Tax John Lester, and Senior Tax Official Julian Baldachino, who actively participated in discussions.
“As a cooperative and compliant jurisdiction, Gibraltar remains at the forefront of global efforts to combat tax evasion and foster equitable tax practices,” the statement added.
Minister for Taxation, Nigel Feetham added that Gibraltar has consistently demonstrated its dedication to international standards of tax transparency.
“The early adoption of CARF by Gibraltar solidifies our position as a forward-thinking jurisdiction, demonstrates our commitment to ensuring tax cooperation and transparency in the modern digital era, and in implementing measures and initiatives designed to combat tax evasion,” he said.
The IRS has announced a special voluntary disclosure initiative to return offshore money back into the U.S. tax system and help taxpayers with offshore accounts get compliant. The new initiative is
In a major development, the EU has removed Hong Kong from its tax cooperation watchlist due to its new Foreign-sourced Income Exemption regime. This strategic shift in tax policy showcases Hong Kong’s
In the wake of the pandemic, tax evasion in the VAT is up in Europe, but down drastically in Greece. And every reduction in tax evasion achieved on a permanent basis paves the way for new -permanent-
Luxembourg remains a key facilitator of tax avoidance and is part of an axis of countries responsible for more than a third of all tax losses suffered by nations worldwide, according to a report by