Norway is today entering into an Agreement of Intent with 47 countries to join the new OECD standard for the reporting and automatic exchange of information on cryptographic assets (CARF), with the intention of carrying out the first exchange in 2027.
The Letter of Intent signals that countries will facilitate increased openness and transparency by joining the standard, introducing the principles into national law and exchanging relevant information as early as possible.
Signing the contract is an important step in the process of discovering hidden income abroad.
Multilateral Agreement on Accession to CARF will probably be opened to be signed in 2024. Thanks to this agreement, Norwegian tax authorities will receive information about Norwegian taxpayers' cryptocurrency transactions on currency exchange websites.
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Similarly, the Norwegian exchange services must transfer to Norwegians information regarding persons to tax authorities, companies and other entities based abroad. This information will then be exchanged with the tax authority in the country where the taxpayer is domiciled.
The agreement is based largely on the same principles and principles as the Common Reporting Standard (CRS). It will also help ensure that CRS is not undermined by shifting value from traditional securities to crypto assets.
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Source: regjeringen
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