Three Caribbean countries have joined an initiative, developed by the Organization for Economic Co-operation and Development (OECD), to ensure the recent gains in global tax transparency will not be gradually eroded.
Belize, Barbados and The Cayman Islands have signed an agreement with at least 47 other countries, including Australia, Austria, Belgium, Brazil, Bulgaria, Canada, Chile, Denmark, France, Germany, The United Kingdom, and The United States.
The Crypto-Asset Reporting Framework developed by the OECD is a new international standard on automatic exchange of information between tax authorities.
The framework is expected to further improve the signatories' ability to ensure tax compliance and clamp down on tax evasion.
The countries say, as jurisdictions that play host to active crypto markets, they intend to work towards swiftly transposing the reporting framework into domestic law and activating exchange agreements in time for them to commence by 2027, subject to national legislative procedures as applicable.
Other jurisdictions have been urged to sign the agreement.
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