European council of the European Union has adopted a directive amending EU rules to strengthen administrative cooperation in taxation concerning the reporting and automatic exchange of information on revenues from transactions in crypto-assets and on advance tax rulings for the wealthiest (high-net-worth) individuals.
There will now be a mandatory automatic exchange between tax authorities of information which will have to be provided by reporting crypto-asset service providers to tackle the decentralised and cross-border nature of crypto-assets. The directive covers a broad scope of crypto-assets, building on the definitions that are set out in the regulation on markets in crypto-assets (MiCA), and will include those crypto-assets that have been issued in a decentralised manner, as well as stablecoins, including e-money tokens and certain non-fungible tokens (NFTs).
European council of the European Union has adopted a directive amending EU rules to strengthen administrative cooperation in taxation concerning the reporting and automatic exchange of information on revenues from transactions in crypto-assets and on advance tax rulings for the wealthiest (high-net-worth) individuals.
There will now be a mandatory automatic exchange between tax authorities of information which will have to be provided by reporting crypto-asset service providers to tackle the decentralised and cross-border nature of crypto-assets. The directive covers a broad scope of crypto-assets, building on the definitions that are set out in the regulation on markets in crypto-assets (MiCA), and will include those crypto-assets that have been issued in a decentralised manner, as well as stablecoins, including e-money tokens and certain non-fungible tokens (NFTs).
