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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/swiss-authorities-plan-global-standards-for-crypto-tax-reporting/" data-wpel-link="internal">Swiss Authorities Plan Global Standards for Crypto Tax Reporting</a> 
The highest authority in Switzerland has published a public consultation report to adopt global standards for crypto tax reporting to ensure equal treatment as traditional assets. The Federal Council, a group of seven members collectively heading the Swiss government, plans to implement the Crypto Asset Reporting Framework (CARF) to enhance tax transparency. 
<h2 class="p1" style="text-align: justify" id="swiss-crypto-tax-plan">Swiss Crypto Tax Plan</h2> 
On May 15, the Federal Council released a consultation document to gauge public sentiment on joining the Automatic Exchange of Information (AEOI), an international tax administration cooperation to combat tax evasion. Switzerland’s extension to AEOI is currently planned for January 1, 2026. 
The Organisation for Economic Co-operation and Development (OECD) established AEOI and other initiatives for G20 countries, which were later expanded to include other countries. Switzerland had previously adopted the OECD’s Common Reporting Standard (CRS) in 2014 but had excluded CARF, which governs the management of crypto assets and providers. The Federal Council plans to change this and stated: 
<blockquote> 
 “The implementation of CARF will expand Switzerland’s progressive <a href="https://en.coin-turk.com/kraken-suspends-trading-of-certain-cryptocurrencies-in-canada/" data-wpel-link="internal">crypto </a><a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">market</a> regulation and help maintain the credibility and reputation of the Swiss <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">financial</a> center.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-272802 size-full" src="https://coin-turk.com/wp-content/uploads/2023/11/isvicre-ulusal-bankasi.webp" alt="" width="1920" height="1080"> 
<h2 class="p1" style="text-align: justify" id="notable-details-for-carf">Notable Details for CARF</h2> 
CARF’s implementation will require parliamentary approval and cannot rely solely on responses to the consultation document. By 2027, approximately 50 countries are expected to fully adopt CARF regulations to mutually assist in combating money laundering. The Swiss federal authority aims to close gaps in the tax transparency mechanism and ensure equal treatment for traditional assets and financial institutions. The consultation will last over three months and conclude on September 6. 
In April 2024, Canada’s annual budget suggested that the country would also implement CARF for taxation by 2026. CARF will introduce new reporting requirements for crypto asset service providers such as crypto exchanges, crypto asset brokers and dealers, and crypto asset-backed ATM operators. 
Once the regulation is in effect, Canadian individuals and businesses will need to report transactions involving crypto assets with fiat and other crypto assets to the Canada Revenue Agency. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/swiss-authorities-plan-global-standards-for-crypto-tax-reporting/" data-wpel-link="internal">Swiss Authorities Plan Global Standards for Crypto Tax Reporting</a></h5>

Swiss Authorities Plan Global Standards for Crypto Tax Reporting

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