SINGAPORE and 47 other jurisdictions, including the US, the UK and Australia, said on Friday (Nov 10) that they will work to start automatic exchanges in crypto-asset reporting in 2027.

In a press release, the Inland Revenue Authority of Singapore (Iras) said that the reporting will be based on the internationally agreed Crypto-Asset Reporting Framework (CARF), which was published in June 2023.

The framework provides for the automatic exchange of tax-relevant information on crypto assets. It seeks to address the growth of the crypto-asset market, and to ensure that recent gains in global tax transparency are not gradually eroded.

In a joint statement, the 48 jurisdictions said: “The widespread, consistent and timely implementation of the CARF will further improve our ability to ensure tax compliance and clamp down on tax evasion, which reduces public revenues and increases the burden on those who pay their taxes.” They noted that other jurisdictions are invited to join the collective engagement, with a view to enhance the global system for automatic information exchange which leaves no room for tax evasion.

Furthermore, Iras said that Singapore abides by international standards for tax transparency and is a member of the Global Forum on Transparency and Exchange of Information for Tax Purposes. “Singapore’s endorsement of the CARF joint statement demonstrates our commitment to international tax transparency efforts and strengthens our reputation as a trusted and responsible financial centre,” it noted.

Iras added that it will work with the industry to provide guidance for the implementation of CARF in Singapore.

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