Hong Kong launches CARF crypto tax consultation to combat evasion
Hong Kong has launched a public consultation on adopting the OECD’s crypto account tax data sharing program, CARF, and revising its tax reporting standards.
Hong Kong has launched a public consultation on how to implement the international Crypto-Asset Reporting Framework, or CARF, as it moves to bring crypto tax data sharing in line with global standards.
According to a Tuesday news release, Hong Kong is seeking input on both the implementation of CARF and changes to tax reporting standards. The announcement explicitly ties the move to the local administration’s efforts to fight cross-border tax evasion.
The move constitutes standardization rather than a change of direction by the local government. As the announcement points out, Hong Kong authorities have been annually exchanging financial account information with partner jurisdictions since 2018.
