Council of the EU Announces Adoption of DAC8 Crypto Tax Reporting Rule
Abstract：A press release was issued by the Council of the European Union on October 17, announcing the adoption of a directive that modifies the EU regulations pertaining to administrative cooperation in the field of taxation. The directive primarily focuses on enhancing the reporting and automated exchange of information concerning income generated from transactions involving cryptocurrency assets, as well as advance tax rulings specific to high-net-worth individuals.
A press release was issued by the Council of the European Union on October 17, announcing the adoption of a directive that modifies the EU regulations pertaining to administrative cooperation in the field of taxation. The directive primarily focuses on enhancing the reporting and automated exchange of information concerning income generated from transactions involving cryptocurrency assets, as well as advance tax rulings specific to high-net-worth individuals.
They want to enhance cooperation between national taxation authorities (DAC8), as well as strengthen the existing legislative framework. The authorities want to expand the scope for registration and reporting obligations and overall administrative cooperation of tax administrations.
“Additional categories of assets and income, such as crypto-assets, will now be covered. There will be a mandatory automatic exchange between tax authorities of information which will have to be provided by reporting crypto-asset service providers,” reads the press release.
They want to build on the definitions established in the MiCA regulations and cover a wide scope of cryptocurrency assets, including stablecoins, e-money tokens, as well as certain non-fungible tokens (NFTs).
DAC8 is interested in granting tax collectors jurisdiction for monitoring and evaluating crypto transactions carried out by individuals or entities within any other member state of the EU. DAC8 currently complies with the Crypto-Asset Reporting Framework (CARF) and the regulations specified in MiCA.
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