The Crypto-Asset Reporting Framework (“CARF") provides for the automatic exchange of tax relevant information on crypto-assets. It was developed to address the rapid development and growth of the crypto-asset market and to ensure that recent gains in global tax transparency will not be gradually eroded.
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What's New

Date What's new 
9 December 2024IRAS publishes list of OECD and IRAS CARF resources. 
26 November 2024Singapore signs Multilateral Competent Authority Agreement on Automatic Exchange of Information pursuant to the Crypto-Asset Reporting Framework.

 

CARF Overview

The Crypto-Asset Reporting Framework (CARF) is an internationally agreed standard for the automatic exchange of information on crypto-assets for tax purposes.

In line with Singapore’s commitment to international tax transparency, we signed the Multilateral Competent Authority Agreement on Automatic Exchange of Information pursuant to the Crypto-Asset Reporting Framework (“CARF MCAA”) on 26 November 2024 and is expected to commence exchanges under the CARF by 2027 or 2028 at the latest. 

Please refer to the IRAS media release for more details.

 

CARF MCAA

The CARF MCAA is a multilateral framework agreement based on the Convention on Mutual Administrative Assistance in Tax Matters (“the Convention”). It provides a standardised and efficient mechanism to facilitate the automatic exchange of information based on the CARF. Under the CARF MCAA, a bilateral exchange relationship comes into effect only if

1. both jurisdictions are signatories to the CARF MCAA;

2. have filed the relevant notifications under Section 7 of the CARF MCAA; and

3. have listed each other as intended exchange partner jurisdictions under the CARF MCAA. 

 

Scope of CARF

THe CARF sets out:

a. the scope of Crypto-Assets to be covered; 

b. the Entities and individuals (i.e. Reporting Crypto-Asset Service Providers) subject to data collection and reporting requirements; 

c. the transactions subject to reporting as well as the information to be reported in respect of such transactions; and 

d. the due diligence procedures to identify Crypto-Asset Users and the relevant tax jurisdictions for reporting and exchange purposes.

CARF Resources

OECD Guidance

Given that the CARF is the international AEOI Standard developed by the OECD, the OECD’s Commentaries on the CARF, and OECD’s interpretative guidance on the CARF are integral to Singapore’s CARF implementation.

 

IRAS Guidance

Reporting Crypto-Asset Service Provider (RCASP) self-review tool
You may use this RCASP self-review tool to determine if you or your entity is a RCASP under the CARF and whether you or your entity have CARF due diligence and reporting obligations in Singapore.

The tool is intended to provide high-level guidance to RCASPs. For a comprehensive understanding of the CARF rules, you should refer to the Crypto-Asset Reporting Framework in the International Standards for the Automatic Exchange of Information in Tax Matters.

 

IRAS Crypto-Asset Reporting Framework e-Tax Guide
  • IRAS will be consulting the industry and publishing the guidance in due course.

 

IRAS CARF XML Schema and User Guide
  • IRAS will be publishing the IRAS CARF XML Schema User Guide which will set out specific requirements for reporting to IRAS on the CARF in due course. 

 

Contact Us

If you have any questions on the CARF, please contact us at [email protected].