The Department of Finance (DOF) said the Philippines is set to carry out a framework on crypto-assets to help address cross-border tax evasion and stop illicit financial flows.
“We need faster and stronger systems for collaboration if we are to beat tax evasion and illicit transactions,” said Finance Secretary Ralph Recto. “This is a timely commitment as digital currency becomes one of the preferred means for transactions. The government must ensure that crypto-asset users are paying their fair share of taxes and that no illicit financial activity goes unpunished.”
Undersecretary Charlito Martin Mendoza of the DOF Revenue Operations Group announced the country’s commitment to adopt the Crypto-Asset Reporting Framework (CARF) by 2028 during the 8th Asia Initiative Meeting in Malé, Maldives.
The CARF provides a system for reporting and the automatic exchange of information about crypto-assets between tax agencies to improve tax compliance.
The Philippines joins 67 other jurisdictions that have pledged to implement the CARF by 2027 or 2028, including 10 in Asia.
The DOF also presented the Philippines’ efforts in joining the Convention on Mutual Administrative Assistance in Tax Matters (MAAC), which supports cooperation among countries in tax assessment and collection.
The meeting was hosted by the Maldives Inland Revenue Authority, led by Commissioner General Hassan Zareer, and co-chaired by Eduard Hakobyan, chairman of Armenia’s State Revenue Committee.
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