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Germany: Draft law introduced to implement DAC8 regulations and amend CRS

Aims to integrate DAC8 requirements into German national law by December 31, 2025

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November 20, 2024

The German Federal Ministry of Finance (BMF) announced on November 4, 2024, the issuance of a draft law to implement Council Directive (EU) 2023/2226 (dated October 17, 2023). This draft law aims to integrate the DAC8 requirements into German national law by the EU's deadline of December 31, 2025.

The draft law—known as the “Crypto Assets Tax Transparency Act” (KStTG)—introduces regulations concerning due diligence and reporting obligations for crypto service providers and outlines the automatic exchange of reported information. Additionally, it proposes amendments to various German laws, including the German CRS Law (FKAustG) and the Platform Tax Transparency Act (Plattformen-Steuertransparenzgesetz), to further implement DAC8 rules.

The DAC8 regulations are in alignment with the OECD's cryptoasset reporting framework (CARF) and the amended common reporting standard (CRS), which include provisions for information exchange with tax authorities in non-EU jurisdictions. The draft law also includes provisions to facilitate future information exchanges on CARF with tax authorities in third countries through multilateral administrative agreements, although such exchanges will only commence once these agreements are ratified and effective.

Read a November 2024 report prepared by the KPMG member firm in Germany

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