Canada Adopts International Crypto Tax Reporting Standard
Canada is aimed at having the OECD standard for crypto asset tax reporting in place by 2027, as agreed with 46 countries.
According to a new report, the national GDP of Australia could increase by as much as $40 billion US a year with regulatory infrastructure.
Accenture, in association with the Tech Council of Australia, released the report looking at the potential that digital assets could offer to the country’s economy and business sector. The report opens with a bullish hypothesis:
“Digital assets (DA) have the potential to transform our lives offering significant time and cost savings to individuals and businesses.”
The research estimates that digital assets, including cryptocurrencies, stablecoins, non-fungible and fungible tokens could offer a saving of up to 80% in retail payment costs within the next 7 years. According to the report, digital assets has the potential to not only save money but also save millions of hours in administrative time with tax compliant documents. The report also notes that digital assets could contribute up to $15 billion more in tax revenue in 2030 with an overall $60 billion added to the country’s gross domestic product by 2030.
Showing use cases for cryptocurrency, Accenture notes that digital assets can help the business and banking sectors with the innovative opportunities:
- Liquidity – With digital assets, payments and transactions are instant and don’t suffer delays in traditional finance meaning businesses don’t have to worry about cash flow and liquidity as a result of delayed payments.
- Banking – Central Bank Digital Currencies (CBDCs) for seamless and immediate transactions with immutable, trustworthy, open-source records.
- Supply chains – Blockchain offers a mutually agreeable record of a product’s journey and where it is at all times with historic data easily available.
- Invoicing – Smart contracts allow contracts and invoices to be drawn up automatically as soon as conditions are met.
- Personal funds and data – Users have control of their own data without relying on a third party entity.
- Innovative opportunities in a decentralised space – Interoperability through dApps and open projects encourage innovative collaboration.
- Decision-making – Decentralised Autonomous Organisations (DAOs) gives a voice to the public and builds public trust in the decision making process.