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Global tax transparency is entering a new era. Financial Institutions (FIs) face heightened regulatory scrutiny as frameworks like CRS and FATCA evolve. Authorities are intensifying enforcement, improving data validation, and preparing for major changes—including CRS 2.0 and the Crypto-Asset Reporting Framework (CARF).
What’s changing?
- Global Trends: Tax authorities are stepping up cross-border compliance reviews and enforcement.
- Key Changes Ahead: CRS 2.0 and CARF will expand reporting to digital assets and introduce new schemas and due diligence requirements from 2026 onwards.
- Local Focus:
- Australia: ATO is prioritising data quality and schema validation ahead of CRS 2.0 and CARF implementation in 2027.
- New Zealand: Formal adoption of CRS 2.0 and CARF from April 2026 will require significant system and process upgrades.
Why act now?
Early preparation—strengthening governance, improving data quality, and upgrading systems—will help FIs and Reporting Crypto-Asset Service Providers (RCASPs) manage compliance risks, avoid penalties, and stay ahead in the next chapter of global tax transparency.