Latvia: Cabinet approves bill to implement CARF and DAC8 reporting rules
The Latvian Cabinet approved Bill No. 24-TA-3148, introducing legislative amendments to align with the Crypto-Asset Reporting Framework (CARF) and the automatic exchange of financial account information (AEOI) under EU and international standards.
The proposed legislation incorporates several key measures:
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Transposition of Directive 2023/2226/EU (DAC8), including changes based on the Multilateral Competent Authority Agreement (MCAA) for the exchange of financial account data under CARF.
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Establishment of reporting obligations for crypto-asset service providers to facilitate data sharing with EU and international tax authorities.
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Introduction of penalties up to €14,000 (approx. US$16,026) for failing to meet reporting requirements.
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Definition of reportable crypto-assets and crypto swaps, alongside the associated compliance rules.
The new rules are scheduled to take effect on January 1, 2026, aiming to enhance transparency and international cooperation in crypto-related tax matters.
Source: gov.lv
