Latvia Cabinet Approves Bill to Implement DAC8, Crypto-Asset Reporting Framework Amendments

The Latvian Cabinet June 3 approved Bill No. 24-TA-3148, to implement amendments under the Crypto-Asset Reporting Framework (CARF) and the automatic exchange of information (AEOI) on financial account information. The bill includes measures to: 1) implement provisions under Directive 2023/2226/EU on administrative cooperation in the field of taxation (DAC8), including amendments resulting from the Multilateral Competent Authority Agreement (MCAA) on the AEOI on financial account information pursuant to the CARF; 2) set reporting requirements for data exchanges with EU and international tax authorities; 3) impose fines up to 14,000 euros (US$16,026) for noncompliance with reporting obligations; and 4) establish rules ...