Operationalising CARF and CRS 2.0: From Policy to Practical Implementation

Dr. Max Bernt

Managing Director, Taxbit (APAC & EMEA)

Dr. Max Bernt is Managing Director for APAC & EMEA at Taxbit, based in Singapore, with over 10 years of experience in the digital asset industry. A qualified lawyer and judge from Austria, he serves as Co-Chair of the Business Advisory Group to the OECD's Working Party No. 10, where he has led private sector engagement on the implementation of the CARF and the CRS amendments over the past several years. In addition, he serves on the UN's International Expert Commission on Cryptocurrency Levies for Climate & Development under the Global Solidarity Levies Task Force (GSLTF), an initiative co-chaired by President Emmanuel Macron (France), Prime Minister Mia Mottley (Barbados), and President William Ruto (Kenya). Beyond tax information reporting, Max advises governments and regulators on the development and implementation of digital asset regulation, including contributing to the European Union's Markets in Crypto-Assets Regulation (MiCA) and its recent AML legislative package.

Lim Zhi Wei

Director, Inland Revenue Authority of Singapore

Zhi Wei is Director of Exchange of Information at the Inland Revenue Authority of Singapore (IRAS), where he leads Singapore’s efforts in international tax transparency. He currently serves as Singapore’s competent authority for exchange of information, overseeing the implementation of global standards, including the Common Reporting Standard, and representing Singapore in OECD working groups. Prior to joining IRAS, Zhi Wei spent close to two decades at the Singapore Ministry of Finance, where he worked on tax policy, with a focus on corporate and international tax issues, including tax transparency policies. This experience continues to inform his work on international tax transparency and cross-border tax cooperation.

Pang Cheng Jong

Deputy Director, Inland Revenue Authority of Singapore

As Deputy Director in the Exchange of Information Branch at the Inland Revenue Authority of Singapore (IRAS), Cheng Jong leads Singapore’s implementation of the Automatic Exchange of information (AEOI) framework, including the Common Reporting Standard and Crypto-Asset Reporting Framework. With expertise spanning policy, legislation, system development and cross-border tax cooperation, Cheng Jong has been at the heart of Singapore’s AEOI journey. He also serves as Singapore’s Competent Authority for exchange of information and represents Singapore at various OECD working groups, actively shaping the development of these international standards. Before joining IRAS, Cheng Jong spent several years in tax advisory and compliance at a leading professional services firm, advising businesses on corporate and cross-border tax matters.

Mercy Joseph

Managing Director, Alvarez and Marsal

Mercy Joseph is a Managing Director at Alvarez and Marsal, based in Singapore, with over 18 years of experience in tax, including over 10 years specialising in operational taxes across multiple industry verticals including Banks, Funds, trustees, insurance companies, fintechs, family offices as well as multinational companies. ​Mercy advises banks on classification and treatment of bank products from a Crypto Asset Reporting Framework (“CARF”) and Common Reporting Standard (“CRS”) perspective as part of CARF readiness assessment while also providing insights into practical challenges of extending CRS and Foreign Account Tax Compliance Act (“FATCA”) frameworks to CARF. In addition, she has advised coin issuers on their obligations under CARF and CRS. She has also been a speaker at various events on the topic of digital assets and CARF bringing insights on the CARF implementation challenges.​ Her areas of expertise include the FATCA, CRS, Qualified Intermediary (QI) regime, and the CARF. She advises financial institutions on interpreting these evolving reporting regimes, with a focus on aligning industry practice with regulatory intent. Mercy also has experience with the Qualified Intermediary (“QI”) regime and has worked with new QI applicants on assessment of the status, application, setting up the process and framework required as well as annual reporting for QI and NQIs. Mercy is a Chartered Accountant from India. Prior to joining A&M, Mercy was a Partner in EY Singapore leading the Customer Tax Operations and Reporting team in Singapore. She actively participates in industry forums on operational taxes to share thought leadership with a view to preparing the industry on what’s to come. She collaborates closely with the tax authorities on new regimes as well as changes in existing operational tax regimes. Mercy brings a forward-looking perspective on the evolution of global transparency regimes and actively engages with regulators and industry participants on emerging implementation challenges in the digital asset ecosystem and the traditional financial ecosystems.