Are NFT crypto assets transactions subject to EU digital services VAT rules? Update: the Committee has produced its working paper on EU VAT and NFT’s in March 2023 Non-Fungible Tokens (NFT’s) trading is rising in popularity raising the question is they are liable to
NFT classified as digital service and liable to 21% VAT Agencia Estatal de Administración Tributaria, AEAT, has ruled that the supply of Non-fungible token is to be regarded as the supply of an electronic service and subject to the standard rate of 21% The ruling was provided
Payments for digital properties within online games outside scope of VAT The German Federal Tax Court, BFH, has ruled that sales or leasing for consideration of virtual buildings or land is outside the scope of VAT. The case covered the use of the US-based game,
VAT liabilities on mining, exchange and consideration role for cryptocurrencies and similar crypto-assets Ireland’s tax authorities, the Revenue, has confirmed the VAT and other tax obligations on virtual digital currencies, including Bitcoin and tokens. An EU review on VAT on crypto-assets is underway. Key points
EU’s VAT Committee reviews VAT treatment on cryptocurrency payment tokens The European Commission’s VAT Committee is reviewing the Value Added Tax issues arising from cryptocurrencies such as bitcoin, Spice and utility tokens. The discussion covers the VAT position, including whether taxable supply, and then, if a
Unlike cryptocurrencies, NFT liable to 15% Goods and Services Tax New Zealand’s Inland Revenue has confirmed that trading of Non-Fungible Tokens are liable to GST. This compares to other crypto assets like digital currencies (e.g. Bitcoin) which are exempted. The difference in the treatment is
