Digital artwork and NFT a single VAT digital services supply The Swedish Tax Agency, Skatteverket, has provided guidance at the end of last month on the Value Added Tax liabilities for digital artwork and linked Non-Fungible Token (NFT). In short, it concludes they represent a
Tax office issues VAT guidance on Non-fungible tokens The French tax authorities have published guidance on the VAT obligations for Non-Fungible Tokens (NFT’s). It reflects the common practise of treating it as an electronic service. This includes supply of intangible goods, such as the creation
Review of EU VAT implications for NFT’s – suggests should be characterised as taxable electronic service The European Commission’s VAT Committee has produced a review of the treatment of EU VAT for NFT’s. As a working paper, it aspires to clarify the fast-evolving NFT ecosystem,
Washington first state to extend sales taxes to NFT sellers and retailers Washington has become the first US state to bring Non-Fungible Tokens (NFTs) trading within its sales tax regime. Since July, sellers or retailers must charge the 6.5% state tax and 0.471% Business &
Lack of definition puts uncertainty on UK VAT obligations for traders and marketplaces The UK’s HMRC has yet to confirm the Value Added Tax status of Non-Fungible Tokens (NFT’s), blockchain certificates of digital and physical assets. Whilst cryptocurrencies, another type of crypto asset, has been
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
Clarification of VAT treatment for NFT compared to cryptocurrencies The Belgian Federal Public Services has clarified VAT and accounting rules for Non-Fungible Tokens (NFTs). It is the latest tax office to give VAT guidance on the unique tradable digital assets – Spain NFT VAT guidance
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
