The Value Added Tax Committee has published a working paper, where it puts forward a set of initial reflections, concerning the application of EU-VAT provisions to Non-fungible Tokens (NFT’s).
It first describes a #NFT as a digital unit (commonly referred to as a token) on a distributed ledger. It consists of an identification code and metadata: (i) the identification code is used to identify the token, and (ii) the metadata refers to what the NFT represents (i.e., the asset).
It then proceeds to analyse the various scenarios by which a NFT can be transmitted, in order to provide its respective #VAT framework.
Source Novalaw
See also VAT Committee – 122th meeting – March 20, 2023 – Agenda & Working Papers
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