VAT Treatment of NFTs:
The European Commission has published Working Paper 1060, offering initial insights into the VAT treatment of non-fungible tokens (NFTs).
The document aims to collect input from Member States to establish a consensus on NFTs’ VAT treatment. It emphasizes the complexity of NFTs, highlighting the following points:
- NFT VAT treatment necessitates case-by-case analysis based on underlying services.
- Different VAT treatments, such as electronic services or vouchers, may apply depending on the situation.
- VAT treatment for various NFT ecosystem operations (minting fees, gas fees, marketplace fees) requires thorough analysis.
Source PwC
See also
- ECJ C-695/20 (Fenix International) – Judgment – Art. 9a of the Implementing Regulation is valid
- VAT Committee – 122th meeting – March 20, 2023 – Agenda & Working Papers
