Italy is considering exempting NFTs (Non-Fungible Tokens) from VAT, specifically those classified as original digital artwork. If legislation is passed, Italy would be the first country to legislatively exempt NFT artwork from VAT. However, it’s important to note that not all NFT art will be exempt from Italian VAT. The exemption would only apply to NFTs that include the transfer of an original digital work of art and associated ownership rights sold by the original artist. Businesses looking to buy and sell NFT artwork need to remain tax compliant in this relatively new market and be aware of evolving regulatory requirements. The EU VAT committee has been asked to review NFTs, but there remains uncertainty within the EU Commission and other member states on the application of VAT to NFT transactions.
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