- The circular n. 30, published by the Revenue Agency on October 27, provides clarifications on the tax treatment of crypto-assets, including indirect taxation.
- Unlike income taxes, there are no specific provisions for crypto-assets in the VAT field, so international best practices are necessary.
- The EU should continue to support international efforts to promote convergence in the treatment of crypto-assets and related services.
- Crypto-assets are heterogeneous and constantly evolving, making it necessary to evaluate their function and purpose regardless of their name.
- The “look through” approach is necessary to evaluate the substance and purpose of crypto-assets, rather than just their form.
- It is important to determine if operations on crypto-assets fall within the scope of VAT or are exempt, and to assess their taxability or exemption.
- The existence of a “sinallagma” is a fundamental element in determining the relevance of the operation, particularly in the case of crypto-currencies.
- Mining and staking processes related to crypto-assets generally have VAT relevance and are exempt, but may be outside the scope of VAT if performed for free or without a clear sinallagmatic relationship.
Source: eutekne.info
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
