- The French Tax Authorities have determined that non-fungible tokens (NFTs) are subject to general VAT rules and not to any specific VAT scheme.
- When an NFT is used as a certificate of ownership for tangible or intangible property, the VAT treatment should be based on the goods or services it represents, applying ordinary VAT rules.
- The tax ruling provides specific VAT treatment guidelines for transactions involving the creation and sale of digital collectible cards, digital graphic works, and the financing of a video game using NFTs. Each transaction should be assessed individually.
Source EY
