VATupdate

Washington State to Tax NFTs

Washington State has become the first state in the United States to announce that it will issue specific policies regarding the taxation of NFTs (non-fungible tokens). NFTs are unique digital assets that serve as certificates of authenticity for various types of digital products, including collectibles, music and artwork. The guidance will come in the form of an excise tax advisory (ETA), which is a published position of the Washington Department of Revenue. We expect the guidance to categorize NFTs as falling within Washington’s broadly defined category of taxable “digital products.”

Source DLA Piper

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