The practice and guidelines around tokens and valued added tax (VAT) are still very new and incomplete from a Swiss VAT perspective. Every token must be analyzed and classified on a case-by-case basis, as even minor differences in the characteristics of the token can lead to a different VAT treatment.
To help illustrates these issues, an analysis of the Swiss VAT treatment of a tokenized commodity (coffee) is set out below.
Source: KPMG
