On July 2, 2022, the Washington Department of Revenue (the “DOR”) issued an interim guidance statement (“Guidance”) regarding the taxability of nonfungible tokens (“NFTs”). The Guidance is meant to provide reporting instructions to taxpayers for Washington Business & Occupation (“B&O”) tax and sales and use tax purposes while the DOR continues to review issues with the goal of adopting final interpretive guidance. The Guidance also provides that marketplaces that qualify as “marketplace facilitators” in Washington must collect and remit sales and use tax on taxable retail NFT transactions.
Source Deloitte
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