NFTs treated as electronically supplied services for VAT purposes

Spain’s Directorate General of Taxes (DGT) issued a binding ruling in March 2022 on the VAT treatment of the sale/transfer of non-fungible tokens (NFTs), concluding that NFTs should be deemed to be a supply of electronically provided services subject to the 21% standard VAT rate if the place of supply is in Spain. The DGT based its decision on the fact that NFTs do not transfer ownership rights to tangible assets but instead only transfer a right to use a digital asset.

Source BDO

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