The Italian tax authorities (ITA) have recently issued important indications on the treatment of VAT and income taxes applicable to the supply of utility tokens and mining activity.
With the reply to ruling No. 507 of 12 October 2022, the ITA took the position that utility tokens, whose nature changes after they are issued, are to be considered as “entitlement documents” under the Italian Civil Code and, therefore, their transfer does not fall within the VAT scope.
Source Baker & McKenzie
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