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Crypto, NFT, Metaverse and Co. – financial administration gears up

In recent years, blockchain technologies have opened up new sources of income extending beyond the now well-known trading of cryptocurrencies. In terms of direct taxation, some application issues were clarified in the German Federal Ministry of Finance’s letter of 10.05.2022. In terms of VAT, the tax authorities have not yet managed to untangle non-fungible tokens (NFTs), validation of transactions through so-called staking pools, “gifting” of tokens (airdrops), metaverse transactions, to name just a few. According to rumours, the tax authorities are now upgrading internally and forming expert groups for the VAT taxation of the crypto world. Players in Web 3.0 are urged to assess their business models using the VAT scheme of the analogue world.
Source KMLZ

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