The European Commission (EC) on 21 March 2023 published Working Paper 1060 of the EU Value Added Tax (VAT) Committee regarding an EC question on non-fungible tokens (NFTs).
The EU VAT Committee is an advisory body to the EC set up to promote the uniform application of the provisions of the EU VAT Directive. The working paper is the first EU-wide policy document on this subject and lays out the EC’s initial reflections on the VAT treatment that should be applied to NFTs.
- What are NFTs – Good or services?
-
- Property titles
- Vouchers
- Bundled sales
- Digital services
- Major VAT issues from NFT transactions
Source: KPMG
See also VAT Committee – 122th meeting – March 20, 2023 – Agenda & Working Papers
Latest Posts in "European Union"
- EU Moves to Tighten the Fight Against VAT Fraud by Strengthening Cooperation Between Investigative Bodies
- Commission publishes simplification review of EU Deforestation Regulation
- EU Commission Issues New Guidance on AEO-Customs Cooperation Against Illicit Trade and Crime
- Understanding VAT Risks: The Pitfalls of Export Exemptions Across the EU, UK, Norway, and Switzerland
- VAT Concepts Explained: Navigating VAT/GST Exemptions for Financial Services: Global Perspectives, EU Case Law & Best Practices
