- Multinationals are already building their presence in the metaverse, aware it will be a key transactional space.
- But while the metaverse is expected to nurture a blossoming layer of commerce, significant questions remain over taxation.
- Corporations and governments face a broad range of metaverse challenges and the need to navigate an increasingly complex global tax landscape.
There are other unresolved questions concerning indirect tax in the metaverse. For example, when a plot of NFT real estate is purchased in the metaverse using a cryptocurrency, should this transaction be subject to VAT or is it a bartering transaction triggering an income based (capital gains) tax?
Source EY
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