Locking the speculative deposit did not trigger a taxable event. This was because the taxpayer could not withdraw the deposit during the agreed-upon period, terminate the period prematurely, retained ownership rights, and the deposit’s nature remained unchanged while locked.
The release of the deposit also did not result in a taxable event. This was because there was no change in ownership when the deposit was released, and the assets’ character remained consistent at that time.
Source: globalvatcompliance.com
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