- The VAT regime for NFTs depends on the nature of the NFTs sold.
- NFTs are unique digital assets stored on a blockchain.
- NFTs can be classified as property titles or goods.
- If an NFT is attached to a physical asset, it will be treated as a title document for that asset.
- NFTs can also be classified as single-use or multi-use vouchers.
- The classification of an NFT as a voucher has significant consequences for VAT.
- Single-use vouchers have specific requirements for VAT treatment.
- The onerous transfer of a single-use voucher by a taxable person is treated as the supply of goods or services.
Source: cyplom.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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