Updated VAT Rules for Transactions with Non-Fungible Tokens

The French tax authority issued updated guidelines on VAT for non-fungible token (NFT) transactions. The guidelines clarify that transactions using NFTs to acquire goods and services are subject to VAT. The determination of VAT liability for NFT technology used in networking activities depends on the specifics of each case. Additionally, transactions involving the creation and sale of digital collectible cards and artwork by artists are also subject to VAT. However, funds raised to support digital activities are not subject to VAT, while activities associated with tokens used as intangible goods are subject to VAT.

Source GlobalVATcompliance

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