- French tax authorities released a ruling on VAT treatment of transactions using NFTs
- NFTs are unique computer files stored on a digital register for tracking blockchain transactions
- NFTs do not qualify as currency, utility, or security tokens
- Different types of NFTs are examined in the ruling
- VAT treatment depends on the type of NFT and underlying transaction
- NFTs can benefit from reduced VAT rates in certain cases
- France does not have specific VAT rules for NFTs
- Taxpayers should analyze VAT rules on a case-by-case basis for transactions involving NFTs
Source: bdo.global
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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