- OECD is developing a framework for applying VAT to crypto assets.
- The framework is created by the OECD’s working party on consumption taxes.
- It will evaluate VAT treatment for different crypto assets and services.
- It covers payment tokens, security tokens, NFTs, and related services.
- Taxation should be based on where the asset is held.
- There is a shift toward treating payment tokens like fiat currency for VAT.
- A public reference document is expected within the next year.
- The framework aims to standardize VAT application across jurisdictions.
Source: globalvatcompliance.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.
