Fiscal subject related
An example of these transactions would be reselling of the unique "second-hand" digital goods, which is a novel concept that wasn't possible before the introduction of NFTs.
Current EU VAT Implementing Regulation does, to an extent, apply to resales of digital goods where they've been sold to private users before and are then resold through a metaverse marketplace. However, this legislation doesn't offer a solution for VAT accumulation that can happen in cases like the abovementioned.
Namely, the Regulation prescribes a margin scheme rules for the sale of second-hand goods in order to avoid VAT accumulation. However, the VAT directive also states that this margin scheme doesn't apply to the sale of services or digital products.
As there is an obvious legal gap in handling this matter, this represents a unique opportunity for businesses to work proactively with tax authorities on how to draft the most appropriate tax legislation for handling businesses in the metaverse environment.
Other news from Metaverse
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Montenegro will introduce a law on cryptocurrency.
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The EU's DAC8 proposal strengthens tax enforcement and reporting in the digital economy.
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European Union: VAT Committee publishes guidance on VAT treatment of NFTs
The European Union (EU) VAT Committee has published a working paper on NFTs, which sets out the current NFT ecosystem landscape and provides qualifying definitions of NFTs and related concepts that are currently undefined in existing EU regulations. The working paper also provides guidance on the VAT treatment of NFT transactions, which must be analyzed on a case-by-case basis to determine whether... Read more
Hong Kong Court declares cryptocurrencies as property
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The European Parliament has given the green light to a rule to regulate the field of cryptocurrencies
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New document was uploaded: Recorded webinar: Meet Fiscal Solutions – What is our core business?
On March 15, 2023, Fiscal Solutions organized a free webinar on the topic of „Meet Fiscal Solutions – What is our core business?“. The webinar was held by Danilo Krstonijević, Account Manager at Fiscal Solutions. This webinar introduces us as an IT specialist for fiscalization and explains in detail what we do. Read more