FISCAL SOLUTIONS...
News
Public Italy, Metaverse 2 Countries Author: Kristina Dosen
Following the NFT VAT regulations in Belgium and Spain, Italy has established its stance on VAT and crypto-assets. Namely, Italy has confirmed that both crypto utility tokens and the creation of tokens such as mining or forging are exempt from VAT. The reason for currency mining or forging being VAT exempt is that there is no provision of services to an attributable customer, which is a requirement for VAT to be applicable.
Category:

Fiscal subject related

Views: 140
Content accuracy validation date: 25.10.2022
Content accuracy validation time: 08:02h

Content

On the other hand, utility tokens are exempt from VAT at the point of issuance and should not be treated as regular VAT vouchers since their purpose can change.

Modifications, forks, or splitting of the tokens are out of the scope of this law.

Generally speaking, Italian law treats crypto-assets as currencies. The law finds that supplies for consideration, storage, and transfer of crypto-assets, as well as the exchange of crypto-assets or cryptocurrencies, are taxable but VAT exempt. VAT is due only when cryptocurrencies are considered as consideration for a supply.