France Tax Agency Updates Administrative Doctrine on Non-Fungible Tokens VAT Rules

The French General Directorate of Public Finance Feb. 14 updated the administrative doctrine clarifying the VAT rules applicable to operations carried out using non-fungible tokens (NFTs). The update clarifies that: 1) transactions involving NFTs used to obtain goods and services are subject to VAT; 2) whether there is use of NFT technology in networking activities is a case-by-case determination for VAT purposes; 3) transactions consisting of the supply of intangible goods, such as the creation and sale of collectible digital cards and digital graphic works by artists, are subject to VAT; and 4) funds raised to finance the creation of ...