OECD: Crypto VAT framework in development
The OECD is currently preparing a framework to assist countries in applying value-added tax (VAT) to crypto assets, according to a senior OECD official.
The framework is being created by the OECD’s working party on consumption taxes and will evaluate how different types of crypto assets and related services are treated for VAT purposes.
Key points from the announcement:
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The framework will cover various crypto assets, including:
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Payment tokens
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Security tokens
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Non-fungible tokens (NFTs)
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Related crypto services
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Harding stated that:
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Taxation should be applied where the asset is held, not in a way that reduces business revenues.
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There is a general shift toward treating payment tokens similarly to fiat currency for VAT purposes.
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A public reference document is expected to be released within the next year.
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This upcoming framework aims to bring consistency to how VAT is applied to crypto assets across jurisdictions, amid growing use and regulatory attention.
