CRIPTOVALUTE:PROJECTS INHERENT TO THE DEFINITION OF VAT PRACTICE
The Federal Tax Administration (AFC) with the publication of the Practices Adjustment Plan on 21st June 2018 intends to provide a legal basis in Switzerland for the subjecting, exemption and exclusion of VAT from trading activities in the market cryptocurrencies, Mining, ICO (Initial Coin Offering) and ITO (Initial Token Offering).
AFC inform that a different VAT will apply to the various types of token (for example, payment or utility), according to their nature.
Finally, the Administration defines better and adapts the classic commercial practice to emerging market segments; changes and additions to practice are, for example, the issue of invoices, accounting methods and exchange rates.
For any questions or clarifications, we are available at the following addresses:
f.battaglia@legaltaxteam.com
info@stelva.ch
