Gross Receipts:
Washington DOR Asks for Comments on Non-Fungible Token (NFT) Guidance by November 18
Draft ETA 3XXX: Non-Fungible Tokens (NFTs), Wash. Dept. of Rev. (10/24). The Washington Department of Revenue (Department) posted a draft excise tax advisory (ETA) that seeks to provide general guidance on how Washington’s business and occupation (B&O), retail sales, and use taxes apply to transactions involving non-fungible tokens (NFTs). According to the Department, this ETA would replace any previous rulings or written reporting instructions provided to taxpayers that conflict with the NFT guidance in it. Topics in the draft ETA include:
Definitions and terms;
Overview of NFTs and taxability;
Selling price;
Sourcing;
Bundled transactions;
Marketplace facilitators and marketplace sellers;
Apportionment of non-retail activities;
Royalties, burning, and minting;
Use tax; and
Reselling activities.
The Department is requesting comments and feedback related to this draft ETA no later than November 18, 2024; “after a review of the feedback, if any, the Department will consider the appropriate next steps in the process.” Please contact us with any questions.
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