The Department of Treasury of Puerto Rico released a new reform to the Sales and Usage Tax law last month that includes the concept of NFTs as a taxable asset class.
While analysts believe there are benefits to recognizing NFTs and including them in this reform, most of them believe the application of these rules will be a challenge for the treasury department. This is the opinion of CPA Giancarlo Esquilin, who toldAs it is written right now, it is a bit difficult to get to the application of the tax because there are several factors of where the person who buys it is located.
For NFTs, you don’t see who your buyer is or where the bank account is. It would be uphill in terms of control.However, Esquilin also recognizes Puerto Rico might be the first U.S. jurisdiction to treat NFTs as taxable products, and this might lead to others doing it, proposing better regulatory frameworks. Juan Pedreira, a tech analyst, also stated that the question remains how the treasury will audit the sale of these assets.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why Puerto Rico Is Mourning a Musician.gmochkofsky writes about the life and legacy of Héctor (Tito) Matos, a masterful percussionist and towering cultural figure in Puerto Rico.
Read more »
Roselyn Sanchez & Eric Winter Ink Producing Deal With Kapital, Set ‘HSI: Puerto Rico’ Drama At CBSEXCLUSIVE: Roselyn Sanchez and Eric Winter’s Two for the Road Entertainment has signed a deal with Aaron Kaplan’s Kapital Entertainment. The pact is strictly for producing as the husban…
Read more »
Public employees in Puerto Rico protest over wages as frustration with governor grows
Read more »
Spanish Treasury Postpones the Definition of Crypto Tax Declaration Models Until Next Year – Taxes Bitcoin NewsThe Spanish treasury has announced it will hold off till the next year to formulate the specifics of how cryptocurrency-related taxes will have to be declared.
Read more »
Cappasity to Present 3D NFT for E-Commerce in March 2022 – Press release Bitcoin NewsPRESS RELEASE. Cappasity’s platform will allow retailers to create immersive NFTs easily and quickly. The proprietary utility token CAPP will be used in
Read more »
Feds Seize $3.6 Billion In Stolen Bitcoin, Arrest Couple Five Years After Massive Crypto Exchange HackBitcoin prices fell after news of the seizure, which authorities called their largest ever.
Read more »