On the 1st of November 2018, concurrently with the Virtual Financial Assets (“VFA”) Act coming into force, the Commissioner for Revenue has issued a number of guidelines concerning the taxation of DLT Assets under the Income Tax Act, the VAT Act, and the Duty and Documents and Transfers Act.
The guidelines make distinctions between types of DLT Assets and initial offerings, and delve into the manner in which each shall be taxed under the provisions of the respective Acts. In particular, each guideline notes that tax is determined in accordance with the purpose for and context in which assets are used or transacted.
These guidelines provide further legal insight and certainty in the evolving blockchain industry developing in Malta.
sammut.legal closely follows and provides expert advice on all legal developments in relation to this field.
For more information relating to DLT, blockchain, ICOs, cryptocurrencies, and other related matters, please contact us on email@example.com