With the rising popularity of NFTs and potential implementation of sales taxes on blockchain transactions, lawmakers should embrace the challenge of providing clear and comprehensive guidance that aids compliance, says Charles Maniace of Sovos.
The sales tax challenge facing state legislators and regulators regarding the application of sales tax to digital assets transacted on the blockchain is new, but it’s by no means unprecedented. There have been many occasions where sales tax regulators have been asked to rise to the challenge of understanding evolving technologies. It’s fair to say that sales tax rules recently have been one step behind technology.
With the rising popularity of non-fungible tokens and more states considering implementing a sales tax on blockchain transactions, lawmakers should embrace the challenge of providing clear and comprehensive guidance that reflects reality and provides companies a reasonable path toward compliance.
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