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.
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