Most of us are by now familiar with the Guidelines on the Income Tax Treatment of transactions or arrangements involving DLT Assets which were published in November 2018 (view here), in the context of the DLT landscape at the time. 

However, the sector is in continuous and rapid development and variations are commonplace.

The need for clarity of the tax considerations around DLT assets, specifically virtual currencies, with a view to obtaining certainty for tax administrations and tax payers was highlighted in the recently published OECD Report on Taxing Virtual Currencies.

In this context, the MIT is analysing the practical issues of interpretation and reporting around DLT assets, with a view to identifying issues which may require clarification.

Clarity of definitions and other reporting issues will be increasingly more relevant in the context of the recently proposed Commission initiative to extend the current exchange of information measures (DAC) to the field of crypto assets and e-money.

The MIT is inviting Members to bring to its attention issues of interpretation that have arisen in practice in connection with the application of the general principles of taxation to transactions involving DLT Assets, and other related matters, by email to cto@maintax.org with the aim of addressing the key issues identified at an industry level.