TTax
VAT Treatment of Trading in Non-Fungible Tokens (NFTs) 2
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  • 3 minute read

VAT Treatment of Trading in Non-Fungible Tokens (NFTs)

So far, there is no supreme court ruling or official administrative guidance on the VAT treatment of NFTs. A recent case before the Lower Saxony Tax Court involves a domestic entrepreneur who traded NFT “collectibles” via the OpenSea platform in 2021. The digital works themselves were not sold; instead, blockchain-based database entries were transferred. The sales were executed automatically via smart contracts, which are not considered legal contracts.
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BBanking
EuGH zu Datenverarbeitungspraktiken von Wirtschaftsauskunfteien | von Annerton Anwältin Svetlana
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  • 10 minute read

ECJ on data processing practices of credit agencies

Financial service providers depend on creditworthiness assessments for products such as loans and BNPL, often relying on scores from agencies like SCHUFA. The ECJ rulings of 7 December 2023 (C-634/21; C-26/22; C-64/22) put both the business models of credit agencies and their customers’ products under pressure. This article outlines the decisions and highlights the data protection challenges for agencies when calculating scores and for customers when using them.
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