The Taxational Dimension of NFTs

Authors : Orçun AVCI

Pages : 645-660

Doi:10.15869/itobiad.1264234

View : 48 | Download : 109

Publication Date : 2023-06-30

Article Type : Research Paper

Abstract :Today, the dynamic progress of technology has revealed many effects both individually and socially. Advances in technology and widespread use of the internet have pushed individuals, companies, and countries along with them to keep up with innovations and digital transformation. Blockchain technology has also been one of these areas. The technology in question is used in many industries, including the arts and banking. Blockchain technology has begun to generate value in games, including Non-Fungible Tokens insert ignore into journalissuearticles values(NFTs);. However, a new digital token has recently emerged and has taken its place in the modern financial world. With the growth of the digital economy day by day, the interest in NFTs is also increasing. NFTs - as cryptographic assets - are immutable digital certificates in which ownership or other rights are stored on a blockchain. An NFT is a cryptographic asset that has been authenticated and exchanged using blockchain technology. Due to the anonymous nature of the blockchain, everyone can see and follow all trading processes, including the birth insert ignore into journalissuearticles values(issuance); of each NFT, by account numbers. However, there are some problems with the taxation of NFTs. The aim of this study is to offer various solutions for the problems that arise in the taxation of NFT earnings. There is a gap in the literature in this regard. Accordingly, the existing legal gap is tried to be filled by evaluating the application examples both in terms of developed countries and Türkiye. As a result of the study, it would be appropriate to say that comprehensive tax legislation on the subject can be created in many countries led by developed countries in the coming years. When the legislative preparations and taxation studies on NFTs, which will be one of the important actors of the metaverse, are completed, the virtual world door for humanity will be fully opened. However, considering the possibility that taxpayers can easily move to countries that are tax havens, it is necessary to be very sensitive about the taxation of this area. First of all, in order for taxation to be done correctly, the base must be determined correctly. Therefore, while doing all this, it is of great importance that tax liabilities are compatible with other countries. Thus, taxpayers\` voluntary compliance will be ensured, and the gains to be obtained from NFTs will be taxed.
Keywords : Dijital Varlık Kazançları, Blokzincir, Kripto Para, NFT, Vergileme