An analysis of the value added tax implications on crypto currency transactions
Current knowledge or lack of research emphasizes that there are no universal conscientious treatment of the VAT classification on crypto currency transactions. The purpose of this paper was to analyse and evaluate current VAT classifications and to provide guidance on the most favourable way of treating such transactions. The research objectives of this study included the understanding of crypto currencies, an overview of the VAT system, as well as a critical analysis of current VAT classification on crypto currencies worldwide. This study used a descriptive literature review research method. As the world is ever-changing, a proactive approach should be sought, in order to address technological changes. With full consideration of the changing financial landscape, classifying crypto currencies as "money" would be most appropriate solution and further guidance is needed for the treatment of the value, time, and place of supply of such transactions.