Will Virtual Transactions Be Taxable On Metaverse ?

In integrated digital platforms that combine virtual and augmented reality with blockchain technology, users can connect with other users through their avatars, while visiting virtual places, doing business, and trading virtual and non-virtual goods and services. So, will transactions in the metaverse be subject to VAT as in the real world?

Since the pandemic, digital events have become more popular in the e-commerce industry. Undoubtedly, it becomes much easier to provide attendees with access to an online portal with a few clicks than to organize a face-to-face event. However, in this case, the tax rules of virtual events may be a bit complicated. When it comes to participation in these events from the UK or the EU, tax liability arises in each of these countries. In such a scenario, the EU's Import One Stop Shop (IOSS) tax system (B2C) may come to the fore for virtual event organizers whose value does not exceed 150 Euros, in particular sales. In other words,