On May 15, 2018 the Irish Revenue issued Revenue eBrief No. 88/18 to announce that it created a new Tax and Duty Manual (PART 02-01-03) to clarify how the normal tax rules apply to transactions involving cryptocurrencies. According to the Irish Revenue the purpose of the manual is to give guidance on the tax treatment of various transactions involving cryptocurrencies.
The Tax and Manual Duty discusses a.o. the following subjects:
· Direct tax treatment of cryptocurrencies
o Income tax
o Corporation Tax
o Capital Gains Tax and Corporation Tax on Chargeable gains
· VAT treatment of Bitcoin and similar cryptocurrencies
o Exchange of cryptocurrency
o Supplies of Goods or Services
· PAYE treatment of cryptocurrencies
· Valuation of cryptocurrencies
Click here to be forwarded to Tax and Duty Manual PART 02-01-03 as issued by the Irish Revenue on May 15, 2018.
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