Revenue Commissioners finally clarifies taxation and cryptocurrencies

We’ve recently seen that the Irish Revenue Commissioners has

    finally

published some guidance in relation to taxation and cryptocurrencies. Given the amount of queries we get through the site, and also that the capital gains tax tag is one of our most popular pages on the site, it’s good to see that the information is finally available.

The full document itself is available to download at https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-02/02-01-03.pdf

In short, it gives guidance on how to treat cryptocurrencies in these following areas:

Income Tax
Corporation Tax
Capital Gains Tax
VAT Treatment of cryptocurrencies relating to cryptocurrency exchange, sale of goods and services and mining.

While it doesn’t answer every question or scenario that has come up, notably missing any reference to Initial Coin Offerings, it’s a good start.