Finance Minister Paschal Donohoe has stated this week, that Revenue are planning on pursuing Irish traders earning huge profits from cryptocurrencies, along with the Government in talking the anonymity around crypto investments. Speaking following a question about the risk to Ireland of tax avoidance by people not declaring crypto profits, Mr Donohoe replied “no special rules in Ireland for the tax treatment of crypto assets.”
“The receipt of crypto assets as a form of payment for services or goods rendered will give rise to Income Tax for individuals or Corporation Tax for corporate taxpayers,” He also added that disposals of Crypto assets are “is treated in the same way as the disposal of all assets for Capital Gains Tax purposes”
He also added that Revenue;
“has the power to obtain information on crypto asset or cryptocurrency transactions, as is the case for other transactions, where there is reason to believe the transaction is relevant to tax”
Unsure if this applies to you? Read our Cryptocurrency,’ A Guide to your Irish Tax Obligations’ below or alternatively contact us at 01 539 7999.