Ireland published manual on transactions with cryptoactives
The "Tax and Duty Manual" doesn't intend to establish regulations, but "will serve as a guide in tax matters"
Under the title “Tax and Duty Manual” (the Tax Manual) the Government of Ireland published a document that will help to “dispel the fiscal scenario around trade with cryptocurrencies“. The paper will focus on clear guidelines on taxes and existing regulations that apply in various cases.
Even though Ireland’s tax consolidation law recognizes that certain companies must issue their account statements in functional currencies, other than the euro; cryptocurrencies don’t fit into the definition of ‘currency or assets’. However, the accounts must be reflected in fiat money.
The commissioners clarified that said manual doesn’t intend to establish regulations, but “will only serve as a guide in tax matters.”
According to this, taxes will be applicable in separate cases depending on the business. The authorities advise that any commercial entity that moves with cryptocurrencies should keep a record of their procedures.
This manual does not “contemplate” the mining of cryptocurrencies as a practice that generates added value to which an VAT should be applied, or not for the moments of this initial stage. It only excludes any treatment towards ICOs or tokens.
N. Moncada
Source: CoinCrispy
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