Cryptocurrencies taxation: CGT and CT comparison

k.sh

Dear all,

Have a q. concerning taxation of crypto. Let's take a situation: there is a small company registered in Ireland (SC), and it engages in trade using crypto as currency. During financial year 1) SC have sold services and got 1 bitcoin for them, then 2) the bitcoin price have grown to a 15%, then 3) SC exchanges 0,5 bitcoin to EUR (in the meantime, functional currency), then 4) SC buys asset for 0,5 bitcoin.

I can't really understand, do we have to calculate 33% out of this 15% of growth of the bitcoin?
And also, in case the SC don't spend its 1 bitcoin, will the change of the currency affect the Corporate tax obligation? Or we just file the CT with 1 bitcoin, price of which is calculated on an exchange rate applicable to the date of sale of services (step 1)?

Calahonda52

two things here:
CGT will not arise unless you dispose of an asset, all priced in euros at the applicable Xrates.
As for the CT return, again, it will be filed in euros, using the X applicable X rates as you suggest

tanit

This the Revenue Manual for the issue, is very short but very useful Taxation of cryptocurrency transactions