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The law & receiving crypto payments?

runswithascript · 2021-06-27 11:58:10

Is there any legislation around obligations on Irish citizens regarding tax or anything else if they were to provide an invoice to someone in the UK (containing just a name and email address) and receive a transfer in return for a cryptocurrency like BUSD or any other?

27-06-2021 11:58am

#1

runswithascript

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Is there any legislation around obligations on Irish citizens regarding tax or anything else if they were to provide an invoice to someone in the UK (containing just a name and email address) and receive a transfer in return for a cryptocurrency like BUSD or any other?

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#2 27-06-2021 12:12pm

namenotavailablE

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The Revenue Commissioners produced a short document (3 pages) on the taxation of cryptocurrencies:

https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-02/02-01-03.pdf

For tax related to sales of goods/ services, you basically need to convert the invoice to the Euro equivalent and apply VAT/ Corporation tax/ income tax depending on your business circumstances using that converted amount.

Free Excel net pay calculator- https://taxcalc.eu/monthlyss/Employee%20PAYE%20calculator.xlsm

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