Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I assure the Deputy that the Revenue Commissioners are active in this space. It is important we take every opportunity to remind people of what the taxation obligations are, in particular in an emerging area such as digital assets. That is why, in April last year, the Revenue Commissioners updated their guidance on crypto-assets. They did not change their general guidance with regard to the taxation of crypto-assets. However, additional clarifications were provided to aid the general understanding of the mechanics of crypto-asset taxation. This included additional guidance on how to determine if a crypto transaction is trading in nature, how chargeable gains should be calculated for capital gains tax, CGT, purposes including the providing of illustrative examples and details of CGT payment dates for non-incorporated persons. It also included guidance that confirmed gifts and inheritances of crypto-assets may be subject to capital acquisitions tax, and that payments of crypto-assets to employees are benefits-in-kind that should be subject to payroll taxation in the ordinary way. However, the receipt of crypto-assets as payment by an employee may give rise to additional filing obligations for income tax or capital gains tax, for example, depending on the applicable facts and circumstances for that employee when he or she disposes of the asset at a future date. Guidance was also introduced setting out the record retention requirements relating to crypto-asset transactions. I am satisfied the guidance is there, but we perhaps need to find ways to amplify that and raise awareness for people engaged in buying and selling digital assets at this time.

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