Revenue turns its attention towards bitcoin transactions

The Revenue Commissioners have warned Ireland's growing ranks of bitcoin traders to file Vat returns and capital gains tax or face potential prosecution.

13th April, 2013

The Revenue Commissioners have warned Ireland's growing ranks of bitcoin traders to file Vat returns and capital gains tax or face potential prosecution.

"Revenue is aware of the potential for tax evasion as a result of e-commerce and online trading," said a spokesman for the Revenue.

"A person who supplies goods or services in bitcoins is required to convert these amounts to euros in the same manner in which a person supplying goods or services...

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