Working Group: Finance - Cryptocurrency
Government Body: Inland Revenue Department
Key Issue: Taxation/Classification of Crypto
Type of Action: Statement
Status: In Force
Next Steps: N/A
Summary: The Inland Revenue Department's ruled that cryptocurrency may be used to pay salaries. Cryptocurrencies used to pay salaries must be able to be converted directly to fiat, and either function like a currency or be pegged to one or more fiat currencies. Cryptocurrency payments will be considered PAYE payments for tax purposes. The ruling will stay in force until September 1, 2022.
Date: 7 August 2019