IRRUIP11: Whether remuneration paid to an employee in cryptocurrency is subject to PAYE or FBT

It is becoming more common for employees (particularly those working in cryptocurrency-related industries) to receive regular remuneration in cryptocurrency. Inland Revenue has been asked whether cryptocurrency paid in those circumstances is taxable to the employee (PAYE) or payable by the employer (FBT).

This issues paper seeks your feedback on Inland Revenue’s initial views on how the tax laws apply. We are also interested in hearing how employers are currently treating these payments. As cryptocurrency is relatively new technology, we are also interested in feedback on how (from a policy perspective) these payments should be treated.

IRRUIP11: Whether remuneration paid to an employee in cryptocurrency is subject to PAYE or FBT 

(PDF  |  299KB  |  19 pages)