The Revenue Commissioners have issued letters to 142 social media influencers under a “Level 1 Compliance Intervention.
They are warning that gifts, free goods and services, virtual currency or token payments needed to be properly accounted for and tax rules applied.
The Revenue position is that the taxation of influencers should follow the fundamental principles of taxation. Therefore, the extent to which an influencer is carrying on a trade and how that trade is taxed will always depend on the particular facts and circumstances of each case.
Revenue is preparing detailed guidance on this issue.