There’s no getting around Denmark’s tax agency, Skattestyrelsen, so don’t even try. The agency is pursuing Denmark crypto taxes with vigor and is leaving no stone left unturned!
Denmark Crypto Taxes
Skattestyrelsen has confirmed that approximately 2,700 individuals owe taxes on Bitcoin gains, according to a release it made earlier.
These individuals reportedly bought and sold Bitcoin via a Finnish cryptocurrency exchange between 2015 and 2017. However, they have yet to declare any profits or losses on their tax documentation. Whoops!
It’s now an agency priority to chase down these people and make them pay their dues.
Tax Director Karin Bergen commented:
“Right now we are identifying the individual citizens and keeping the new information up to those we already have […] If something does not match, we will contact them and ask for more information. However, how many people it is and what it may mean, it is still too early to say.”
Denmark Crypto Taxes: Tip-Off
But the agency didn’t just unearth this news. Rather, it received a tip-off believed to have come from the Finnish tax authorities. It is still unknown which exchange is involved, but LocalBitcoins has been touted as a potential, as it is one of the biggest international P2p Bitcoin trading platforms around.
It also just so happens to be Finland-based.
The platform recently brought in limited Anti-Money Laundering and Know Your Customer processes for “high volume” account holders.
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Tip of the Iceberg
The 2,700 individuals purchased $7.55 million worth of Bitcoin and sold $8.05 million worth. Bergen believes that figures like these are “probably just the tip of the iceberg.”
“The knowledge we gain about data mining, segments and methods in general will make us wiser in the area and benefit from our guidance and control work.”
The attitudes in Denmark towards cryptocurrency are mixed. The country is moving towards adoption with a total of 1,500 restaurants accepting Bitcoin via an online portal. However, not paying your Denmark crypto taxes may create a few sour faces towards the digital asset.
America faces similar issues regarding crypto taxes. Tax agency Credit Karma reported that fewer than 100 people out of 250,000 declared any gains or losses on cryptocurrency in 2018.
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