Fun

Sweden demands $90M in outstanding tax from crypto miners

News Feed - 2024-04-18 05:04:25

Arijit Sarkar50 minutes agoSweden demands $90M in outstanding tax from crypto minersThe Swedish Tax Agency found several crypto firms provided misleading business descriptions to avoid paying taxes between 2020 and 2023.247 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksSwedish crypto miners owe over $90 million in taxes after government investigations revealed four years of misappropriations.


The Swedish Tax Agency —Skatteverket — investigated the operations of 21 crypto-mining firms between 2020 and 2023. The investigation revealed that 18 crypto-mining firms filed “misleading or incomplete” information to benefit from tax incentives.


According to the agency, some crypto firms provided misleading business descriptions to avoid paying value-added tax (VAT) on taxable operations. Others found ways to avoid paying import taxes on mining equipment or income tax on mining revenue.


A rough translation of the Swedish Tax Agency’s statement read:“The described approach leads to tax disappearing from the country in the form of incorrect payments of input VAT, unpaid output VAT and unreported crypto assets.”


The crypto mining firms are required to pay the tax authorities over 990 million Swedish krona ($90 million) in total. This includes unpaid total VAT of 932 million krona ($85.4 million) and tax surcharges of approximately 57.9 million krona ($5.3 million).A breakdown of tax obligations for crypto mining firms between 2020 and 2023. Source: Swedish Tax Agency


While the crypto mining firms appealed against the $90 million demand from the Swedish Tax Agency, the administrative court upheld the appeals of two mining firms and rejected the rest. “The amounts above have been adjusted with regard to the verdicts.”


Related:Renewable energy Bitcoin mining company powers up in Sweden


In November 2023, crypto mining firm Hive Digital Technologies acquired a commercial property and a data center in Boden, Sweden. At the time, Johanna Thornblad, Hive’s country president for Sweden, said:“The new data center will enable HIVE to grow its regional footprint while further demonstrating its commitment to its ESG focus, sustainable practices, environmental responsibility, and energy efficiency with its newest “green” energy powered data center.”


The company confirmed that the property will also house its incoming generation of ASIC servers and increase its Bitcoin (BTC) production.


Hive owns and operates data center facilities in Canada, Sweden, and Iceland, and it promotes the use of green energy to mine digital assets such as Bitcoin on the cloud.


Magazine:Bitcoin Halving will pump games, Shrapnel’s ‘simple’ secret revealed: Web3 Gamer# Mining# Taxes# Business# Government# Sweden# Cloud Mining# VAT# Bitcoin Mining# RegulationAdd reaction

News Feed

Fidelity Digital to Accept Bitcoin as Collateral for Cash Loans
Fidelity Digital to Accept Bitcoin as Collateral for Cash Loans Fidelity Digital says it will allow institutional customers to pledge bitcoin as collateral again
Aave Launches Web3, Smart Contracts-Based Social Media Platform Built on Polygon
Aave Launches Web3, Smart Contracts-Based Social Media Platform Built on Polygon The decentralized finance (defi) lending platform Aave has revealed the launch of a Web3 social med
Kazakhstan President Orders Government to Find All Miners and Raise Tax by April
Kazakhstan President Orders Government to Find All Miners and Raise Tax by April President of Kazakhstan Kassym-Jomart Tokayev has instructed authorities to identify all crypto min
Germany’s largest federal bank to offer crypto custody services: Report
Zoltan Vardai34 minutes agoGermany’s largest federal bank to offer crypto custody services: ReportThe Landesbank Baden-Württemberg will start offering crypto custody services to institutional clients starting from the
Bitcoin Cash Argentina Crowdfunds Circular Economy and Adoption Campaign
Bitcoin Cash Argentina Crowdfunds Circular Economy and Adoption Campaign Bitcoin Cash Argentina, a nonprofit foundation destined to increase the knowledge and ad
Nivesh Rustgi6 hours agoBitcoin energy value metric puts BTC’s ‘fair value’ at $47K — AnalystCharles Edwards of Capriole Investments says that despite the current headwinds, Bitcoin’s fair value sits at $45,000
Ethereum Trades Inside A Multi-Year Bullish Pennant – Analyst Sees A Breakout Above $4K
Este artículo también está disponible en español. Ethereum experienced one of the craziest days in its history last Monday, plunging over 30% in less than 24 hours amid w
Armoney Recommends Only the Following Cryptocurrencies in India
Armoney Recommends Only the Following Cryptocurrencies in IndiaSo, what is cryptocurrency?It’s an internet medium to exchange funds betw
Marcel Pechman7 hours agoGermany is dragging Europe’s economy down — and that’s great for cryptoCointelegraph analyst and writer Marcel Pechman explains how a weakening German economy — Europe’s largest — is
SEC Chairman Gary Gensler Stresses Crypto Trading Platforms Must Be Regulated to Ensure Investor Protection
SEC Chairman Gary Gensler Stresses Crypto Trading Platforms Must Be Regulated to Ensure Investor Protection The U.S. Securities and Exchange Commission (SEC) is focusing on bringin
Bitcoin Price Touches $28,600, Crypto Asset’s Value Gains Over 288% in 2020
Bitcoin Price Touches $28,600, Crypto Asset"s Value Gains Over 288% in 2020 The price of bitcoin touched an all-time high at 3:12 a.m. (EST) during the early mor
Ana Paula Pereira7 hours agoENS developers urge Unstoppable Domains to drop patents or face lawsuitENS developer Nick Johnson claims a patent granted to Unstoppable Domains in January is entirely based on ENS Labs innova