Norwegian tax authorities remind crypto investors to pay taxes on their profits
Since cryptocurrency has somehow become a form of income in many places, it should not come as a surprise that taxation has become a factor in tracing the funds derived from it. Norway is one of these countries that requires profiteers to pay, and the recent payment of two miners, amounting to 74,000 crowns out of 34 BTC in custody, has prompted them to ask others to do the same.
One the local newspaper Norway Dagens Næringsliv, the couple earned the funds through a mining operation over a long period of time. Since then, mining has been closed, but both sides, Philip Eriksen and Roy Arne Olsen, have made public their success in Tromso last year. At that time, they would have already accumulated $ 680,000. As for this issue, Olsen said: "Having unrealized millions of wealth in cryptocurrency after two years is a fantastic feeling."
However wonderful, Norway has decided to compare the treatment of Bitcoin at the same time means that it is time for many investors to pay. These records are entirely borne by the investor, although most of the participants do not understand the correct way to calculate it. Astrid M. Dugstad Tveter, who works with the Norwegian tax administration, said this on the subject:
"The person who bought, sold, extracted or has values placed in virtual currency, like bitcoin, must report this in the fiscal report A challenge with cryptocurrency is that the Fiscal Administration is not automatically reported by a third party, as with other types of basic data.The experience is that it is often hurt, both deliberately and unconsciously , with this information. "
Although many national regulators have worked to make this process simple and easy, but Europe is still trying to make these laws known. Dugstad Tveter said there are many ways to ensure that all profits and losses are recorded, even if the adoption of these tax laws is substantial. However, warns the public,
"The tax office generally has access to information from multiple sources than the information we receive from tax payers through the tax report and uses different methods of control, both in terms of gathering the values , both to check if the tax payers provided correct and complete information. "