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The Bulgarian Revenue Agency announces the inspection of companies that sell cryptocurrencies

The Bulgarian National Revenue Agency (NRA) announced the launch of inspections of companies selling cryptocurrencies, reports of novitiates in English on Sofia, on 14 January.

The objective of the survey is to ensure compliance with tax and social security regulations, as the agency is concerned about the use of crypto-assets for the concealment of revenue and the Tax evasion.

Reportedly, the Bulgarian RSA conducted a survey of companies that own online platforms for the sale and purchase of cryptocurrencies – such as cryptocurrency exchanges – and has already assigned control actions (which presumably mean checks ) to nine companies.

After completion of the controls, the tax authority will use reportedly the information obtained from the platform to determine if users have declared their income from the use of cryptocurrency bags.

In Bulgaria, revenues from the sale of virtual currencies are declared in annual tax returns, treated as profits from the sale of a financial asset and taxed at 10 percent. Companies that profit from the sale of crypto-assets are subject to taxation under the Company's Income Tax Act.

As Cointelegraph reported today, the tax authority of Denmark has been authorized by the country's Tax Council to obtain information on all cryptocurrency transactions in three national encryption exchanges.

In July 2017, Cointelegraph reported that the US Revenue Agency had withdrawn from its request to exchange Cryptocurrency Coinbase to turn information on each of its US users. Instead, a November 2017 court injunction ruled that only high-user information was needed, bringing the total number of users reported by Coinbase to around 13,000.

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