Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Cryptocrit on May 07, 2024, 05:00:01 PM
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In Sweden, a significant development has occurred in the cryptocurrency mining sector. 21 Crypto mining firms are facing a substantial tax bill totaling $90 million (approximately 900 million SEK) following a meticulous audit by the Swedish Tax Agency. This audit scrutinized the tax reporting practices of crypto mining businesses, potentially uncovering discrepancies in how income and expenses have been declared.
The reasons behind this hefty tax bill could be multifaceted. Firstly, the Swedish Tax Agency likely views crypto mining as a business activity, which would make earnings from mining subject to corporate income tax. Additionally, there may have been instances where miners underreported their earnings or failed to declare them altogether. Another factor could be the application of Value Added Tax (VAT) on the electricity used for mining operations, which adds another layer of financial obligation for the miners.
continue reading...
https://www.cryptocrit.xyz/2024/04/Crypto-tax-in-Sweden.html (https://www.cryptocrit.xyz/2024/04/Crypto-tax-in-Sweden.html)
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$90 million is a huge sum of money and I don't know why all the countries are just focusing on cryptocurrency firms because the attack is seeing like many countries now. Sweden should take it easy with the cryptocurrency mining firms because if they stay in the country to mine, they will have more benefits from the firms. There are some times companies also dodge to pay tax and mine illegal mining and the the government find out, they pay huge amount.
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Governments are like that they will try to squeeze every industry and milk it with tax unfortunately for the mining industries in Sweden the government is fully aware and has studied the structure and profitability of Cryptocurrency and they have computed the projected income which I believe is higher than the actual projected income.
This is not only happening in Sweden but also where Cryptocurrency is popular and the government looked at it as a profitable venture.
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$90 million is a huge sum of money and I don't know why all the countries are just focusing on cryptocurrency firms because the attack is seeing like many countries now. Sweden should take it easy with the cryptocurrency mining firms because if they stay in the country to mine, they will have more benefits from the firms. There are some times companies also dodge to pay tax and mine illegal mining and the the government find out, they pay huge amount.
The report says 21 crypto firms and not just one, so it could still be that small amount as any of this 21 crypto firms are already making huge money from their mining business.
Although I initially I thought that Sweden is crypto friendly and could have lax laws as far as this crypto companies regardless if it is mining of crypto startups. But as I have said, they could pay this fines easily from their earning.
Edit: don't click on the link though, too many pop-up ads.
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In my view, this can be a little bit of a technical problem where both sides - the miners and the government - are not in agreement on how to properly compute, report and pay the right amount of tax. Of course, we all understand that cryptocurrency mining is a big business and must be treated as such...surely this is not anymore a hobby of an enthusiast who is just trying things. I am sure the Swedish government is requiring operators to fully register and must be transparent with everything they are doing and so when all records are scrutinize there are discrepancies found. The best thing to do here is to ask the government for a possibility of a compromise as $90 millions can be a hefty sum to pay for these affected 21 crypto miners. On the part of the government, they should make things so clear from hereon how to do taxation so there will be no similar issues later. We all know that the government is always looking for the correct amount of tax to be paid by business owners and it does not matter if one is into cryptocurrency or not. Everyone has to pay their fair share of taxes.
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(https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg8jS-uuXF_ePqPI720QZ76Y_VkmMeulHJxPsgM-OrEqOgx3gt2HRpZWmFNnt7xcLPw6SNw6ZW1UFpM0RWTYu_oV95TvUBZIUU5d1ZIbzlbQDM2ECg8d_FdMjquIGOVEAslyaVEqVq62aqUPMAzGnPSlLYWe106oXh_vVLDjdbFnEcSujgTBvcY6VrQ0i_L/w640-h640/Screenshot_16.jpg)
In Sweden, a significant development has occurred in the cryptocurrency mining sector. 21 Crypto mining firms are facing a substantial tax bill totaling $90 million (approximately 900 million SEK) following a meticulous audit by the Swedish Tax Agency. This audit scrutinized the tax reporting practices of crypto mining businesses, potentially uncovering discrepancies in how income and expenses have been declared.
The reasons behind this hefty tax bill could be multifaceted. Firstly, the Swedish Tax Agency likely views crypto mining as a business activity, which would make earnings from mining subject to corporate income tax. Additionally, there may have been instances where miners underreported their earnings or failed to declare them altogether. Another factor could be the application of Value Added Tax (VAT) on the electricity used for mining operations, which adds another layer of financial obligation for the miners.
continue reading...
https://www.cryptocrit.xyz/2024/04/Crypto-tax-in-Sweden.html (https://www.cryptocrit.xyz/2024/04/Crypto-tax-in-Sweden.html)
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