The implications for your due taxes would be significant, depending upon the choice you make (either FIFO or LIFO methods). So I would suggest you to try both FIFO and LIFO calculators, which will help you decide which method is better for you. You can download it from the Eloquens.com marketplace.
Bitcoin Cryptocurrency FIFO Gain Calculator for Taxation
https://www.eloquens.com/tool/3MdIAv/engineering/cryptocurrency-excel-templates/bitcoin-cryptocurrency-fifo-gain-calculator-for-taxation
Bitcoin Cryptocurrency LIFO (Last In First Out) Gain Calculator for Taxation https://www.eloquens.com/tool/3B4lfy9X/engineering/cryptocurrency-excel-templates/bitcoin-cryptocurrency-lifo-last-in-first-out-gain-calculator-for-taxation
I hope that after comparing the gains using the FIFO and LIFO methods, you will be in a better position to minimize your tax implications, save time, and maximize your gains.
------------------------------
I love Bitcoin
1NYqYEUGY7h1cbKVkW12wmFfcZMnv6DEa7
Topic: tax on bitcoin profits in scandinavia? (Read 13362 times)
Sweden:
We have a 30% tax on our trading profits.
And also on mining from what I understood when I called then it's 50% of the profit. So you are allowed to payoff the price for the equipment and energy used without taxing but after that they want 50%... :/
As someone mentioned this is only when you convert it to fiat.
We have a 30% tax on our trading profits.
And also on mining from what I understood when I called then it's 50% of the profit. So you are allowed to payoff the price for the equipment and energy used without taxing but after that they want 50%... :/
As someone mentioned this is only when you convert it to fiat.
It also applies when you trade between cryptocurrencies, you calculate the SEK value and pay/deduct based on the profit/loss.
See 'Exempel - växling mellan kryptovalutor':
https://www.skatteverket.se/privat/skatter/vardepapper/andratillgangar/kryptovalutor.4.15532c7b1442f256bae11b60.html
In Norway, not only will one need to pay regular income tax on profits, one would also need to pay a wealth tax on what the BTC holding is worth. This goes for 2017 and beyond.
Why would you use my quote as your own? I wrote that last year.
In Finland they just made Crypto-Crypto trades taxable and it has a very high taxrate from profits and you cannot cut the losses. Was a sad day for the Finnish cryptospace :/
Ohh thats not good - hope it does not spread to other Nordic countries, that would indeed be very sad. From when is that in effect?
In Finland they just made Crypto-Crypto trades taxable and it has a very high taxrate from profits and you cannot cut the losses. Was a sad day for the Finnish cryptospace :/
In Norway, not only will one need to pay regular income tax on profits, one would also need to pay a wealth tax on what the BTC holding is worth. This goes for 2017 and beyond.
You have to pay tax of your Bitcoin profit in Denmark.
But you can also register your losses as "fradrag"
But you can also register your losses as "fradrag"
Just for anything being interested:
Denmark:
I was informed by a tax accountant, that someone made an official request at tax authorities about profits from bitcoin trading.
And the official response (should be available at skat) says yes, the profits are taxed in denmark.
Denmark:
I was informed by a tax accountant, that someone made an official request at tax authorities about profits from bitcoin trading.
And the official response (should be available at skat) says yes, the profits are taxed in denmark.
Sweden:
We have a 30% tax on our trading profits.
And also on mining from what I understood when I called then it's 50% of the profit. So you are allowed to payoff the price for the equipment and energy used without taxing but after that they want 50%... :/
As someone mentioned this is only when you convert it to fiat.
We have a 30% tax on our trading profits.
And also on mining from what I understood when I called then it's 50% of the profit. So you are allowed to payoff the price for the equipment and energy used without taxing but after that they want 50%... :/
As someone mentioned this is only when you convert it to fiat.
Has anybody actually paid taxes in Sweden for crypto?
What if you buy something for bitcoin? Will you still have to pay taxes?
What if you buy something for bitcoin? Will you still have to pay taxes?
Someone did mention paying 30% earlier as capital gains tax ITT. This tax is applied to most types of 'incomes' that are not derived from traditional employement/business practices. Whether you need to pay taxes on your bitcoin depends on whether or not you've made a profit. If you were to convert capital (SEK for example) to Bitcoin and then purchase something the very same day for that same amount, you obviously won't pay any taxes because you haven't made a profit.
But, whether you pay for something or hold your bitcoin as they increase in value is irrelevant as it all comes down to how much your capital has appreciated over the year, at the end of which you'll pay the 30% tax gains on the increase/profits (not on the total amount of your capital).
That said, there's also the prescription time to take into consideration, I believe taxation debts are prescribed after five years and counting, so let's say you made an income from investing in bitcoin and assume your assets are undiscovered for six years, the gains you make that first year should at least be prescribed (forgiven), but you'd still have to pay five years retrospectively and this assumes that you're not reported and investigated at some point.
I'm not entirely sure about the above, but I believe that might be how it works to an extent at least.
Has anybody actually paid taxes in Sweden for crypto?
What if you buy something for bitcoin? Will you still have to pay taxes?
What if you buy something for bitcoin? Will you still have to pay taxes?
I've just talked to a danish taxattorney specialising in crypto . He told me that the Danish SKATTERÅD in 2014 decleared bitcoin to be taxfree like a painting that increases over time. However they said that if your speculated then you perhaps were taxable.
I was told that the Danish SKATTERÅD gather again in spring 18 and define speculation.
This is a big deal and could result in us all beeing taxable (53% tax). Also the result could be that we have been taxable since 2014 and therefore owe tax.
I dread the decision and fear a backtax.
I was told that the Danish SKATTERÅD gather again in spring 18 and define speculation.
This is a big deal and could result in us all beeing taxable (53% tax). Also the result could be that we have been taxable since 2014 and therefore owe tax.
I dread the decision and fear a backtax.
I ask www.Skat.dk last year
They say I should not pay tax of bitcoin when value go up.
Coins earned with refs link, marketing or work I should pay tax.
http://skat.dk/skat.aspx?oid=2156173
http://skat.dk/skat.aspx?oid=2251503
http://skat.dk/skat.aspx?oid=2249418
http://skat.dk/skat.aspx?oid=2225268
They say I should not pay tax of bitcoin when value go up.
Coins earned with refs link, marketing or work I should pay tax.
http://skat.dk/skat.aspx?oid=2156173
http://skat.dk/skat.aspx?oid=2251503
http://skat.dk/skat.aspx?oid=2249418
http://skat.dk/skat.aspx?oid=2225268
Did you get a binding answer from SKAT on that?
I ask www.Skat.dk last year
They say I should not pay tax of bitcoin when value go up.
Coins earned with refs link, marketing or work I should pay tax.
http://skat.dk/skat.aspx?oid=2156173
http://skat.dk/skat.aspx?oid=2251503
http://skat.dk/skat.aspx?oid=2249418
http://skat.dk/skat.aspx?oid=2225268
They say I should not pay tax of bitcoin when value go up.
Coins earned with refs link, marketing or work I should pay tax.
http://skat.dk/skat.aspx?oid=2156173
http://skat.dk/skat.aspx?oid=2251503
http://skat.dk/skat.aspx?oid=2249418
http://skat.dk/skat.aspx?oid=2225268
You don’t need to pay tax for bitcoin transactions. SKAT Denmark stated that already in 2014. SKAT does not regard bitcoins a “real” currency, and thus is not subject to skattekontrolloven. The exceptions are companies whose primary business is trading bitcoin (all coins).This also applies to private individuals who speculate and trade, so that it looks like a company. It’s up to SKAT to decide in each case, if it can be regarded as primary business.
Furthermore income via bitcoin mining (providing hash power) is not subject to Momsloven (VAT law) and in providing hash power, you are subject to deduction from electricity expenses, - if is your primary business.
Furthermore income via bitcoin mining (providing hash power) is not subject to Momsloven (VAT law) and in providing hash power, you are subject to deduction from electricity expenses, - if is your primary business.
Denmark:
A danish tax accountant recently told me, that there are no speical rules for bitcoin taxation yet, BUT:
bitcoin is taxed the same way like profits from gold or diamonds and so on. So your profits are taxed with your income tax.
A danish tax accountant recently told me, that there are no speical rules for bitcoin taxation yet, BUT:
bitcoin is taxed the same way like profits from gold or diamonds and so on. So your profits are taxed with your income tax.
gold and diamonds are not taxed either. No commodities are taxed in denmark! paitings, wine, couches etc. It's all tax free if you sell it to another person/company.
It's taxed if you buy it with the intend to sell it for a profit, but who would do such a stupid thing? *cough*.... I buy my bitcoins and altcoins because I have a genuine interest in the tech. If I can later sell it for a profit, that was not my intention.
tax free.
I've recently moved to Denmark.
So what is the final verdict here?
Can any crypto-trader from Denmark confirm that their profits have not been subject to taxation in the past?
If not, how did Danish tax authorities prove that you bought bitcoins/altcoins as an investment and not as a means of payment?
Interest Ask. I think that neither how to check whether bitcoin was used to pay for the transaction or for buying with the purpose of trading a crypto currency
Denmark:
A danish tax accountant recently told me, that there are no speical rules for bitcoin taxation yet, BUT:
bitcoin is taxed the same way like profits from gold or diamonds and so on. So your profits are taxed with your income tax.
A danish tax accountant recently told me, that there are no speical rules for bitcoin taxation yet, BUT:
bitcoin is taxed the same way like profits from gold or diamonds and so on. So your profits are taxed with your income tax.
gold and diamonds are not taxed either. No commodities are taxed in denmark! paitings, wine, couches etc. It's all tax free if you sell it to another person/company.
It's taxed if you buy it with the intend to sell it for a profit, but who would do such a stupid thing? *cough*.... I buy my bitcoins and altcoins because I have a genuine interest in the tech. If I can later sell it for a profit, that was not my intention.
tax free.
I've recently moved to Denmark.
So what is the final verdict here?
Can any crypto-trader from Denmark confirm that their profits have not been subject to taxation in the past?
If not, how did Danish tax authorities prove that you bought bitcoins/altcoins as an investment and not as a means of payment?
Denmark:
A danish tax accountant recently told me, that there are no speical rules for bitcoin taxation yet, BUT:
bitcoin is taxed the same way like profits from gold or diamonds and so on. So your profits are taxed with your income tax.
A danish tax accountant recently told me, that there are no speical rules for bitcoin taxation yet, BUT:
bitcoin is taxed the same way like profits from gold or diamonds and so on. So your profits are taxed with your income tax.
gold and diamonds are not taxed either. No commodities are taxed in denmark! paitings, wine, couches etc. It's all tax free if you sell it to another person/company.
It's taxed if you buy it with the intend to sell it for a profit, but who would do such a stupid thing? *cough*.... I buy my bitcoins and altcoins because I have a genuine interest in the tech. If I can later sell it for a profit, that was not my intention.
tax free.
I call you out. You buy/invest in crypto with the intent to sell to gain a profit. There, now you need to pay tax
Denmark:
A danish tax accountant recently told me, that there are no speical rules for bitcoin taxation yet, BUT:
bitcoin is taxed the same way like profits from gold or diamonds and so on. So your profits are taxed with your income tax.
A danish tax accountant recently told me, that there are no speical rules for bitcoin taxation yet, BUT:
bitcoin is taxed the same way like profits from gold or diamonds and so on. So your profits are taxed with your income tax.
gold and diamonds are not taxed either. No commodities are taxed in denmark! paitings, wine, couches etc. It's all tax free if you sell it to another person/company.
It's taxed if you buy it with the intend to sell it for a profit, but who would do such a stupid thing? *cough*.... I buy my bitcoins and altcoins because I have a genuine interest in the tech. If I can later sell it for a profit, that was not my intention.
tax free.
Denmark:
A danish tax accountant recently told me, that there are no speical rules for bitcoin taxation yet, BUT:
bitcoin is taxed the same way like profits from gold or diamonds and so on. So your profits are taxed with your income tax.
A danish tax accountant recently told me, that there are no speical rules for bitcoin taxation yet, BUT:
bitcoin is taxed the same way like profits from gold or diamonds and so on. So your profits are taxed with your income tax.
Problem with taxing as gold or diamonds or stocks, or cows for that matter, is that a lot of tax deduction followers (ligningsmæssige fradrag). Not sure if they are ready for that on a grant scale. Is bitcoins even workable under skattekontrollovens § 3C ?
Sweden
I sold of bitcoin some years ago. When in contact with tax authoroties (skatteverket) I was eventually told to declare the money as capital gains and pay 30% tax on it - and so I did :\.
I sold of bitcoin some years ago. When in contact with tax authoroties (skatteverket) I was eventually told to declare the money as capital gains and pay 30% tax on it - and so I did :\.
I think also in Finland is the same, 30% till 37% if above somehing like 50k€, any Finn in here can confirm i understood correctly?
der er ikke nogen regler om dette problem endnu men mon ikke der kommer på et tidspunkt
Denmark:
A danish tax accountant recently told me, that there are no speical rules for bitcoin taxation yet, BUT:
bitcoin is taxed the same way like profits from gold or diamonds and so on. So your profits are taxed with your income tax.
A danish tax accountant recently told me, that there are no speical rules for bitcoin taxation yet, BUT:
bitcoin is taxed the same way like profits from gold or diamonds and so on. So your profits are taxed with your income tax.
Same thing in Norway, no matter what you trade, if you make a profit you will have to pay tax on that profit.
The way I understand this from Skatteverket Sweden:
https://www.skatteverket.se/privat/skatter/vardepapper/andratillgangar/virtuellavalutor.4.15532c7b1442f256bae11b60.html?q=bitcoins
Is that no matter what it is you trade, if you make a profit you pay tax on the profit. As simple as that. If you buy bitcoins, poems or dogshit for FIAT currency like SEK (Swedish Kronor) at a lower price and then sell for SEK at a higher price you are considered to have made a profit.
I have just started to learn about bitcoins and ofcourse every one wants to make taxfree money, but is it really what it is all about? To avoid paying taxes or is it something else? I don't really know. Do I want to enjoy "free" healthcare and other social benefits without paying taxes? The wonderful thing about bitcoins is that it forces us to question the whole financial system. Who knows where this will take us. One thing is for sure.... I think we're in for a bumpy ride for the years to come.
https://www.skatteverket.se/privat/skatter/vardepapper/andratillgangar/virtuellavalutor.4.15532c7b1442f256bae11b60.html?q=bitcoins
Is that no matter what it is you trade, if you make a profit you pay tax on the profit. As simple as that. If you buy bitcoins, poems or dogshit for FIAT currency like SEK (Swedish Kronor) at a lower price and then sell for SEK at a higher price you are considered to have made a profit.
I have just started to learn about bitcoins and ofcourse every one wants to make taxfree money, but is it really what it is all about? To avoid paying taxes or is it something else? I don't really know. Do I want to enjoy "free" healthcare and other social benefits without paying taxes? The wonderful thing about bitcoins is that it forces us to question the whole financial system. Who knows where this will take us. One thing is for sure.... I think we're in for a bumpy ride for the years to come.
You will have to pay income tax on crypto in Norway. 27%
https://bitcointalksearch.org/topic/m.19938861
Ok, sure. Guess they lowered the taxrate. It was at 27 percent at one point, as far as I can see currently it stands at 24 percent. Not a huge difference but still everything counts.
Sweet, I thought it was 28%! /dance
Hey there
I hope the taxrate keeps going down. I would like to see 20% within the next five years. 
You will have to pay income tax on crypto in Norway. 27%
https://bitcointalksearch.org/topic/m.19938861
Ok, sure. Guess they lowered the taxrate. It was at 27 percent at one point, as far as I can see currently it stands at 24 percent. Not a huge difference but still everything counts.
Sweet, I thought it was 28%! /dance
In Norway, not only will one need to pay regular income tax on profits, one would also need to pay a wealth tax on what the BTC holding is worth. This goes for 2017 and beyond.
Sweden
I sold of bitcoin some years ago. When in contact with tax authoroties (skatteverket) I was eventually told to declare the money as capital gains and pay 30% tax on it - and so I did :\.
I sold of bitcoin some years ago. When in contact with tax authoroties (skatteverket) I was eventually told to declare the money as capital gains and pay 30% tax on it - and so I did :\.
Tax deduction of Bitcoin asset or any income that was made in cryptocurrency world can be based on nothing but trust. There is no other way than personal statement as an evidence of ownership for a wallet. What is tax office going to do if a person claims to loose his private keys. Or denies the ownership of a wallet with thousands of coins. Bitcoin tracing is difficult but Monero is close to impossible, and there are some coins which makes tracing impossible. Most people here seem to be forgetting the liberty which is one of the most important revolution Bitcoin gave us. In fact, not understanding the main idea behind this decentralized system.
I was told from a danish speaking person, that in denmark it is like this (example with USD instead of BTC, to make it more clear):
If you buy USD for a trip to USA and when you come back you have some USD left and sell it for EUR again, you do not have to pay taxes if you made a profit with this exchange (buying USD and selling USD). Because you had no intention to make any profit with this.
But if you intend to make profit, you have to pay taxes.
If you buy USD for a trip to USA and when you come back you have some USD left and sell it for EUR again, you do not have to pay taxes if you made a profit with this exchange (buying USD and selling USD). Because you had no intention to make any profit with this.
But if you intend to make profit, you have to pay taxes.
And that is true. If you buy BTC because to intend to make profit, you will have to pay taxes. Practically that means that all businesses that invest in BTC pays tax, but all private persons dont.
It will be impossible to prove in court that you bought the bitcoin to make a profit (unless you just pleads guilty). No private persons have been sued by the state/tax gov etc. to pay profits of their btc earnings.
You will have to pay income tax on crypto in Norway. 27%
https://bitcointalksearch.org/topic/m.19938861
Ok, sure. Guess they lowered the taxrate. It was at 27 percent at one point, as far as I can see currently it stands at 24 percent. Not a huge difference but still everything counts.
of course.
And by the way its a wonder why people dont utilize this more. All the worlds bitcoin traders, should open danish bank accounts and avoid a bigg buttload of taxes..
http://www.skat.dk/skat.aspx?oID=2156173
the danish national bank doesn't consider bitcoin have any value.
And by the way its a wonder why people dont utilize this more. All the worlds bitcoin traders, should open danish bank accounts and avoid a bigg buttload of taxes..
http://www.skat.dk/skat.aspx?oID=2156173
the danish national bank doesn't consider bitcoin have any value.
1) To take advantage from tax laws in a specific country, a bank account is not enough. You have to move to that country, so have resident and your life in this country.
2) As far as I can tell from google translate, this article does say nothing about regular bitcoin trading:
Are you sure there is no tax for private traders on bitcoin profits? Maybe you have some kind of source? The coindesk article ( http://www.coindesk.com/denmark-declares-bitcoin-trades-tax-free/ ) seems to refer to this :
http://www.skat.dk/skat.aspx?oId=2156173&vId=0
As far as I understand this is about the question, if a company, that is accepting bitcoin as payment, has to pay tax/declare losses on price changes during getting the bitcoin and selling them. The authorities came to concluison that the company is not forced to accept bitcoin as payment method, so they can't declare losses on bitcoin price changes (and also don't pay tax on income through this).
But I think this article does not say anything about bitcoin traders.
http://www.skat.dk/skat.aspx?oId=2156173&vId=0
As far as I understand this is about the question, if a company, that is accepting bitcoin as payment, has to pay tax/declare losses on price changes during getting the bitcoin and selling them. The authorities came to concluison that the company is not forced to accept bitcoin as payment method, so they can't declare losses on bitcoin price changes (and also don't pay tax on income through this).
But I think this article does not say anything about bitcoin traders.
I was told from a danish speaking person, that in denmark it is like this (example with USD instead of BTC, to make it more clear):
If you buy USD for a trip to USA and when you come back you have some USD left and sell it for EUR again, you do not have to pay taxes if you made a profit with this exchange (buying USD and selling USD). Because you had no intention to make any profit with this.
But if you intend to make profit, you have to pay taxes.
Just to make it clear so everybody understands it.
All profit gained from trading crypto in denmark as a private person is tax free.
So use private money to buy crypto for 1.000.000 EURO
sell them next week for 2.000.000 EURO and you just made yourself 1 million EURO.
The reason behind this is because the danish government (politicians) are so stupid that they dont understand what drives the world. They sit in their tight little government offices and think they can control the entire world with their stupid laws.
Do you have a source that 100% prooves this?All profit gained from trading crypto in denmark as a private person is tax free.
So use private money to buy crypto for 1.000.000 EURO
sell them next week for 2.000.000 EURO and you just made yourself 1 million EURO.
The reason behind this is because the danish government (politicians) are so stupid that they dont understand what drives the world. They sit in their tight little government offices and think they can control the entire world with their stupid laws.
of course.
And by the way its a wonder why people dont utilize this more. All the worlds bitcoin traders, should open danish bank accounts and avoid a bigg buttload of taxes..
http://www.skat.dk/skat.aspx?oID=2156173
the danish national bank doesn't consider bitcoin have any value.
Just to make it clear so everybody understands it.
All profit gained from trading crypto in denmark as a private person is tax free.
So use private money to buy crypto for 1.000.000 EURO
sell them next week for 2.000.000 EURO and you just made yourself 1 million EURO.
The reason behind this is because the danish government (politicians) are so stupid that they dont understand what drives the world. They sit in their tight little government offices and think they can control the entire world with their stupid laws.
Do you have a source that 100% prooves this? All profit gained from trading crypto in denmark as a private person is tax free.
So use private money to buy crypto for 1.000.000 EURO
sell them next week for 2.000.000 EURO and you just made yourself 1 million EURO.
The reason behind this is because the danish government (politicians) are so stupid that they dont understand what drives the world. They sit in their tight little government offices and think they can control the entire world with their stupid laws.
Just to make it clear so everybody understands it.
All profit gained from trading crypto in denmark as a private person is tax free.
So use private money to buy crypto for 1.000.000 EURO
sell them next week for 2.000.000 EURO and you just made yourself 1 million EURO.
The reason behind this is because the danish government (politicians) are so stupid that they dont understand what drives the world. They sit in their tight little government offices and think they can control the entire world with their stupid laws.
All profit gained from trading crypto in denmark as a private person is tax free.
So use private money to buy crypto for 1.000.000 EURO
sell them next week for 2.000.000 EURO and you just made yourself 1 million EURO.
The reason behind this is because the danish government (politicians) are so stupid that they dont understand what drives the world. They sit in their tight little government offices and think they can control the entire world with their stupid laws.
Norway: In 2017 the capital gains tax is 24%. If you sell bitcoin, you pay 24% on profits. I hope you have proof of your purchases, because you may need to provide that later down the line. Any bitcoin holdings you have are supposed to be taxed with fortune tax, which is ~0.85% per year of your bitcoins (only applies if your fortune is 1 480 000 kr or more).
You can read the full details of the tax agency's opinion here:
I am of the personal opinion that fortune tax does not apply, the tax agency started claiming VAT is required on bitcoin, but changed their mind after EU came out with a declaration regarding bitcoin. No laws were changed. It is therefore possible that the tax agency is wrong on both fortune tax and capital gains tax, although I have no good legal argument against capital gains tax at this time and I will not reveal my argument against fortune tax as to not provide time for agency to figure out a comeback.
Taxes is the antithesis of anything good. If you want a better society the best you can do is to avoid taxes and encourage others to do the same. The more people who operate outside of the state the better for society. Taxes does not produce wealth, it distributes it. It's a strike of luck that Norway has its oil reserves, but the luck will run out.
You can read the full details of the tax agency's opinion here:
Code:
http://www.skatteetaten.no/no/Bedrift-og-organisasjon/rapportering-og-bransjer/e-handel/skattemessige-konsekvenser-ved-bruk-av-bitcoins-og-andre-virtuelle-valutaer-for-privatpersoner/
I am of the personal opinion that fortune tax does not apply, the tax agency started claiming VAT is required on bitcoin, but changed their mind after EU came out with a declaration regarding bitcoin. No laws were changed. It is therefore possible that the tax agency is wrong on both fortune tax and capital gains tax, although I have no good legal argument against capital gains tax at this time and I will not reveal my argument against fortune tax as to not provide time for agency to figure out a comeback.
This is not a unique problem for norway or denmark. I live in Oslo and in spite of all my effort, i couldn´t get any solid answer from state authorities. This is a commen problem as i have been investigating it in 2 other countries as well. So unless you are in a country like Japan or Netherland, you will never get answer for all your questions. The real problem here is that people that are representing legal authorities, most politicians and even most of their advisors have no clue about Bitcoin.
I do a lot of freelance work in Bicoin business. I called "skatteetaten" a few times in the past to find out more about tax regulations. First, they do not understand, if you try to explain they tell you that there is no legal liabilities for it.
Norway is one of the most heavily taxed country in the world with a total tax burden of roughly 45% of GDP and personal income tax rates border 55% or even higher depending on your income. How stupid is that they can´t hire a few cryptocurrency experts to work in tax department which will end up with them collecting more taxes. So if they do not give a s.it, why would i run after them with money in my hands.
Especially after my recent problems with them.... I give you an advise, in a country where your every single bank transaction is closely watched, make yourself a favour and keep your money in Bitcoin. Remember! Bitcoin is not only about decentralized and cheap currency solution, but also financial Freedom.
Yeah, sure. But who will pay for the military, police, fire departement and so on if noone should pay taxes, or should we just let your house burn down if need be?
I do understand your frustration mate, but it is not right to advice people to hide their assets. Yes, taxes are quite high in Norway, in fact it is one of the highest in the world, but this is also what makes this country such a good place. High standards, good health care, free education and etc. If people start using Bitcoin to hide their assets, it will cause some serious problems in the future. However, i do aggree with you about legal departments not having enough eligiable employements. I just think this think take time, and somehow it takes little longer in skandinavia...I do a lot of freelance work in Bicoin business. I called "skatteetaten" a few times in the past to find out more about tax regulations. First, they do not understand, if you try to explain they tell you that there is no legal liabilities for it.
Norway is one of the most heavily taxed country in the world with a total tax burden of roughly 45% of GDP and personal income tax rates border 55% or even higher depending on your income. How stupid is that they can´t hire a few cryptocurrency experts to work in tax department which will end up with them collecting more taxes. So if they do not give a s.it, why would i run after them with money in my hands.
Especially after my recent problems with them.... I give you an advise, in a country where your every single bank transaction is closely watched, make yourself a favour and keep your money in Bitcoin. Remember! Bitcoin is not only about decentralized and cheap currency solution, but also financial Freedom.
Yeah, sure. But who will pay for the military, police, fire departement and so on if noone should pay taxes, or should we just let your house burn down if need be?
You will have to pay income tax on crypto in Norway. 27%
https://bitcointalksearch.org/topic/m.19938861
You will have to pay income tax on crypto in Norway. 27%
Norway: In 2017 the capital gains tax is 24%. If you sell bitcoin, you pay 24% on profits. I hope you have proof of your purchases, because you may need to provide that later down the line. Any bitcoin holdings you have are supposed to be taxed with fortune tax, which is ~0.85% per year of your bitcoins (only applies if your fortune is 1 480 000 kr or more).
You can read the full details of the tax agency's opinion here:
I am of the personal opinion that fortune tax does not apply, the tax agency started claiming VAT is required on bitcoin, but changed their mind after EU came out with a declaration regarding bitcoin. No laws were changed. It is therefore possible that the tax agency is wrong on both fortune tax and capital gains tax, although I have no good legal argument against capital gains tax at this time and I will not reveal my argument against fortune tax as to not provide time for agency to figure out a comeback.
Taxes is the antithesis of anything good. If you want a better society the best you can do is to avoid taxes and encourage others to do the same. The more people who operate outside of the state the better for society. Taxes does not produce wealth, it distributes it. It's a strike of luck that Norway has its oil reserves, but the luck will run out.
You can read the full details of the tax agency's opinion here:
Code:
http://www.skatteetaten.no/no/Bedrift-og-organisasjon/rapportering-og-bransjer/e-handel/skattemessige-konsekvenser-ved-bruk-av-bitcoins-og-andre-virtuelle-valutaer-for-privatpersoner/
I am of the personal opinion that fortune tax does not apply, the tax agency started claiming VAT is required on bitcoin, but changed their mind after EU came out with a declaration regarding bitcoin. No laws were changed. It is therefore possible that the tax agency is wrong on both fortune tax and capital gains tax, although I have no good legal argument against capital gains tax at this time and I will not reveal my argument against fortune tax as to not provide time for agency to figure out a comeback.
This is not a unique problem for norway or denmark. I live in Oslo and in spite of all my effort, i couldn´t get any solid answer from state authorities. This is a commen problem as i have been investigating it in 2 other countries as well. So unless you are in a country like Japan or Netherland, you will never get answer for all your questions. The real problem here is that people that are representing legal authorities, most politicians and even most of their advisors have no clue about Bitcoin.
I do a lot of freelance work in Bicoin business. I called "skatteetaten" a few times in the past to find out more about tax regulations. First, they do not understand, if you try to explain they tell you that there is no legal liabilities for it.
Norway is one of the most heavily taxed country in the world with a total tax burden of roughly 45% of GDP and personal income tax rates border 55% or even higher depending on your income. How stupid is that they can´t hire a few cryptocurrency experts to work in tax department which will end up with them collecting more taxes. So if they do not give a s.it, why would i run after them with money in my hands.
Especially after my recent problems with them.... I give you an advise, in a country where your every single bank transaction is closely watched, make yourself a favour and keep your money in Bitcoin. Remember! Bitcoin is not only about decentralized and cheap currency solution, but also financial Freedom.
I do understand your frustration mate, but it is not right to advice people to hide their assets. Yes, taxes are quite high in Norway, in fact it is one of the highest in the world, but this is also what makes this country such a good place. High standards, good health care, free education and etc. If people start using Bitcoin to hide their assets, it will cause some serious problems in the future. However, i do aggree with you about legal departments not having enough eligiable employements. I just think this think take time, and somehow it takes little longer in skandinavia...I do a lot of freelance work in Bicoin business. I called "skatteetaten" a few times in the past to find out more about tax regulations. First, they do not understand, if you try to explain they tell you that there is no legal liabilities for it.
Norway is one of the most heavily taxed country in the world with a total tax burden of roughly 45% of GDP and personal income tax rates border 55% or even higher depending on your income. How stupid is that they can´t hire a few cryptocurrency experts to work in tax department which will end up with them collecting more taxes. So if they do not give a s.it, why would i run after them with money in my hands.
Especially after my recent problems with them.... I give you an advise, in a country where your every single bank transaction is closely watched, make yourself a favour and keep your money in Bitcoin. Remember! Bitcoin is not only about decentralized and cheap currency solution, but also financial Freedom.
Google translate is translating your article to "VAT" (value added tax).
But I'm asking about tax on bitcoin profits (I hope it is self explanatory in every country that there is no VAT on any bitcoin trade)
That is correct, it was only the VAT part that was dropped. You still have to pay capital gains tax for profits, but losses can be deducted. Depending on how much time you spend trading they could also decide that the profits should be taxed as income from work, which has a higher rate. It's not possible to know in advance what it will be. But I'm asking about tax on bitcoin profits (I hope it is self explanatory in every country that there is no VAT on any bitcoin trade)
This is not a unique problem for norway or denmark. I live in Oslo and in spite of all my effort, i couldn´t get any solid answer from state authorities. This is a commen problem as i have been investigating it in 2 other countries as well. So unless you are in a country like Japan or Netherland, you will never get answer for all your questions. The real problem here is that people that are representing legal authorities, most politicians and even most of their advisors have no clue about Bitcoin.
I do a lot of freelance work in Bicoin business. I called "skatteetaten" a few times in the past to find out more about tax regulations. First, they do not understand, if you try to explain they tell you that there is no legal liabilities for it.
Norway is one of the most heavily taxed country in the world with a total tax burden of roughly 45% of GDP and personal income tax rates border 55% or even higher depending on your income. How stupid is that they can´t hire a few cryptocurrency experts to work in tax department which will end up with them collecting more taxes. So if they do not give a s.it, why would i run after them with money in my hands.
Especially after my recent problems with them.... I give you an advise, in a country where your every single bank transaction is closely watched, make yourself a favour and keep your money in Bitcoin. Remember! Bitcoin is not only about decentralized and cheap currency solution, but also financial Freedom.
I do understand your frustration mate, but it is not right to advice people to hide their assets. Yes, taxes are quite high in Norway, in fact it is one of the highest in the world, but this is also what makes this country such a good place. High standards, good health care, free education and etc. If people start using Bitcoin to hide their assets, it will cause some serious problems in the future. However, i do aggree with you about legal departments not having enough eligiable employements. I just think this think take time, and somehow it takes little longer in skandinavia... I do a lot of freelance work in Bicoin business. I called "skatteetaten" a few times in the past to find out more about tax regulations. First, they do not understand, if you try to explain they tell you that there is no legal liabilities for it.
Norway is one of the most heavily taxed country in the world with a total tax burden of roughly 45% of GDP and personal income tax rates border 55% or even higher depending on your income. How stupid is that they can´t hire a few cryptocurrency experts to work in tax department which will end up with them collecting more taxes. So if they do not give a s.it, why would i run after them with money in my hands.
Especially after my recent problems with them.... I give you an advise, in a country where your every single bank transaction is closely watched, make yourself a favour and keep your money in Bitcoin. Remember! Bitcoin is not only about decentralized and cheap currency solution, but also financial Freedom.
This is not a unique problem for norway or denmark. I live in Oslo and in spite of all my effort, i couldn´t get any solid answer from state authorities. This is a commen problem as i have been investigating it in 2 other countries as well. So unless you are in a country like Japan or Netherland, you will never get answer for all your questions. The real problem here is that people that are representing legal authorities, most politicians and even most of their advisors have no clue about Bitcoin.
I do a lot of freelance work in Bicoin business. I called "skatteetaten" a few times in the past to find out more about tax regulations. First, they do not understand, if you try to explain they tell you that there is no legal liabilities for it.
Norway is one of the most heavily taxed country in the world with a total tax burden of roughly 45% of GDP and personal income tax rates border 55% or even higher depending on your income. How stupid is that they can´t hire a few cryptocurrency experts to work in tax department which will end up with them collecting more taxes. So if they do not give a s.it, why would i run after them with money in my hands.
Especially after my recent problems with them.... I give you an advise, in a country where your every single bank transaction is closely watched, make yourself a favour and keep your money in Bitcoin. Remember! Bitcoin is not only about decentralized and cheap currency solution, but also financial Freedom.
I do a lot of freelance work in Bicoin business. I called "skatteetaten" a few times in the past to find out more about tax regulations. First, they do not understand, if you try to explain they tell you that there is no legal liabilities for it.
Norway is one of the most heavily taxed country in the world with a total tax burden of roughly 45% of GDP and personal income tax rates border 55% or even higher depending on your income. How stupid is that they can´t hire a few cryptocurrency experts to work in tax department which will end up with them collecting more taxes. So if they do not give a s.it, why would i run after them with money in my hands.
Especially after my recent problems with them.... I give you an advise, in a country where your every single bank transaction is closely watched, make yourself a favour and keep your money in Bitcoin. Remember! Bitcoin is not only about decentralized and cheap currency solution, but also financial Freedom.
This is correct! I got the same answer from my accountant, who looked it up.
this is strange. Cause everyone I asked who is not bitcoin related, is telling me that there is and never will be any speculation profit that won't be taxed in denmark, cause literally everything is taxed in denmark.And I was told that in any of this articles http://skat.dk/skat.aspx?oId=3039&q=bitcoin is written, that if you plan to make money with trading bitcoin, it is taxed. It is only not taxed if you made money "by accident" so eg you bought them to use them (to pay something else) and after that you have some btc left which are worth more now. In this case it is tax free.
And the article from coindesk has nothing to do with the question if profits from trading are taxed or not.
That's why I'm forced now to make a binding request at skat, which will take several weeks/months. And after that I hope I have a 100% sure answer...
@amlas:
Does your accountant speak english/german? I would like to ask him, if he is 100% sure and can prove it by sources.
Hi
sorry for writing in english here, but it is hard to know in english section who is from which country.
I'm from germany and would like to know how private bitcoin profits are taxed in scandinavia .
Just the profits from normal trading on exchanges and holding coins not longer then one year.
In germany it is a "private sale" and the profits are added to your income and taxed as such, except you holded the coins one year or more, then it is tax free.
How is it in scandinavia? I guess it variates from country to country in scandinavia?
I heard in denmark there is no tax for bitcoin profits? Is this right?
Regards,
Serpens66
sorry for writing in english here, but it is hard to know in english section who is from which country.
I'm from germany and would like to know how private bitcoin profits are taxed in scandinavia .
Just the profits from normal trading on exchanges and holding coins not longer then one year.
In germany it is a "private sale" and the profits are added to your income and taxed as such, except you holded the coins one year or more, then it is tax free.
How is it in scandinavia? I guess it variates from country to country in scandinavia?
I heard in denmark there is no tax for bitcoin profits? Is this right?
Regards,
Serpens66
I don't know how it is in other Scandinavian countries than Denmark. But all profits gained from trading cryptocurrency is tax free. However any losses can not be tax refunded (like it is with "regular" forex and stock trading).
However I would expect that to be changed in the future once it becomes more mainstream to do cryptocurrency trading.
For more infomation on the Danish tax law see http://www.skat.dk/skat.aspx?oId=2156173&vId=0 (In Danish).
This is correct! I got the same answer from my accountant, who looked it up.
Yup.. All gains from crypto trading in Denmark is tax free.
I think the article you linked to on Coindesk pretty much sums it up:
However if you're working and get paid in Bitcoin, you'll have to declare that. But any gains or losses as a consequence of trading or speculation is tax-exempt.
I think the article you linked to on Coindesk pretty much sums it up:
Quote
"We see the outcome of bitcoin transactions as a result of something purely private. Therefore, any gains on bitcoin are tax-exempt, and losses are not deductible."
However if you're working and get paid in Bitcoin, you'll have to declare that. But any gains or losses as a consequence of trading or speculation is tax-exempt.
For info about Swedish Taxes look for the contact info here https://www.skatteverket.se/
I found something about bitcoin at the website:https://www.skatteverket.se/funktioner/sok/sok.4.64a656d113f4c7597011b3.html?query=bitcoin
Can you read the most recent articles and tell me what they mean? (reading google translate is difficult)
In the first one from 2017 it seems sweden is using capital gains tax on bitcoin? Google is translating it with "should", so it will be changed to capital gains? Is there written when? Or is this just a open letter from some politican saying "it should..." but nothing will happen? (this happens alot that some politicans say how something should be, but never do anything
)edit:
Denmark tax authority is unfortunately not any help at all... They just said they don't know and the only way is to write them and pay 400 DKK for it.
Paying this amount for such a simple question is just ridiculous...
@ mobel:
Are you sure there is no tax for private traders on bitcoin profits? Maybe you have some kind of source? The coindesk article ( http://www.coindesk.com/denmark-declares-bitcoin-trades-tax-free/ ) seems to refer to this :
http://www.skat.dk/skat.aspx?oId=2156173&vId=0
As far as I understand this is about the question, if a company, that is accepting bitcoin as payment, has to pay tax/declare losses on price changes during getting the bitcoin and selling them. The authorities came to concluison that the company is not forced to accept bitcoin as payment method, so they can't declare losses on bitcoin price changes (and also don't pay tax on income through this).
But I think this article does not say anything about bitcoin traders.
Or is any article/link about bitcoin here for private bitcoin traders?: http://skat.dk/skat.aspx?oId=3039&q=bitcoin
Maybe this one? http://skat.dk/SKAT.aspx?oID=2048521 (a user at reddit linked it https://www.reddit.com/r/dkfinance/comments/4lx1ls/bitcoin_in_denmark_buying_selling_taxes/)
Great! Thank you both, I will report back when I called them at Monday/Tuesday
For info about Swedish Taxes look for the contact info here https://www.skatteverket.se/
I suppose you could give Skat a call (the danish tax authorities). But prepare for some waiting time
http://skat.dk/SKAT.aspx?oId=967&dmy=969&x=980
The danish country code is +45.
http://skat.dk/SKAT.aspx?oId=967&dmy=969&x=980
The danish country code is +45.
Is there some authoriy I can write to/call ?
Eg. for UK I got the website gov.uk which seems to be from the goverment itself with alot of helpful information. I was able to call them and got detailed information about bitcoin tax situation.
Is there something like this in Denmark and other countries?
Eg. for UK I got the website gov.uk which seems to be from the goverment itself with alot of helpful information. I was able to call them and got detailed information about bitcoin tax situation.
Is there something like this in Denmark and other countries?
og hvordan er det i sverige ?
Thank you both
@celsiuss:
Google translate is translating your article to "VAT" (value added tax).
But I'm asking about tax on bitcoin profits (I hope it is self explanatory in every country that there is no VAT on any bitcoin trade)
It is Taxfree now, but I expect some changes in the future from the tax authorities.
you also mean norway? Or which country?@celsiuss:
Google translate is translating your article to "VAT" (value added tax).
But I'm asking about tax on bitcoin profits (I hope it is self explanatory in every country that there is no VAT on any bitcoin trade)
It is Taxfree now, but I expect some changes in the future from the tax authorities.
Norway decided to take taxes on bitcoins, but it was later reversed because it's a virtual currency with no bank or owner and is completely decentralized. http://e24.no/boers-og-finans/bitcoin/myndighetene-snur-naa-faar-bitcoin-momsfritak/23920267
I am not quite sure how it is for businesses (I think I sent the wrong link). But if you are a private person, all profits gained from crypto trading is tax free.
I don't expect the law about this to be changed any time soon. Most Danes associate Bitcoin with "evil hacker money", especially after wannacry. The Danish government presented a so called "2025 plan" a few days ago which states a bunch of stuff public institutions should look at before the year 2025. And that included "blockchain" technology.
So to put it short. They'll probably change the law sooner or later, but I would not expect any changes at least not for a couple of years.
I don't expect the law about this to be changed any time soon. Most Danes associate Bitcoin with "evil hacker money", especially after wannacry. The Danish government presented a so called "2025 plan" a few days ago which states a bunch of stuff public institutions should look at before the year 2025. And that included "blockchain" technology.
So to put it short. They'll probably change the law sooner or later, but I would not expect any changes at least not for a couple of years.
I don't know how it is in other Scandinavian countries than Denmark. But all profits gained from trading cryptocurrency is tax free. However any losses can not be tax refunded (like it is with "regular" forex and stock trading).
However I would expect that to be changed in the future once it becomes more mainstream to do cryptocurrency trading.
For more infomation on the Danish tax law see http://www.skat.dk/skat.aspx?oId=2156173&vId=0 (In Danish).
Thank you very much However I would expect that to be changed in the future once it becomes more mainstream to do cryptocurrency trading.
For more infomation on the Danish tax law see http://www.skat.dk/skat.aspx?oId=2156173&vId=0 (In Danish).
Unfortuenatly Google Translate is not very good for this danish text..
But according to google the word "business" is mentioned quite often.
So I just want to make sure:
The "tax free" thing is for private bitcoin traders, right? Or is it only for business?
I would like to know how is it for private traders, but in case it is more favorable to have a business, this would be also nice to know.
In case it will change some day, when do you expect the change to be effective at the earliest? Half year after announcing? Or longer?
Hi
sorry for writing in english here, but it is hard to know in english section who is from which country.
I'm from germany and would like to know how private bitcoin profits are taxed in scandinavia .
Just the profits from normal trading on exchanges and holding coins not longer then one year.
In germany it is a "private sale" and the profits are added to your income and taxed as such, except you holded the coins one year or more, then it is tax free.
How is it in scandinavia? I guess it variates from country to country in scandinavia?
I heard in denmark there is no tax for bitcoin profits? Is this right?
Regards,
Serpens66
sorry for writing in english here, but it is hard to know in english section who is from which country.
I'm from germany and would like to know how private bitcoin profits are taxed in scandinavia .
Just the profits from normal trading on exchanges and holding coins not longer then one year.
In germany it is a "private sale" and the profits are added to your income and taxed as such, except you holded the coins one year or more, then it is tax free.
How is it in scandinavia? I guess it variates from country to country in scandinavia?
I heard in denmark there is no tax for bitcoin profits? Is this right?
Regards,
Serpens66
I don't know how it is in other Scandinavian countries than Denmark. But all profits gained from trading cryptocurrency is tax free. However any losses can not be tax refunded (like it is with "regular" forex and stock trading).
However I would expect that to be changed in the future once it becomes more mainstream to do cryptocurrency trading.
For more infomation on the Danish tax law see http://www.skat.dk/skat.aspx?oId=2156173&vId=0 (In Danish).
Hi
sorry for writing in english here, but it is hard to know in english section who is from which country.
I'm from germany and would like to know how private bitcoin profits are taxed in scandinavia .
Just the profits from normal trading on exchanges and holding coins not longer then one year.
In germany it is a "private sale" and the profits are added to your income and taxed as such, except you holded the coins one year or more, then it is tax free.
How is it in scandinavia? I guess it variates from country to country in scandinavia?
I heard in denmark there is no tax for bitcoin profits? Is this right?
Regards,
Serpens66
sorry for writing in english here, but it is hard to know in english section who is from which country.
I'm from germany and would like to know how private bitcoin profits are taxed in scandinavia .
Just the profits from normal trading on exchanges and holding coins not longer then one year.
In germany it is a "private sale" and the profits are added to your income and taxed as such, except you holded the coins one year or more, then it is tax free.
How is it in scandinavia? I guess it variates from country to country in scandinavia?
I heard in denmark there is no tax for bitcoin profits? Is this right?
Regards,
Serpens66
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