The Danish tax agency, Skattestyrelsen (SKAT) is in our crypto news today for announcing a massive crackdown on more than 2,500 nationals who traded bitcoin in secret on Finnish crypto exchanges.
According to their information, more than 2,500 people bought about $5.80 million worth of bitcoin from the Finish exchange and managed to sell them back for more than $6 million in their local Danish currency. The price sums up to $12 million bitcoins that were traded unreported over two years time.
The Directorate of SKAT Karin Bergen confirmed the announcement that they are now reviewing each case individually and will go after each person that didn’t report their offshore bitcoin trades:
“If you have traded with bitcoins on the specific Finnish bitcoin exchange and have not specified any winnings, then you can hear from us so we can get your taxes in place’’.
The tax inspectors in Denmark are carefully going over each case so they can sum up the gains and losses made by these offshore trades. The chairman of the personal data department of SKAT explained that there are two types of trades, one called a curious trade where you invest a few thousand dollars and then there’s trading that involves huge amounts.
Lawyers from Denmark confirm that bitcoin is taxable in the country and the country will impose charges when an asset such as BTC isn’t purchased properly or even sold properly for profits.
Bergen noted:
“It’s probably just the tip of the iceberg. Although the Finnish company is a relatively small bitcoin exchange, the information they have revealed is a precious source, which clearly shows trends and patterns in the area.”
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