Finland Hands Over Information of 2,700 Danish Bitcoin Traders to Denmark’s Tax Agency

Tax authorities in Finland have handed over information on 2,700 Danish bitcoin traders to its Danish counterpart, Skattestyrelsen (SKAT).
This was contained in a statement, which said the traders used an undisclosed Finnish exchange to collectively purchase and sell some $15.65 million worth of bitcoin (102.7 million kronor) between 2015 and 2017. A handful of these investors traded amounts between $1,105 and $110,450 (10,000 to 1,000,000 kronor), while the overwhelming majority traded an amount equal to or less than $1,105. Very few traded amounts over $110,450.

Karin Bergen, SKAT’s tax director, while speaking in statement said authority are trying to identity individuals involved in the trade, he said, “Right now we are identifying the individual citizens … If something does not match, we will contact them and ask for more information.”

“This is probably just the tip of the iceberg. Although it is a relatively small bitcoin exchange, the information is a very valuable source, which clearly shows trends and patterns in the area. The knowledge we gain about data mining, segments and methods in general will make us wiser in the area and benefit from our guidance and control work,” She added.

Like the US, Denmark also recognises Bitcoin as a taxable asset under Denmark’s 1903 Tax Act.

The law requires that taxes be paid on any goods purchased and resold for profit, and it is subject to a 53 percent capital gains tax, a hefty sum in line with other investments.


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