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Author Topic: tax on bitcoin profits in scandinavia?  (Read 2006 times)
Serpens66
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May 30, 2017, 05:27:13 PM
 #1

Hi Smiley

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

Mit Cointracking behältst du die Übersicht über all deine Trades und Gewinne. Sogar ein Tool für die Steuer ist dabei Wink
Testen ist kostenlos und mit dem obigen Link bekommst du 10% Rabatt auf die kostenpflichtigen Pakete. Thread                                        Great Freeware Game: Clonk Rage
Für instant Handel auch am Wochenende bei bitcoin.de sollte man das Fidorkonto verwenden Smiley FAQ Ref-Link: Registrieren
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mobel
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June 01, 2017, 08:14:53 AM
 #2

Hi Smiley

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).
Serpens66
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June 01, 2017, 03:35:35 PM
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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 Smiley
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?

Mit Cointracking behältst du die Übersicht über all deine Trades und Gewinne. Sogar ein Tool für die Steuer ist dabei Wink
Testen ist kostenlos und mit dem obigen Link bekommst du 10% Rabatt auf die kostenpflichtigen Pakete. Thread                                        Great Freeware Game: Clonk Rage
Für instant Handel auch am Wochenende bei bitcoin.de sollte man das Fidorkonto verwenden Smiley FAQ Ref-Link: Registrieren
mobel
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June 01, 2017, 05:37:17 PM
 #4

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.
Celsiuss
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June 07, 2017, 11:08:10 PM
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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

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FiNaLize
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June 08, 2017, 08:18:42 AM
 #6

It is Taxfree now, but I expect some changes in the future from the tax authorities.

Serpens66
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June 08, 2017, 12:48:59 PM
 #7

Thank you both Smiley
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)

Mit Cointracking behältst du die Übersicht über all deine Trades und Gewinne. Sogar ein Tool für die Steuer ist dabei Wink
Testen ist kostenlos und mit dem obigen Link bekommst du 10% Rabatt auf die kostenpflichtigen Pakete. Thread                                        Great Freeware Game: Clonk Rage
Für instant Handel auch am Wochenende bei bitcoin.de sollte man das Fidorkonto verwenden Smiley FAQ Ref-Link: Registrieren
BITCOINDENMARK
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June 11, 2017, 05:01:54 PM
 #8

og hvordan er det i sverige ?

Serpens66
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June 16, 2017, 03:23:24 AM
 #9

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?

Mit Cointracking behältst du die Übersicht über all deine Trades und Gewinne. Sogar ein Tool für die Steuer ist dabei Wink
Testen ist kostenlos und mit dem obigen Link bekommst du 10% Rabatt auf die kostenpflichtigen Pakete. Thread                                        Great Freeware Game: Clonk Rage
Für instant Handel auch am Wochenende bei bitcoin.de sollte man das Fidorkonto verwenden Smiley FAQ Ref-Link: Registrieren
mobel
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June 16, 2017, 11:59:10 AM
 #10

I suppose you could give Skat a call (the danish tax authorities). But prepare for some waiting time Smiley
http://skat.dk/SKAT.aspx?oId=967&dmy=969&x=980

The danish country code is +45.
FiNaLize
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June 16, 2017, 08:36:00 PM
 #11

For info about Swedish Taxes look for the contact info here https://www.skatteverket.se/

Serpens66
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June 17, 2017, 10:21:17 AM
 #12

Great! Thank you both, I will report back when I called them at Monday/Tuesday Smiley

Mit Cointracking behältst du die Übersicht über all deine Trades und Gewinne. Sogar ein Tool für die Steuer ist dabei Wink
Testen ist kostenlos und mit dem obigen Link bekommst du 10% Rabatt auf die kostenpflichtigen Pakete. Thread                                        Great Freeware Game: Clonk Rage
Für instant Handel auch am Wochenende bei bitcoin.de sollte man das Fidorkonto verwenden Smiley FAQ Ref-Link: Registrieren
Serpens66
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June 19, 2017, 08:06:09 AM
 #13

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 Cheesy)

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/)

Mit Cointracking behältst du die Übersicht über all deine Trades und Gewinne. Sogar ein Tool für die Steuer ist dabei Wink
Testen ist kostenlos und mit dem obigen Link bekommst du 10% Rabatt auf die kostenpflichtigen Pakete. Thread                                        Great Freeware Game: Clonk Rage
Für instant Handel auch am Wochenende bei bitcoin.de sollte man das Fidorkonto verwenden Smiley FAQ Ref-Link: Registrieren
mobel
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June 20, 2017, 06:03:39 AM
 #14

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:
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.
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