tax on bitcoin profits in scandinavia?

[dreamer81]

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.

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.

[1713402925]

1713402925

[1713402925]

1713402925

[Mindin]

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.

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  

[yumyumyum]

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.

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?

[escrow4acc]

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.

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

[twthmoses]

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.

[Makuna]

https://www.ageras.dk/blog/skal-man-betale-skat-af-bitcoingevinster

[JanEmil]

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

[Makuna]

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

Did you get a binding answer from SKAT on that?

[JonasK]

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.

[Kr3wie]

Has anybody actually paid taxes in Sweden for crypto?

What if you buy something for bitcoin? Will you still have to pay taxes?

[gulliblehive]

Has anybody actually paid taxes in Sweden for crypto?

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.

[CryptoCherry]

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.

[Serpens66]

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.

[franskk]

You have to pay tax of your Bitcoin profit in Denmark.
But you can also register your losses as "fradrag"

[Prinsessen]

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.

[asdela]

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 :/

[twthmoses]

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?

[Mindin]

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.

[grass]

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.

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