Norwegian miners attempted to hide their income from tax

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A tax on cryptocurrency is an urgent problem not only for Norway but also for many other countries. The miners believe that they have no obligation to inform the state about their extra income, but the tax authorities believe otherwise.

Last year two Norwegian miner were the holders of not less than 34 bitcoins, however, to pay the tax agreed to at the income that was less than $ 20,000.

In 2017, Eriksen and Olsen reported taxable income in the amount of 105,000 NOK (approximately 12540 us dollars) and 150,000 Norwegian kroner (915 dollars 17). Thus, Erisken have to pay for more than 29,000 NOK (approximately 3,500 dollars) in taxes in 2017, and Olsen have to pay the 45,000 Norwegian kroner (about $ 5400).

Now, however, the miners say that will not accurately declare their commitments on taxation.

“You get an additional tax if not reported on their income, but the tax administration may not exactly know who have the bitcoin, and who is not,” said Eriksen.

However, representatives of the tax insist on the other.

“The man who bought, sold, produced or had a value placed in the virtual currency such as bitcoin, should inform in the tax report. The problem with cryptocurrencies is the fact that the tax administration does not receive the data automatically. Often this information nedoskazany. The IRS usually has access to information from more sources than the information that we receive from taxpayers through the tax report, and uses different methods to control and verify whether to grant taxpayers the correct and complete information,” Astrid M. Dugstad Tveter, representative of the Norwegian tax administration.

Authorities in different countries try to find an optimal tax system for kriptonyte. So, the Japanese regulators plan to abandon progressive tax on cryptocurrency and go to a single rate of tax, and in India impose an 18% tax on transactions with cryptocurrency.

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