Home Finland Pay up what you owe;Finland drags Cryptocurrency traders over Tax

Pay up what you owe;Finland drags Cryptocurrency traders over Tax

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Finland Has Identified Thousands of Bitcoin Traders Who Owe Taxes. The country’s Tax Administration claims to have “different ways to combine information and identify people” who owe taxes from crypto profits, which are now “well over ten times higher than last year.”

Starting from previous years, most Finns have not reported income to the country’s tax department from the sale of cryptocurrencies, Kauppalehti newspaper reported last week. This year, “the profits made by Finns from cryptocurrencies were well over ten times higher than last year,” the news outlet added.

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Timo Puiro, who is the Senior Adviser from the Tax Administration’s Corporate Taxation Unit said:

The majority of people have previously failed to report their bitcoin-related income, which we have found when we compare the information we collect to the tax information reported…The Tax Administration has extensive access to information, for example, to payment information, and we have different ways to combine information and identify people.

Metropolitan.fi elaborated, “the tax office has been given generous access to bank transfers and other data, which enables identifying people. By matching the transfers it is evident that in the past most citizens have not reported profits made with virtual currencies.”

Thus, the Finnish government has revealed the number of taxpayers who owe taxes from bitcoin-related income. If you’re owing go and pay. 

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