Tax Evasion Investigation Puts Swedish Crypto Miners in Difficulty

The Swedish Tax Agency found that 18 out of 21 crypto mining companies presented deceptive information to benefit from tax incentives between 2020-2023. These companies found ways to avoid paying Value Added Tax (VAT), import duties, and income taxes, causing a $90 million tax loss for the Swedish economy. Deceptive Information and Lost Taxes The Tax Agency’s statement revealed that crypto mining companies had incorrect VAT inputs and unpaid output VAT. This resulted in the disappearance of taxes from the country. In total, the taxes and penalties owed by these companies amounted to $90 million. Reaction and Appeals of Mining Companies In response to this, crypto mining companies appealed the tax demands, but most appeals were rejected by the Swedish administrative courts, with only two companies receiving favorable decisions. The amounts to be paid were also adjusted in line with these decisions. Useful Information Swedish crypto miners used deceptive information […]

Tax Evasion Investigation Puts Swedish Crypto Miners in Difficulty

The Swedish Tax Agency found that 18 out of 21 crypto mining companies presented deceptive information to benefit from tax incentives between 2020-2023. These companies found ways to avoid paying Value Added Tax (VAT), import duties, and income taxes, causing a $90 million tax loss for the Swedish economy.

Deceptive Information and Lost Taxes

The Tax Agency’s statement revealed that crypto mining companies had incorrect VAT inputs and unpaid output VAT. This resulted in the disappearance of taxes from the country. In total, the taxes and penalties owed by these companies amounted to $90 million.

Reaction and Appeals of Mining Companies

In response to this, crypto mining companies appealed the tax demands, but most appeals were rejected by the Swedish administrative courts, with only two companies receiving favorable decisions. The amounts to be paid were also adjusted in line with these decisions.

Useful Information

Swedish crypto miners used deceptive information to benefit from tax incentives.
Firms providing deceptive information used systems to avoid paying VAT, import duties, and income tax.
According to Skatteverket’s report, this has caused significant damage to the Swedish economy.
Swedish courts rejected most of the mining companies’ appeals.

Hive Digital Technologies plans to open a new data center in Sweden to expand its regional footprint and promote the use of green energy. This new facility will also house next-generation ASIC servers to increase Bitcoin production.

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