The Norwegian Tax Agency estimates that only 15 percent of those who own cryptocurrency state this in their tax return. The deadline for handing it in is Wednesday night.
Right now
Last year, 48,155 people reported in their tax return that they own cryptocurrency, according to the Swedish Tax Agency. The previous year, the number was 43,440.
– We know that there are far more people who actually own cryptocurrency, says tax director Nina Schanke Funnemark in one press release.
She says that you yourself must enter information about cryptocurrency in the tax return.
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The tax notice: Don’t fall into the “for good” trap
– Can leave it at that
Midnight on Tuesday 30 April is the last chance. The Norwegian Tax Agency has sent out 5.1 million tax notices to wage earners, pensioners and sole proprietorships. Just over 2.6 million had delivered it before the weekend.
Tax director Funnemark said that, based on experience, many people check their tax returns in the last few days before the deadline.
– You can refrain from submitting the tax return, but only if all the information is correct. Then you must be aware that the earliest you can get the tax settlement and any money to your credit is at the end of June.
A separate crypto field
The Norwegian Tax Agency estimates that only 15 percent of those who own cryptocurrency state this in their tax return.
Many mistakenly believe that cryptocurrency is pre-filled, or that it is anonymous to own and trade with cryptocurrency, says the press release.
– You are obliged to state this in the tax return, and risk additional tax if you hide information from the Tax Agency, warns Funnemark.
Cryptocurrency is an asset. If you sell at a profit, it is taxable, and if you sell at a loss, it is deductible. The tax rate on income from gains is 22 percent.
In the tax return, there is a separate field where cryptocurrency must be filled in. You can change the information and submit the tax return again for three years after the submission deadline.
– Contact
The Norwegian Tax Agency has also experienced that children and young people can have large crypto values without their parents being aware of it.
The press release states that the Tax Agency does not have any good figures on the extent, as these values must as a rule be stated in the parents’ tax return until the age of 17.
– We have seen cases where it has come to light by chance that the teenager in the house was sitting on values in the millions, the press release states.
Funnemark encourages parents to talk to their children about taxes and cryptocurrency.
– Our appeal to parents is; talk to your child about taxes, and ask if she or he owns cryptocurrencies. And to everyone – both young and old – the advice to contact the Tax Office if you have any questions applies, says the Director of Taxation.
