The Tax Agency has been authorized by the Tax Council to obtain information on trade in crypto currency – eg bitcoins – via three Danish crypto exchanges in the period 2016 – 2018. This is the first time that the Tax Authority has access to this information.SHARE ON:
Three Danish crypto exchanges must now provide information to the Tax Agency on all purchases and sales of crypto currencies made by their customers during the period from 1 January 2016 to 31 December 2018. The application also includes identification information such as names, addresses, CPR numbers and possibly. CVR information. It adopted the Tax Council at their last meeting in December. The decision comes in the wake of the information that the Danish Tax Authority received this summer from the Finnish tax authorities regarding Danish citizens’ trades on a Finnish bitcoin exchange.
– With the permission of the Danish Tax Council, we will for the first time gain access to the trades made via the Danish stock exchanges. This gives us completely new opportunities in relation to control in the area, says personal tax director Karin Bergen.
These days, the Danish Tax Authority contacts the relevant Danish crypto exchanges, in order to agree on the further process of disclosure of information. Once the information is received, the Tax Agency will ensure that citizens who have traded with crypto currency have paid the right tax. Information on transactions made by foreign citizens and companies in which the National Tax Board holds possession will be exchanged with the respective countries’ authorities.
– Without going too far, I think you can say that this is a big market that we need to look into. When we recently received information from the Finnish bitcoin exchange, it gave us a small tab of a larger picture, which we now have the opportunity to uncover even more of. However, how many traders it is about, or how much money has been traded, is still too early to tell about yet, says Karin Bergen.
The first changes to the tax for the traders based on the information from the Danish crypto exchanges are expected to be sent before summer. Changes will be made on the basis of a specific and individual treatment that clarifies whether the trade must be included in the taxable income.
See the Tax Council’s decision
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