Denmark Tax Authorities To Check 3 Crypto Exchanges Operation
Denmark tax administration requested several cryptocurrency exchanges to provide information on crypto trading for the last three years, Bloomberg reports referring to the press release of the country’s tax organization.
Information should comprise data on 2016–2018 working period: details of names, addresses, and ID codes of taxpayers. The administration’s main goal is to impede cryptocurrency traders’ possible attempts to avoid paying taxes.
The tax organization declares that data on crypto transactions performed by foreign citizens and companies will be provided to authorities of the countries where they work and reside. The authorities have already entered into negotiations with the representatives of three undisclosed trading platforms.
The examination is caused by Finnish taxmen’s report upon transactions performed by Denmark citizens on country’s crypto exchanges.
Tax administrations of various countries started to pay much more attention to crypto sphere. In December 2018 Great Britain tax agency issued a document where it presented its vision of crypto assets and proposed the taxation procedure for cryptocurrencies holders.
Earlier, Australian tax authorities informed crypto owners and traders about the need to provide information on their annual income. Takeshi Fujimaki, a member of the Japanese Parliament, put forward the initiative to change tax rules for crypto owners.