The tax will take up. Why in Norway will tighten control over reporting?

Last week, the unknown promised to arrange explosions on three mining farms company New Mining Company in Norway. The attacker did not like that businesses make too much noise, and businessmen refuse to meet the locals.

Now the Norwegian miners emerged new challenges — the tax office of the country promised to tighten control over the levying of taxes on companies engaged in mining cryptocurrencies. This writes Bitcoinist.

How to pay a tax on mining

The reason for dissatisfaction of the authorities was the attempt of two miners, Philip Ericksen and Roy Arne Olsen, to reduce tax payments. With 315 mined bitcoins they paid a total of 8.7 million dollars in taxes.

According to officials of the Tax administration of Norway Astrid Teter, the responsibility for payment of taxes with cryptocurrencies lies with every citizen, but the miners and traders do not hurry to give money to the state.

The person who bought or sold the crypto-currency assets by type of Bitcoin or other coins should report it in the tax report. In the case of bitcoin, the tax administration does not receive automated messages from a third party that a citizen made a transaction with digital money.

Tveter added that the tax authorities will tighten control over the taxation of income from cryptocurrency transactions — in particular, will use the information on the stock exchange.

The IRS usually has access to information from more sources than the data that we receive from taxpayers through the accounts. We use various methods of control, both from the point of view of cost tracking, and for checking whether to grant taxpayers the correct and complete information.

It seems that in the near future, miners will have hard times. I hope, after the adoption of the legal framework for cryptocurrencies in the fall will be easier.

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