Tax service Finland: 3 300 cryptocurrency traders do not pay taxes

The government of Finland has released data on the number of taxpayers who owe the state the tax on profits from transactions with cryptocurrencies. The tax office of the country claiming to have used «different ways to combine the information and identify the people» who must pay tax on the profit from cryptocurrency, and now «the profit is ten times higher than last year.»

Most Finns reported no income from transactions with cryptocurrencies in the tax Department of the country in previous years, the newspaper Kauppalehti. «This year the profit of the Finns from cryptocurrency was more than ten times higher than in the past,» — says the publication. Senior adviser of the Tax service Puero Timo (Timo Puero) notes:

«Most people previously did not report their income related to bitcoin. It was discovered in the process of comparing information that we collect about taxpayers… the IRS has wide access to data such as payment information, and we have different ways of combining information and identification of defaulters.»

Metropolitan.fi adds: «the Tax office has been provided access to Bank transfers and other data, allowing to identify people. Obviously, in the past, most citizens have not reported the profits obtained from using virtual currencies».

Finland, with its holonym climate and cheap nuclear power, no stranger to cryptocurrency mining. And Bitfury and KnCminer now defunct operated mining farms in the country. Today, many small miners are still работfnm in Finland. Other well-established cryptocurrency companies are also located in the country, for example, Localbitcoins and the leading Nordic broker bitcoin Prasos.

The debt of 30 million euros

This is not the first time Puero talked about the detection of not declared income of the citizens of Finland. In December last year, he said that the government for this purpose, analyzes the wallets of bitcoin.

«We analyzed more than 10,000 bitcoin wallets for several years, and in more than 500 cases, we have discovered undeclared income which is taxed», — he stressed. «Tax authority of Finland has defined bitcoin as one of the most risky areas in terms of taxation, and he is willing to redirect resources to eliminate the tax evasion of the profit from the cryptocurrency».

In addition, Pairo claimed that «according to analysts related to bitcoin, Finland occupies a leading position, and that the Agency consulted extensively with authorities in other countries.» Although in December it was identified only 500 people within the latest investigation were identified 3,300 citizens who evade taxes. The publication Kauppalehti stated:

«Aggregate capital gains of 3,300 people is approximately 100 million euros, of which 30 million they have to pay to settle their tax obligations.»

Last week Puero also expressed the hope that taxpayers, who received income from operations with cryptocurrencies, voluntarily report to the Tax office. He stressed that if this does not happen, then the IRS will pursue non-payers in accordance with the letter of the law.

The Finnish government has always expressed interest and showed a good awareness of the cryptocurrency. For example, in February of this year, the authorities identified
rules of storage and sale of confiscated bitcoins.

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