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Swedish Trader Expects to Pay 300% of Profit to Tax Agency

Published 7 months ago by writer

According to local media, a Swedish cryptocurrency trader is anticipating receiving a tax bill of approximately $1 million after conducting approximately $2.9 million worth of trades across tens of thousands of transactions made since 2014. The trader claims that the tax bill will equate to 300 percent of the profits he has earned rather than 30 percent due to failing to report the price that he paid for his cryptocurrency. Also Read: Airdrop Causes Exchange to Accidentally Send BTC to Customers Swedish media has reported on Linus Dunker, a cryptocurrency trader who is expecting to receive a bill of roughly 8 million Swedish Kroner ($1 million) for tens of thousands of transactions made during the last five years.

Dunker has described the anticipated tax demand as “absurd,” claiming that he will pay three times that which he profited from the trades. The expected hike in Dunker’s tax obligations results from the trader failing to report the price paid for the cryptocurrency he purchased, which he claimed was exchanged for cash. As such, Dunker is predicting that the tax agency will charge him at a zero-cost basis, in addition to being charged as a business activity rather than a personal activity, causing transactions incurring double the tax obligations.

Recounting the day when several representatives of the Swedish Tax Agency came to his house, Dunker stated: “There were many in the stairs. Dunker added that he had previously contacted the tax agency regarding his declaration but did not expect the agency to take such severe action against him. Control coordinator with the Swedish Tax Agency, Henrik Kisterud, noted that while the agency is not currently 100 percent certain as to Dunker’s obligations, it is very confident in the accuracy of its judgments pertaining to Dunker’s cryptocurrency activities. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

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