Sweden’s Tax Authority Seeks $90M from Crypto Miners
Following an investigation by the Swedish Tax Agency, it has been revealed that crypto miners in Sweden owe over $90 million in taxes. The investigation, which took place between 2020 and 2023, focused on 21 crypto-mining firms and found that 18 of them had submitted misleading or incomplete information in order to benefit from tax incentives.
The Swedish Tax Agency discovered that some of these firms had provided misleading business descriptions to avoid paying Value Added Taxes (VAT) on taxable operations. They found that certain companies had found ways to evade paying import taxes on mining equipment and income tax on mining revenue.
The agency stated that this kind of behavior leads to tax disappearing from the country, resulting in incorrect payments of input VAT, unpaid output VAT, and unreported crypto assets. As a result, the defaulting crypto-mining firms have been ordered to pay over 990 million Swedish krona ($90 million) to the tax authorities. This includes unpaid total VAT of 932 million SEK ($85.4 million) and tax surcharges of approximately 57.9 million SEK ($5.3 million).
Although the crypto mining firms have appealed against the $90 million demand from the Swedish Tax Agency, the administrative court has only upheld the appeals of two mining firms and rejected the rest. This means that the majority of the firms will still be required to pay the outstanding taxes.
In November 2023, Hive Digital Technologies, a crypto mining firm, acquired a commercial property and a data center in Boden, Sweden. Johanna Thornblad, Hive’s country president for Sweden, expressed that the new data center would allow the company to expand its presence in the region while highlighting its commitment to environmental responsibility and energy efficiency. The property will also house Hive’s new generation of ASIC servers, further increasing their Bitcoin production.
Hive Digital Technologies operates data centers in Canada, Sweden, and Iceland, and strongly promotes the use of green energy for mining digital assets like Bitcoin.
15 thoughts on “Sweden’s Tax Authority Seeks $90M from Crypto Miners”
Leave a Reply
You must be logged in to post a comment.
Unbelievable! Dodging import taxes and income tax? These crypto miners are nothing but a bunch of tax evaders. They need to pay up!
million in unpaid taxes? Seriously, these crypto miners need to be held accountable for their actions. They can’t just get away with cheating the system!
These crypto miners in Sweden are so dishonest! They purposely misled the tax agency just to save some money. Absolutely unfair! 😡
These mining firms need to learn that trying to cheat the system will never end well. Paying taxes is everyone’s responsibility! 😡
It’s infuriating that these firms are trying to wriggle out of paying their fair share. They should know better and act responsibly!
Appeals or not, these firms should be held accountable for the taxes they owe. There’s no excuse for their misleading practices.
Hive Digital Technologies’ acquisition of a commercial property and data center in Sweden shows their commitment to expanding their presence and supporting environmental responsibility. 👌💚
Kudos to the investigative efforts of the Swedish Tax Agency for uncovering this massive tax shortfall! It’s important to hold these companies accountable. 🕵️♂️💼
The administrative court made the right decision by upholding the appeals of only two mining firms. The rest should pay what they owe! 😡
I can’t believe these firms provided misleading business descriptions to avoid paying taxes. They’re basically stealing from the country!
Acquiring a new property and data center while owing millions in taxes? These crypto miners clearly have their priorities messed up. 🤬
It’s frustrating to think that these firms are causing tax losses for the country. The consequences of their actions affect us all. 😒
Hive Digital Technologies’ focus on green energy for mining digital assets like Bitcoin is commendable! It’s important to prioritize sustainability in the crypto mining industry.
It’s ironic how Hive Digital Technologies promotes green energy and environmental responsibility while evading taxes. Not cool!
It’s disappointing to see these mining firms trying to evade taxes and cheat the system. It’s just another example of greed taking over ethics.