Sweden Tax Authorities Announces Income Tax Guidelines for Bitcoin Miners
A one-month old circular from Swedish Tax Authority Skatteverket on how to declare income from Bitcoin mining business was emerged recently. The circular was originally released on April 24th 2015, right before the May 4th tax filling deadline, but went highly unnoticed. It was only when the US Library of Congress intervened, and published a reworded document of the circular on its website, the new Swedish law came to light. And as it looks, Skatteverket deeply understood the complexities of a Bitcoin mining business before it penned down the income tax guidelines for it. It has....
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Many nations have made news with how they are choosing to accept, or not accept, bitcoin into their national economies. Some have chosen to ban outright the currency while others see it as an opportunity for domestic economic growth & as a tax revenue stream for the nation-state. Sweden has recently instituted new regulations that at least show it is not going to be banned anytime soon. Or will it? Sweden Creates Bitcoin Mining Tax Regulations. In the country of Sweden, how they tax your income can be done in three different ways, depending upon its category of origin. You can be taxed on....
A study by the KTH Royal Institute of Technology in Stockholm shows that Sweden is on track to become the world’s first cashless country. Today, five of six major banks in Sweden are already refusing to operate with cash. As a result, and considering the latest Tax Authority guidelines, Bitcoin has the potential to become a commonly used currency in Sweden. People are becoming increasingly accustomed to using bank cards to pay even for the smallest purchases in Sweden with four out of five purchases made electronically. Now, with the increasing penetration of mobile and P2P payment....
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Authorities seized more than 400 Bitcoin miners in Venezuela this weekend in two major confiscations. Local reports indicate military personnel seized 332 miners from a transport truck. In another procedure, authorities seized 72 miners hidden in a house. These activities resulted in the apprehension of four individuals. Mining in Venezuela is perfectly legal, but it requires permits and licenses from Sunacrip. 400+ Miners Seized Authorities in Venezuela seized more than 400 mining machines last weekend in two separate events. In the first, 332 miners were seized at a control checkpoint in....