August 17, 2022

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Tax authorities think Norwegians are sitting on billions of hidden cryptocurrencies

Tax authorities think Norwegians are sitting on billions of hidden cryptocurrencies

New numbers show that there are still many who don’t report cryptocurrency on their tax return. So we’ll follow up in 2022 with extensive efforts on both direction and control, division director Odd Wuxholt at the IRS says in a press release.

In recent years, more and more Norwegians have chosen to invest in cryptocurrency.

In 2020, 13,846 people in Norway reported income of 951 million NOK in cryptocurrency and 7.5 billion NOK in crypto assets. This is an increase from the previous year, but the tax administration believes that the true numbers of cryptocurrency owners and values ​​are much higher than reported.

Billions of hidden cryptocurrencies

– Although we see a noticeable increase in the ratio, we are not naive. There are far more people who don’t report than those who report correctly. Therefore, we will now fine-tune our efforts against those who hide income and fortunes derived from cryptocurrency, says Waxholt.

The tax authorities have identified between 60,000 and 70,000 cryptocurrency holders, but the real number in Norway is estimated to be around 300,000 people. The tax authorities say it is difficult to determine the value of the income and wealth owned by these owners, but it is reasonable to assume that it is tens of billions of kroner.

These are values ​​that are not properly taxed.

Most people want to follow the rules

The Tax Department has its own expert team working with cryptocurrencies. The group is now set. The task will be to increase compliance among those who own various forms of cryptocurrency.

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A large part of the gap is probably due to the fact that some cryptocurrency owners are not well informed about the regulations regarding taxation of cryptocurrencies. Our experience is that most people want to follow laws and regulations, and we want to help those who invest in crypto do it right, says Woksholt.

He says it is the individual’s responsibility to report their cryptocurrency on the tax return.

– Those who do not mention the tax values, risk additional taxes. We report serious cases to the police, says Waxholt.