The Danish Tax Agency has been authorized to obtain information on trading in cryptocurrencies via three separate crypto exchanges operating in Denmark. This will mark the first time the information is being made available to the tax authorities which seek to review trading data on crypto beginning on January 1, 2016, up to December 31, 2018.
Skattestyrelsen har fået tilladelse fra Skatterådet til at indhente op-lysninger om handel med kryptovaluta via tre danske kryptobørser i perioden 2016 – 2018. Det er første gang, Skattestyrelsen får adgang til disse oplysninger. Læs mere i PM: https://t.co/MnjJnhuzka
— Skattefar (@Skattefar) January 14, 2019
Danish authorities will require identification information such as names, addresses, and more. The decision was made by the Tax Council in mid December but the move is only being announced today.
The Danish Tax Authority said the decision comes following the request for data from Finnish tax authorities regarding Danish citizens’ trades on a Finnish Bitcoin exchange.
Once the Tax Authority has garnered the information they will use it to make certain residents are paying their taxes.
Information on transactions made by foreign citizens and companies will be exchanged with the respective countries’ authorities.
Karin Bergen, Director of Personal Taxes, said;
“Without going too far, I think you can say that this is a big market that we need to look into. When we recently received information from the Finnish Bitcoin exchange, it gave us a small view of a larger picture, which we now have the opportunity to uncover even more of.”
Bergen said it was too early to tell what type of information they may uncover from the Danish crypto exchanges.