Swedish Crypto Miners Face $90 Million Tax Bill
Following government investigations into 21 crypto-mining firms between 2020 and 2023, the Swedish Tax Agency found that 18 firms provided misleading or incomplete information to exploit tax incentives.
Some firms misrepresented their operations to evade value-added tax (VAT), import taxes on mining equipment, and income tax on mining revenue.
The Tax Agency’s statement highlighted the loss of tax revenue due to incorrect VAT payments, unpaid output VAT, and undisclosed crypto assets.
The affected firms owe a total of over 990 million Swedish krona ($90 million), including unpaid VAT of 932 million krona ($85.4 million) and tax surcharges of approximately 57.9 million krona ($5.3 million).
Although some firms appealed the Tax Agency’s demand, the administrative court upheld the appeals of only two mining firms.
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Hive Digital Technologies, a crypto mining firm, acquired a commercial property and data center in Boden, Sweden, in November 2023.
Johanna Thornblad, Hive’s country president for Sweden, emphasized the company’s commitment to sustainability and energy efficiency with its new “green” energy-powered data center, which will host its upcoming generation of ASIC servers and increase Bitcoin production.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
