[Blockchain Today Reporter Park Yohan] The Norwegian Tax Office issued a warning to cryptocurrency traders ahead of the Norwegian tax filing deadline on April 30th.
21 (local time), according to a notice from the Norwegian Revenue Agency (NTA), government agencies are encouraging all taxpayers who own or sell cryptocurrency in 2020 to enter into a risk category that will require paying additional taxes or revenue. According to the NTA, about 2% of cryptocurrency holders revealed which tokens they owned or earned in 2019. This is less than 4,700 out of about 235,000.
Marius Johansen, chief advisor of NTA, said, “Some cryptocurrency owners accidentally assume that the cryptocurrency is pre-included in the income statement and do not think that it is necessary to fill it out, so we see a big difference.” “In our experience, most people follow all laws and regulations, and we will help those who invest in cryptocurrency on the right path.”
In Norway, income identified as profits from cryptocurrencies is taxed at a rate of 22%, similar to the capital gains tax imposed in the United States. Norwegian taxpayers are entitled to a deduction for their 2020 declaration in case of losses due to cryptocurrency, but they may be required to provide all transaction documents used to store or trade digital assets.
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