Swedish authorities have determined that crypto miners in Sweden owe more than €84 million in taxes after an in-depth investigation. Sweden’s tax authority, Skatteverket, revealed that 18 of 21 crypto mining companies investigated submitted “misleading or incomplete” data between 2020 and 2023. This was done to wrongly take advantage of tax benefits, including evasion of VAT and income tax.

Business activities described in a misleading manner

The research showed that some companies have described their business activities in a misleading way to avoid VAT payments. Others have tried to avoid import taxes on mining equipment and income taxes on the proceeds from their operations. The tax authorities state that these practices have caused significant tax revenue to be lost due to incorrect input tax, unpaid export taxes and unreported crypto assets.

The companies in question are now collectively responsible for paying more than 990 million Swedish krona (€84 million), including 932 million kroner in unpaid VAT and approximately 57.9 million kroner in tax surcharges. Despite appeals against these demands by the crypto mining companies, an administrative court has rejected most of these appeals.

New commercial premises and data center for Hive Digital Technologies

Meanwhile, crypto mining company Hive Digital Technologies recently acquired a new commercial property and data center in Boden, Sweden. According to Johanna Thornblad, Hive’s Swedish country president, this new center will help the company increase its regional presence and further emphasize its commitment to sustainable practices and energy efficiency.

Hive, which also owns facilities in Canada and Iceland, is committed to using green energy in mining digital assets such as Bitcoin. This new project will also house a new generation of ASIC servers, which will help increase the company’s Bitcoin production.

Source: https://newsbit.nl/zweedse-cryptominers-zijn-meer-dan-e84-miljoen-aan-belasting-verschuldigd-na-ontduiking/

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