After four years of misappropriations were discovered by government investigations, Swedish cryptocurrency miners owe over $90 million in taxes. Between 2020 and 2023, 21 cryptocurrency mining companies were the subject of investigations by the Swedish Tax Agency, Skatteverket.
Misleading Or Insufficient Information
According to the study, in order to qualify for tax breaks, eighteen cryptocurrency mining companies submitted “misleading or incomplete” information.
The government claims that several cryptocurrency companies gave false information about their businesses in order to avoid having to pay value-added tax, or VAT, on taxable operations. Some managed to evade paying income taxes on mining profits or import taxes on mining equipment.
The tax authorities want that the cryptocurrency mining companies pay them a total of over 990 million Swedish krona, or $90 million. This comprises 932 million krona ($85.4 million) in outstanding VAT as well as roughly 57.9 million krona ($5.3 million) in tax surcharges.
Green Energy Power Data Center
The administrative court supported the appeals of two mining companies and denied the remaining ones, despite the fact that the cryptocurrency mining corporations filed an appeal against the $90 million demand from the Swedish Tax Agency.
“The amounts mentioned above have been modified in light of the verdicts.” Hive Digital Technologies, a cryptocurrency mining company, purchased a data center and commercial property in Boden, Sweden, in November 2023. At the time, Sweden’s Hive country president, Johanna Thornblad.
“With its newest “green” energy powered data center, HIVE will be able to expand its regional footprint while further demonstrating its commitment to its ESG focus, sustainable practices, environmental responsibility, and energy efficiency.”
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