Finnish Tax Administration Found €30 Million Worth Unreported Crypto Gains in 2023 Finland’s Tax authority has
found profits from sales of unreported crypto gains in 2023, amounting to €30 Million ($31.9 million). As a result, the
EU nation has mandated reporting of income from the sale of mining digital assets. Per a report from a local media outlet
Verkkouutiset, in line with the tax supervision following the unreported tax gains last year, the authority has asked those who invested in virtual currencies to pay ten
million euros in capital income tax. “The amount found last year is large in euro terms, which indicates that the control works and is effective,” says
Mika Siivonen, tax expert from the Finnish Tax Administration. Besides paying taxes, individuals who have not declared their income are
mandated to pay a tax increase and late penalties. Failing to this may lead to criminal sanctions, the
report added. According to the findings from the country’s tax authority, a total of
9,800 customers reported receiving crypto income in 2022. This is lower than that of 2021, which reported
16,000 customers. “When the exchange rates of virtual currencies have been low,
investors have sold less of their holdings than before or for some reason sales losses have not been
declared for taxation.” Per the estimates, still a large
portion of crypto income receivers fail to declare their income in question for taxation.
The Tax Administration received the information from several foreign virtual currency exchanges through international
data exchange.
