Astrid M. Dugstad Tveter, a spokesperson for The Norwegian Tax Administration, stated: “The person who has bought, sold, mined or has values placed in virtual currency, such as bitcoin, must report this in the tax report.” Whilst not wanting to comment on individual cases, Mrs. Tveter also emphasized deductible debts, for example from a mortgage, can significantly reduce the value of an individual’s net assets.
“A challenge with cryptocurrency is that the Tax Administration does not get this automatically reported by a third party, as with other types of basic data. The experience is that it is often made wrong,” Mrs. Tveter said, adding: “The tax office generally has access to information from more sources than the information we receive from taxpayers through the tax report and uses different control methods, both in terms of tracking up values and to check whether taxpayers have provided correct and complete information.”
What is your response to Norwegian media’s coverage pertaining to the low taxable incomes posted by Mr. Eriksen and Mr. Olsen? Share your thoughts in the comments section below!
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