Million

The Swedish Tax Agency has reported that 18 out of 21 crypto <a href="https://ultramining.com/news/en/blockstream-aims-for-bitcoin-profit-with-mining-rig-investment-ahead-of-2024-halving/">mining companies</a> provided misleading or incomplete tax information between 2020 and 2023. As a result, the state missed out on approximately $90 million in tax revenues. 
The <a href="https://ultramining.com/news/en/large-scale-cryptocurrency-mining-farm-uncovered-in-dagestans-kizilyurtovsky-district/">investigation</a> revealed that many mining firms failed to declare their earnings or underreported taxable amounts. Some companies did not register with tax authorities at all. These violations have raised concerns among officials about the transparency and legality of <a href="https://ultramining.com/news/en/hut-8s-q2-2023-a-bitcoin-mining-marvel/">crypto miners</a>' operations. 
The Tax Agency plans to tighten oversight of the crypto industry and hold violators accountable. Authorities are also considering implementing additional regulations to ensure compliance with tax laws in the cryptocurrency sector.

Swedish Tax Agency Uncovers $90 Million in Unpaid Taxes Among Crypto Miners

Ultramining_Eng

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