Norwegian Miners in Crosshairs As Local Authorities Suggest They Are Not Paying Enough Taxes

News
Wed, 08/22/2018 - 15:53
Alex Dovbnya
Along with South Africa, Norway faces difficulties with collecting taxes from crypto-related activities. The country’s authorities have become increasingly concerned
Cover image via U.Today

Along with South Africa, Norway faces difficulties with collecting taxes from crypto-related activities. The country’s authorities have become increasingly concerned about the fact that cryptocurrency miners may not be paying enough in taxes.

There is no special tax treatment for miners in Norway, they usually return less than five percent of their earnings, which is significantly less than other regulated industries in the country. As the local media outlet Dagens.dk reports, two miners who have recently reported more than $218,000 worth of earnings, only paid less than $9,000 in taxes.   

A recent survey conducted by Norstat shows that as many as 200,000 Norwegians own Bitcoin.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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