Tax Agency Uncovers Irregularities in Swedish Crypto Mining Companies
Sweden’s tax agency identified irregularities in 18 locally operating companies, finding that they hid their involvement in crypto mining, it said Wednesday. The investigation revealed that they deliberately exploited tax incentives for which they were ineligible, resulting in a demand for an additional 990 million Swedish krona ($91 million) in taxes.
Unreported Income from Crypto Mining in Sweden
The report highlighted difficulties investigators encountered in determining the true purpose of data center operations and the identities of those utilizing the computing resources. Further, instances of misleading or incomplete information regarding business activities were detailed, raising concerns of potential money laundering activities.
Companies Employ Misleading Tactics to Hide Involvement
Several companies were found to have misrepresented their business activities to conceal their involvement in crypto mining. The tax agency uncovered evidence that contradicted the reported operations of these companies, leading to significant discrepancies in their tax obligations.
Swedish Central Bank Chief Wary of Bitcoin Integration
The Governor of Sweden’s Central Bank expressed reservations regarding Bitcoin’s integration into the country’s financial system, citing concerns about its speculative nature and potential for investor losses.
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