Sweden demands $90 million in unpaid taxes from crypto miners

The Swedish tax agency Skatteverket has investigated the operations of 21 cryptocurrency mining companies between 2020 and 2023. The investigation found that 18 of the companies provided "misleading or incomplete" information to receive tax benefits. The agency stated that some cryptocurrency companies provided misleading business descriptions to avoid paying value-added tax (VAT) on taxable business. Others found ways to avoid paying mining equipment import taxes or mining income taxes. The defaulting cryptocurrency mining companies were required to pay a total of more than SEK 990 million ($90 million) to the tax authorities. This includes a total of SEK 932 million ($85.4 million) in unpaid value-added tax and approximately SEK 57.9 million ($5.3 million) in additional taxes. Although cryptocurrency mining companies appealed the $90 million demand from the Swedish tax agency, the administrative court upheld the appeals of two mining companies and dismissed the appeals of the remaining companies. "The above amount has been adjusted according to the verdict."