Denmark's tax ministry said on Tuesday that the existing tax code, which is almost a century old, is not intended to address crypto-asset-related issues. It can lead to fraud and errors in documents. In five years, two-thirds of cryptocurrency transactions have not been properly taxed.
From 2015 to 2019, about 16,000 businesses and individuals in Denmark made cryptocurrency transactions, of which 67% were not accompanied by an accurate tax filing. In February, the country's tax office received $4.9 mln from crypto investors, and reported 48 suspected tax violations to the anti-crime department.
Morten Bødskov, Danish Tax Minister, said the new regulation should be up-to-date, clear and limit errors and fraud. The corresponding bill will be submitted by mid-2023.
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