Kryptovaluta Skatt: Allt Om Bitcoin Skatt 2024

The rules that apply to cryptocurrencies regarding fees have long been unclear.

This has created a lengthy discussion between traders and the tax authorities as there have not always been clear rules on when and how much should be paid. There are also several cases of traders and sellers getting into trouble because of this.

All about tax on withdrawals and what really applies.

CAN YOU AVOID BITCOIN TAX?

The straightforward and simple answer to this question is that all cryptocurrency should be taxed. According to the Swedish Tax Agency, it should be declared under Other assets via a form called K4.

So far, crypto is not classified as a currency (strange, we know!) and this means that each transaction has to be reported separately. Thus, it is better to pay taxes because the system of in Sweden is already starting to be implemented and there is therefore no point in avoiding paying taxes.

How to pay taxes on cryptocurrencies?

There are a few different ways for investors to pay taxes on cryptocurrencies. The first and most obvious method is to simply use fiat currency (such as SEK) to pay your tax. However, another popular method is to use the cryptocurrency itself to pay your tax.

To do this, investors must first calculate how much they owe in taxes and then convert their cryptocurrency to USD or other fiat currency at an exchange rate that covers their tax liability plus any fees associated with the transaction. Once they have converted their cryptocurrency to fiat currency, they can then pay their taxes in the same way as any other method. You always pay your taxes to the Swedish Tax Agency, as long as you are taxable in Sweden.

How much tax on cryptocurrencies?

Capital gains tax is a tax on profits from the sale of assets such as shares, property or cryptocurrencies. The tax rate is 30 % and is only payable on the part of the gain that exceeds 30,000 SEK.

For example, if you make a profit of SEK 50,000 from the sale of Bitcoin, you are only liable to pay capital gains tax on SEK 20,000 (50,000-30,000). This means that you will have to pay SEK 6,000 in tax (20,000 x 30TP3T).

It is only in the case of divestment that the transaction must be declared. Disposal is usually a sale but can also be when the cryptocurrency is used as a means of payment or exchanged for something else.

  • Sales: If you have bought Bitcoin for SEK 1,000 and then sold it for SEK 2,500, you have made a profit of SEK 1,500. It is this profit that is subject to 30 % capital tax. This means that about SEK 500 must be paid in tax, which goes to the Swedish government.                       
  • Payment/exchange: If you use Bitcoin to buy goods or services worth SEK 2,500 and pay with 0.1 BTC (equivalent to SEK 1,250), a taxable income has arisen in Sweden for SEK 1,250. The value basis for the calculation is therefore SEK 2,500 + 1,250 = SEK 3,750. The calculation is then done in the same way as for sales, which means that the tax of SEK 500 goes to the Swedish treasury.
     

WHAT TO DO IF YOU HAVE TO PAY TAX ON INCOME FROM EMPLOYMENT?

There have been requests for more information on whether you should pay the tax authorities for your cryptocurrency or sometimes cryptocurrencies when you make profits from the service you provide. The simple answer is that the transactions made must be reported to the Swedish Tax Agency via a declaration. This applies to BTC, i.e. bitcoins and other cryptocurrencies.

WHEN TO DECLARE BITCOIN?

Every transaction where cryptocurrency is involved, such as when you trade yourself, when you sell yourself (income from services) or when you use Bitcoin to trade, this must be declared and you must pay. This means that as much as thirty per cent is paid when capital gain.

WHEN SHOULD YOU DECLARE CRYPTO TAX?

When it comes to crypto tax in general, it is first of all important to know certain dates. Different tax obligations must be declared after and before certain dates. It is in fact the case that you can already start reporting your taxation for crypto on 15 March 2022. 

Another important date was 2 May 2022 because that was the last day to file your crypto tax. However, if you need more time to declare, you can apply for a tax extension. If you are approved, the date extends all the way to 31 May 2022. 

?ARE THERE ALTERNATIVES FOR CRYPTO TRADING?

There is no way to avoid tax and unfortunately it is very complicated to declare every single transaction because everything has to be done separately and all transactions with crypto are not very clear. Profits should be taxed as well as other assets for all cryptocurrencies.

To get down to the tax table, on the other hand and save more than 70 per cent, you can buy certificates through Avanza and then put them in an ISK account. This way you avoid being taxed altogether! The process is completely automatic and the only thing that is deducted is a flat fee of less than one per cent, while taxation on capital gains is as much as thirty per cent.

Monetax and why they are good to use

Declaring cryptocurrencies can be considered time-consuming and complicated, so if we are talking about larger amounts and gigantic transactions, it is good to use a professional service. Monetax is a company that offers automatic tax returns based on your transaction logs.

Monetax helps many Swedes declare profits, losses and assets in cryptocurrencies such as Bitcoin.

How much can you earn without paying taxes?

According to The tax authorities you must declare tax when you file your tax return as soon as you have sold, exchanged or paid with a cryptocurrency. This means that your cryptocurrency can increase in value by any amount without paying tax. This means that increases and decreases in value do not make you liable to pay any tax. 

Remember that you can still declare your Bitcoin trading as a hobby if the profit you make is less than 40,000 SEK.

How much is profit tax on cryptocurrency?

When if you make a profit with a cryptocurrency, you have to pay 30 per cent tax.. To calculate your profit, you take the selling price minus the overheads, which you calculate using the average method. This way, you get your profit, which is 70 per cent of the selling price. 

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What is an expense amount?

An expense amount is the summation of your acquisition data. In simpler terms, it is the total you have paid for your securities such as shares or cryptocurrencies. 

The sales price and the cost price are used to calculate the profit or loss before declaration.

According to a recent report, the total cost of 10 Bitcoin is now 40,000 SEK, which means a new average cost of 4,000 SEK for each Bitcoin. 

?Om they started mining Bitcoin In 2013, the overheads were only 1000 SEK for 10 miners. This corresponds to an average of SEK 100 per Bitcoin. In other words, her costs have increased 40 times.

How to submit your crypto tax return

When you have to declare your taxes for crypto, you do it either by email or the Swedish Tax Agency's website. The easiest and fastest way is online. It is important to know that you must declare capital gains, income tax or interest income for cryptocurrencies. 

To declare capital gains

The easiest way is to log on to the Swedish Tax Agency's website and fill in the K4 form in section D, if the crypto tax is to be declared for a capital gain.

You can also download a printable PDF, or upload SRU files if you have them, and they will be handled automatically.

To declare income tax

This depends entirely on where the cryptocurrency comes from. For example, if it is from mining, you do it via the T2 form on the Swedish Tax Agency's website.

Have you received cryptocurrencies via rewards? from e.g. the crypto exchange Binance's reward system so that this should also be filled in the T2 form. This crypto tax should only be declared as long as it does not come from an employer or business activity. 

?Om you have received salary or benefits instead in crypto, your employer will take care of this for you. However, should it be so that they don't have them, you can update this on your own. in its report. 

To declare interest income

This applies, for example, when declaring tax crypto for loans or so-called 'staking'. Here it is enough to go to section 7.2 where you simply add the total amount. 

You can also find the part where you declare interest costs in section 8.1.

What happens if you don't declare?

The it is important for private individuals to pay taxes, otherwise they may there are consequences. For example, you may be subject to discretionary taxation where the Tax Agency estimates your total annual income. You can also get a tax surcharge on this.

If you are a company that does not declare, you can even have your F-tax revoked. Then you can no longer conduct your business and you have to close down the company.

Even if you choose to move abroad to a country like Portugal where you do not pay capital tax on cryptocurrencies, you should be aware that you may still be liable for tax in Sweden if you have sufficient assets in Sweden.

Do you have to pay tax on your profits from a Bitcoin robot?

'Many who trade bitcoin online realise when they start making big profits and high returns that they will need to withdraw the money from the platform. and more often than not, the assets you actually put into the market are not stored in crypto, but instead you trade in contracts whose underlying value is bitcoin or other cryptocurrencies.

This also means that winnings are paid out in fiat currency and not cryptocurrency which presents the problem for many that you will then be required to declare the winnings and thus pay tax under the new 70% rule.

Profits from trading with bitcoin are therefore not taxed like other investments such as funds or shares.

However, most brokers have licences to trade that are not issued in Sweden or by Swedish regulators, but often European ones from Cyprus or Australia, which means that the tax authorities do not automatically have any insight into how your capital is managed and they cannot request control data in order to tax you.

It is only when you withdraw the money from the broker's platform to an account in Sweden that you are obliged to declare your profit.

We discourage any type of criminal activity or intent and recommend that you always comply with the rules and laws of your country of nationality or residence and financial domicile.

How can I optimise my tax for Bitcoin?

Instead of avoiding tax, there are legal ways to implement tax optimisation, which does not mean tax evasion as long as it is done according to the law.

For example, you can create a company in Dubai that holds your Bitcoins and manages your capital. A limited liability company or an LLC company as it is called abroad is infinitely responsible for its resources, unlike a Swedish limited liability company. You do not own the assets in a Limited liability company, but the company itself does, you only own shares in the company. Dubai is zero percent in tax for cryptocurrencies and if you want to use the budget option in the neighbouring emirate, it is Ras al kheimah that applies. The tax picture does not change and you can spend with the company's money even in Sweden. Of course, the assets belong to the company even when you spend, but in many cases it can be safer than owning them as a person in Sweden. You can set up a foundation in Panama

Foundation in Panama works just like a British Trust except that you have more insight and better control of the assets without them being in your own name, so it is not you who owns the assets as in Dubai. Under your foundation is an LLC company that enters into agreements with real estate companies or stockbrokers so that you can once again invest and minimise your tax in Sweden. You can set up an offshore company to manage your Bitcoin An offshore company does not have to cost much, it can be enough with SEK 15,000 that owns your account on, for example, Binance, now it is the company that has a tax obligation and not you as a private person. A company in St Vincent & the Grenadines has no accounting obligation or tax liability for assets earned outside the country. There is therefore no additional work involved in having an offshore company and no bookkeeping costs.

You pay a premium per year that you hold the company to keep it active and the assets no longer belong to you so you are not hiding any assets. You can combine a Panama foundation with a company in St Vincents & Grenadines and this way you also do not become the UBO (Ultimate beneficial owner) of the capital against which a future wealth tax can be applied.

The foundation's 'beneficiaries' can easily be changed to your children without the capital leaving the foundation and they can borrow from the foundation for new investments and pay interest back to the foundation from future returns. It is 100 per cent legal to give a gift in a deed of gift to, for example, a foundation, which means that you do not pay tax on your Bitcoin gift at all, neither now nor in the future. Neither you nor your family should have to be taxed because you took a risk in life and became very rich, but do it in a smart and legal way.

Vanliga Frågor & Svar – FAQ – Kryptovaluta Skatt 2024

What is capital gains tax and how is it calculated?

Capital gains tax is a tax on profits from the sale of assets such as shares, property or cryptocurrencies. The tax rate in Sweden is 30% and is only payable on the part of the gain that exceeds SEK 30,000.

Example: If you have bought Bitcoin for SEK 1,000 and then sold it for SEK 2,500, you have made a profit of SEK 1,500. Then you are only liable to pay capital gains tax on SEK 1,200 (1,500-300), which means you have to pay SEK 360 in tax (1,200 x 30%).

What is a sale and when should I declare my cryptocurrencies?

A sale is usually a transaction where you sell your cryptocurrencies for fiat currency or another cryptocurrency. It is important that you declare all sales of cryptocurrencies in order not to be liable for taxes.

Disposal is another type of transaction where you use the cryptocurrency as a means of payment or exchange it for something else. You must also declare disposals of cryptocurrencies.

What happens if I don't declare my cryptocurrencies?

If you don't declare your cryptocurrencies, you could be liable for taxes and possible fines. The tax authorities have recently started implementing systems to increase transparency and track unregistered transactions, so it's important that you declare all transactions to avoid potential problems.

Example: If you sell your Bitcoins for SEK 50,000 without declaring it, you may be liable for the debt.

Where can I get help with declaring my cryptocurrencies?

If you are unsure about how to declare your cryptocurrencies, you can contact the Swedish Tax Agency for help and advice. You can also turn to a tax advisor or an accountant who can help you declare your cryptocurrencies correctly.

What are the rules on fees for cryptocurrencies?

There has long been a lack of clarity regarding fees for cryptocurrencies, which has led to discussions between traders and the tax authorities. There have not always been clear rules on when and how much should be paid. There are also several cases where merchants and sellers have gotten into trouble because of this.

Can you avoid paying taxes on Bitcoin?

The straightforward answer to this question is that all cryptocurrency is taxed. According to the Swedish Tax Agency, the declaration should be made under "Other assets" via a form called K4. Currently, crypto is not classified as a currency (which is strange, we know!) and each handling of cryptocurrencies must therefore be reported separately. It is therefore better to pay taxes as the system in Sweden is already starting to be implemented and there is no point in avoiding paying taxes.

How to pay taxes on cryptocurrencies?

There are a few different ways for investors to pay taxes on cryptocurrencies. The first and most obvious method is to simply use fiat currency (such as SEK) to pay their taxes. Another popular method is to use the cryptocurrency itself to pay taxes. To do this, the investor must first calculate how much they owe in taxes and then convert their cryptocurrency into USD or other fiat currency at an exchange rate that covers their tax liability plus any fees associated with the transaction. Once they have converted their cryptocurrency to fiat currency, they can pay their taxes in the same way as any other method. The tax is always paid to the Swedish Tax Agency as long as you are taxable in Sweden.

How much tax on cryptocurrencies?

Capital gains tax is a tax on profits from the sale of assets such as shares, property or cryptocurrencies. The tax rate is 30% and is only payable on the part of the profit that exceeds SEK 30,000. For example, if you make a profit of SEK 50 000 from the sale of cryptocurrencies, you will have to pay tax on SEK 20 000 (SEK 50 000 - SEK 30 000 = SEK 20 000). The tax must be paid to the Swedish Tax Agency within 60 days of the profit being realised.

How do I submit my cryptocurrency tax return?

You can submit your tax return for cryptocurrencies either by email or via the Swedish Tax Agency's website. The easiest and fastest way is to log in to the website and fill in the correct forms. You can also download a PDF and print it, or upload SRU files if you have them, and the declaration will be handled automatically.

How do I declare capital gains from cryptocurrencies?

To declare capital gains from cryptocurrencies, go to the Swedish Tax Agency's website and fill in form K4, section D. You can also download a PDF and print it, or upload SRU files if you have them.

How do I declare income tax from cryptocurrencies?

You declare income tax from cryptocurrencies via form T2 on the Swedish Tax Agency's website. If you have received cryptocurrencies as a reward from a crypto exchange, such as Binance, you must also declare this via the T2 form. If you have received salary or benefits in cryptocurrencies, your employers should handle the declaration for you.

How do I declare interest income from cryptocurrencies?

You declare interest income from cryptocurrencies in section 7.2 on the Swedish Tax Agency's website. You can also find the part where you declare interest expenses in section 8.1.

Can I create a company in Dubai to hold and manage my Bitcoins and minimise my tax in Sweden?

Yes, you can create a company in Dubai, called an LLC, to hold and manage your Bitcoins. An LLC is infinitely responsible for its resources, so you don't own the assets of the company, the company does. You only own shares in the company. Dubai has a zero percent tax on cryptocurrencies, so it can be a good option to minimise the tax on your Bitcoins in Sweden. You can also consider creating a company in Ras al kheimah, another emirate that also has low taxes on cryptocurrencies.

Can I set up a foundation in Panama to minimise my tax for Bitcoin?

Yes, you can set up a foundation in Panama to minimise your taxes for Bitcoin. A foundation in Panama works like a UK Trust, where you have more insight and better control over the assets without them being in your own name. The assets are not owned by you, but by the foundation. You can also set up an LLC company under the foundation, which makes agreements with real estate companies or stockbrokers so that you can invest and minimise tax in Sweden.

Can I set up an offshore company to minimise my tax on Bitcoin?

Yes, you can set up an offshore company to minimise your tax on Bitcoin. An offshore company in St Vincent & the Grenadines has no accounting or tax liability for assets earned outside the country. It can therefore be a good solution to minimise the tax on your Bitcoins. You pay an annual premium to keep the company active, but the assets no longer belong to you, so you are not hiding any assets.

Can I combine a Panama foundation with a company in St Vincents & Grenadines to minimise my tax for Bitcoin?

Yes, you can combine a Panama foundation with a company in St Vincents & Grenadines to minimise your tax for Bitcoin. This way, you will not become the UBO (Ultimate Beneficial Owner) of the capital, which may affect any future wealth tax. Your children can also easily become beneficiaries of the foundation, without the capital leaving the foundation. They can then borrow from the foundation for new investments and pay interest back to the foundation from future returns. Giving a gift in a deed of gift, such as to a foundation, is 100% legal, which means you don't pay tax on your Bitcoin gift at all, now or in the future.