Document Analysis NLP IA
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Summary (IA Generated)
The Norwegian Tax Administration has issued a warning to crypto traders in advance of the April 30 deadline to file tax returns.
‘ The NTA said roughly 2% of cryptocurrency holders declared what tokens they owned or earned in 2019, less than 4,700 people out of an estimated 235,000.
‘We think a lot of the gap is due to the fact that some crypto owners mistakenly assume that cryptocurrency is pre-filled in the tax return and have not thought that they are the ones who have to list this,’ said NTA senior adviser Marius Johansen.
The NTA explicitly urged taxpayers holding back declaring their crypto earnings that they were not anonymous.
Johansen said crypto transactions are ‘more visible than many people think’ and the agency was following activity closely, identifying ‘many tens of thousands of people’ who previously didn’t report their taxes properly.
In Norway, the NTA reported roughly $20 million of taxed income came from crypto holders.