Finland tax authorities matching Bitcoin transactions and bank transfers

#1

Post by velmu » Fri, Apr 20, 2018, 9:02 AM UTC

Finland tax authorities matching Bitcoin transactions and bank transfers
metropolitan.fi

Re: Finland tax authorities matching Bitcoin transactions and bank transfers

#2

Post by ForHackernews » Fri, Apr 20, 2018, 9:55 AM UTC

Having an immutable public ledger should make collecting taxes easier.

Re: Finland tax authorities matching Bitcoin transactions and bank transfers

#3

Post by klez » Fri, Apr 20, 2018, 9:56 AM UTC

"The taxman"? The original title was "Tax authorities in Finland matching Bitcoin transactions & bank transfers to collect tax on crypto trading profits".

Re: Finland tax authorities matching Bitcoin transactions and bank transfers

#4

Post by wereHamster » Fri, Apr 20, 2018, 10:06 AM UTC

ForHackernews wrote: post #2

Having an immutable public ledger should make collecting taxes easier.

…if you can match addresses to people.

Re: Finland tax authorities matching Bitcoin transactions and bank transfers

#5

Post by ballsyballsman » Fri, Apr 20, 2018, 10:07 AM UTC

I'm pretty sure all bitcoin fanatics are going balls out on this one..

Re: Finland tax authorities matching Bitcoin transactions and bank transfers

#6

Post by grey-area » Fri, Apr 20, 2018, 10:17 AM UTC

wereHamster wrote: post #4

ForHackernews wrote: post #2

Having an immutable public ledger should make collecting taxes easier.

…if you can match addresses to people.

Pretty trivial for a nation state, given sufficient motivation.

Re: Finland tax authorities matching Bitcoin transactions and bank transfers

#7

Post by hedgew » Fri, Apr 20, 2018, 10:18 AM UTC

All they're doing is looking for bank transactions to crypto exchanges in citizens' accounts. What this article doesn't tell, is that the current cryptocurrency taxation in Finland is unreasonable. You pay 30-34% tax on any profit, but you can not deduct losses.

If you had bought 1 BTC at $1000, another at $14000, and sold both at $3000 you would owe $600 in taxes even though you lost $9000.

You can imagine how people feel about paying these taxes, when they are so obviously flawed and unjust. Some people may owe hundreds of thousands in taxes even if they made no actual profit.

Re: Finland tax authorities matching Bitcoin transactions and bank transfers

#8

Post by StavrosK » Fri, Apr 20, 2018, 10:20 AM UTC

klez wrote: post #3

"The taxman"? The original title was "Tax authorities in Finland matching Bitcoin transactions & bank transfers to collect tax on crypto trading profits".

Yes, but "the taxman" makes you click so you can see if it's your taxman.

Re: Finland tax authorities matching Bitcoin transactions and bank transfers

#9

Post by StavrosK » Fri, Apr 20, 2018, 10:20 AM UTC

grey-area wrote: post #6

wereHamster wrote: post #4

Earlier quoted context omitted.

…if you can match addresses to people.

Pretty trivial for a nation state, given sufficient motivation.

Not if it's something like Monero.

Re: Finland tax authorities matching Bitcoin transactions and bank transfers

#10

Post by AznHisoka » Fri, Apr 20, 2018, 10:32 AM UTC

hedgew wrote: post #7

All they're doing is looking for bank transactions to crypto exchanges in citizens' accounts. What this article doesn't tell, is that the current cryptocurrency taxation in Finland is unreasonable. You pay 30-34% tax on any profit, but you can not deduct losses. If you had bought 1 BTC at $1000, another at $14000, and sold both at $3000 you would owe $600 in taxes even though you lost $9000. You can imagine how peopl…

Jesus, you can’t deduct losses? If it is only for crypto, I gotta believe its a perverse way to dissuade citizens from investing in crypto.

These crypto tax articles become less and less relevant in the coming tax year as people are going to be filing losses, not gains. I expect headlines like “How to make sure you add up your crypto losses to the full amount”