Linus Dunker is the Swedish crypto trader which is in focus of the latest crypto news. According to reports, Dunker received a bill for almost $1 million from the Swedish Tax Agency, claiming that the tax demand is “unreasonable”. This is one of the cases with growing interest for the agency in Sweden, especially because several Bitcoin traders receiving tax bills for millions of Swedish kronor.
The STA has indicated an interest in prosecuting cryptocurrency cases since crypto trading became popular in the country. In 2018 alone, the STA opened investigations of up to 400 Swedish crypto traders and their activities which is 10 times more than the previous year.
However, Dunker thinks that the STA tax demands are unreasonable because he is being charged 300% of his total profits. Between 2014 and 2016, he traded Bitcoin which was worth 25 million SEK and made moderate profits. However, the tax agency is now taxing his profits at the enhanced rate because he did not deduct the price of his initial Bitcoin purchase which was paid in cash.
He also claims that in 2014, the Swedish tax laws weren’t clear on where exactly crypto trading fell under and he thought that they would be classified as a “hobby activity”. Dunker claims he got no response until 2018 when the tax agency audited him and decided to tax him at about 300% on his 10,000 BTC trades, resulting in a number that is close to $1 million.
Currently, Dunker hopes to take out loans and sell some of his company shares to pay off his tax debt before the January 28th deadline. He is still seeing help from the public and the community to pursue the legal process to a satisfactory conclusion.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]