Supreme Court of Denmark rules that crypto profits are taxable.
The verdicts in the cases, which involve crypto purchases and payments as well as income received from bitcoin mining, uphold decisions of lower courts.Profits made from the sale of bitcoin are taxable in Denmark, the country’s Supreme Court has decided in two separate rulingson Thursday. Both decisions are in lawsuits filed against the Danish Ministry of Taxation and confirm verdicts issued by lower-instance courts.
According to the court in Copenhagen, the bitcoins were obtained for the purpose of speculation and therefore their sale cannot be relieved from taxation under the State Tax Act. Then, the crypto received as payment constituted turnover for the man’s non-business enterprise, also triggering tax liability.
The Supreme Court assumes that bitcoin is generally only acquired with a view to being sold and, to a limited extent, to be used as a means of payment.
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