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Crypto Taxes in Sweden: All You Need to Know!

Crypto Taxes in Sweden: All You Need to Know!

Individuals resident in Sweden are subject to tax on their worldwide income. The Swedish income tax law distinguishes between different categories of income such as employment income, self-employment income, business income and investment income. Capital gains, such as those gained from cryptocurrencies, are treated as investment income.

Sweden does not have specific tax legislation to address the taxation of crypto assets. In terms of Swedish tax law, cryptocurrency is not recognised as currency and is instead considered to be a different type of asset, but is still subject to tax.

Which taxes apply

Swedish private individuals may be subject to tax on certain crypto asset transactions. Such transactions specifically include the following:

  • The sale of a crypto asset;          
  • The exchange of one crypto asset for another type of crypto asset;     
  • The exchange of a crypto asset for a fiat currency; and     
  • The use of a crypto asset for payment when buying a product or service.

Investment income and capital gains are normally taxed at a 30% flat rate. 

Crypto Tax Regulation in Sweden

Similarly, gains arising from the disposal of crypto assets will be subject to tax at a flat rate of 30%. However, where the gains are regarded as business income, the resulting gains will be subject to personal income tax.

Mining

The Swedish tax authorities have not prescribed specific tax treatment regarding mining activities and the taxation of crypto asset mining is determined using the normal tax rules. Accordingly, income generated from crypto mining activities will either be subject to income tax in accordance with the tax rules for employment income or business operations — depending on how the entity is classified.

How much tax do you have to pay on crypto assets?

The tax amount owed is calculated on the net gain or loss at the time of the sale i.e. the proceeds at the point of sale, minus the acquisition cost. The determination of the acquisition cost is dependent on the manner in which the crypto asset was acquired, for example:

  • Where the crypto asset was purchased, the cost will be the Swedish kronor equivalent of the purchase value;     
  • If the crypto asset was mined, the cost will be the Swedish kronor equivalent of the market value of the crypto asset when the crypto asset was allocated to the miner;     
  • If the crypto asset was received as payment for the sale of goods or service, the cost will be the VAT inclusive Swedish kronor equivalent of the sale of goods or service;     
  • If the crypto asset was received as salary, the cost will be the Swedish kronor equivalent of the value reported as income from employment.    

Where an investor has an overall gain, this income will be subject to capital gains tax at a flat rate of 30%. If the investment has a net loss for the year, only 70% of the loss is deductible.

If the gains are regarded as business income, the resulting gains will be subject to personal income tax at the following rates (the same rates are applicable to employment income):

  • The first SEK1 523,200 at a rate of 0%     
  • Amounts from SEK 523,200 at a rate of 20%

Local taxes are also levied on business income at rates ranging from 29% to 36%.

Indirect Taxes

Stamp Duty

There are no transfer taxes in Sweden on crypto assets.

Value-added Tax (VAT)

The Swedish VAT system is aligned with European Union (EU) rules. There is no specific VAT law or guidance on the VAT treatment of crypto assets. However, the exchange of fiat currency for units of cryptocurrency, and vice versa, constitutes a VAT-exempt process, according to the case-law of the European Court of Justice (ECJ). There is therefore no VAT to pay on the purchases and sales of cryptocurrencies.

Stamp Duty

No transfer taxes are payable in Sweden on crypto asset transactions.

Situs Tax

Sweden does not levy inheritance tax or gift tax.

Which tax forms do you report crypto on?

Crypto asset income is to be disclosed on appendix K4 under section D, on the Swedish tax form, which is submitted together with the usual tax return.

Individuals are required to file a tax return for the calendar year. The filing date is normally on 2 May of the following year.

Record Keeping

Private individuals are required to declare their crypto asset transaction activity, so it’s important to keep records of the following 

  • The date and sale of a crypto asset;          
  • The exchange of one crypto asset for another type of crypto asset;     
  • The exchange of a crypto asset for a fiat currency; and     
  • The use of a crypto asset for payment when buying a product or service

The tax authorities recommend that taxpayers maintain their own record of crypto asset transactions.

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