Sweden Orders Six Crypto Firms to Pay $56 Million in Additional Taxes

The Swedish Tax Agency has ordered six crypto companies to pay nearly $56 million in additional taxes after finding that they used business structures to obtain tax benefits they were not entitled to.

The tax authority, Skatteverket, inspected the companies and found that some had structured their operations to conceal their crypto mining activity, allowing them to claim tax advantages that would not have been available if they were classified as crypto miners.

Patrik Lillqvist, head of intelligence at Skatteverket, said that 'the purpose is to obtain tax advantages that the companies are not entitled to.'

The affected companies are located in Boden, a city in northern Sweden that has attracted crypto miners due to its access to power and data center infrastructure.

Bikupan Datacenter, one of the companies involved, has challenged its tax assessment and taken the dispute to Sweden's Supreme Administrative Court.