{"id":1716,"date":"2022-02-22T10:17:42","date_gmt":"2022-02-22T08:17:42","guid":{"rendered":"https:\/\/riihos.fi\/kryptovaluutta\/"},"modified":"2022-03-16T12:29:06","modified_gmt":"2022-03-16T10:29:06","slug":"taxation-of-cryptocurrency","status":"publish","type":"page","link":"https:\/\/riihos.fi\/en\/taxation-of-cryptocurrency\/","title":{"rendered":"Taxation of cryptocurrency"},"content":{"rendered":"<div id=\"block-section-block_62149a7c8749a\" class=\"block block-section section-padding bg-color-white\" style=\"background-image: url('');\">\n\t\t\t\t\t\t\n<div id=\"block-one-column-block_62149a7f8749b\" class=\"block block-one-column column-padding narrow  \">\n\t<div class=\"default-container\">\n\n\t\t<div class=\"row narrow\">\n\t\t\t<div class=\"col-12\">\n\t\t\t\t\t\t\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><div class=\"block block-paragraph\"><p>we are increasingly being asked questions about cryptocurrencies, also known as virtual currencies. We have compiled more information on this page.<\/p>\n<\/div>\n\n\n<h2 >What is a cryptocurrency?<\/h2>\n\n<div class=\"block block-paragraph\"><p>The cryptocurrency, also known as the virtual currency, is a digital virtual currency that has grown significantly as one investment product in recent years. The best known of the virtual currencies is Bitcoin, which was born years ago in 2008.<\/p>\n<p>In addition to Bitcoin, there are now hundreds of different virtual currencies and more and more are emerging.<\/p>\n<p>The values \u200b\u200bof virtual currencies are determined by the market and are greatly affected not only by supply and demand but also by mining costs.<\/p>\n<\/div>\n\n\n<h2 >Cryptocurrency in your business accounting<\/h2>\n\n<div class=\"block block-paragraph\"><p>As virtual currencies have gained significant popularity, it is becoming increasingly common for a company to also own virtual currencies. In this case, the virtual currency must also be dealt with in the company&#8217;s accounting and here we can be of help.<\/p>\n<p><strong>Leave a contact request on our website OR contact our team directly<\/strong> and we will tell you more about our service:<\/p>\n<ul>\n<li><a href=\"https:\/\/riihos.fi\/en\/our-contact-details\/\">Our contact information<\/a><\/li>\n<li><a href=\"https:\/\/riihos.fi\/en\/bookkeeping\/\">bookkeeping<\/a><\/li>\n<\/ul>\n<\/div>\n\n\n<h2 >Income from cryptocurrency is capital income<\/h2>\n\n<div class=\"block block-paragraph\"><p>In general, it is good to note that transactions related to cryptocurrencies are taxable transactions under the Income Tax Act and the income from them is capital income for the recipient of the income, in which case capital income tax is paid on them.<\/p>\n<\/div>\n\n\n<h2 >Incomes from cryptocurrencies<\/h2>\n\n<div class=\"block block-paragraph\"><p>According to the taxpayer&#8217;s decisions, revenue is generated from cryptocurrencies in the following situations:<\/p>\n<ul>\n<li>Exchange of virtual currency into official currency<\/li>\n<li>The virtual currency is exchanged for another virtual currency<\/li>\n<li>Virtual currency is used as a means of payment when purchasing services or products<\/li>\n<\/ul>\n<p>Income from cryptocurrencies is calculated in the so-called FIFO by the procedure by which they are deemed to be used in the order in which they were purchased. To facilitate this calculation, the tax administration has created its own counter, which can be found here: <a href=\"https:\/\/www.vero.fi\/tietoa-verohallinnosta\/yhteystiedot-ja-asiointi\/verohallinnon_laskuri\/fifo-laskuri\/\">FIFO counter<\/a><\/p>\n<\/div>\n\n\n<h2 >Losses on cryptocurrencies<\/h2>\n\n<div class=\"block block-paragraph\"><p>As with the income incurred, losses on cryptocurrencies can be taken into account for tax purposes. It is also possible to deduct the losses incurred from the income accrued in connection with taxation. However, it is important to note that they cannot be considered as a deductible disposal loss, for example in the case of listed investments.<\/p>\n<\/div>\n\n\n<h2 >Deductions for earnings from cryptocurrencies<\/h2>\n\n<div class=\"block block-paragraph\"><p>It is also often asked whether it is possible to reduce the costs of mining (eg electricity) for tax purposes.<\/p>\n<p>This is subject to the same guidelines as for the deduction of other assets, ie it must be possible to prove that the deduction is complete. Thus, for example, it is not possible to reduce the electricity bill for the entire economy, but it must be possible to specify the share of the electricity bill that is caused by extraction.<\/p>\n<\/div>\n\n\n<h2 >Declarations of cryptocurrencies to the taxpayer<\/h2>\n\n<div class=\"block block-paragraph\"><p>The notifier is responsible for making the above notices. The required declarations are made quickly and easily through the tax administration&#8217;s electronic transaction channel, ie own tax.<\/p>\n<p><strong>Please note that as our customer, we also take care of these for you?<\/strong><\/p>\n<p>Further information on taxation can also be found in the taxpayer&#8217;s instructions:<\/p>\n<p>https:\/\/www.vero.fi\/henkiloasiakkaat\/omaisuus\/sijoitusukset\/virtuaalivaluutat\/<\/p>\n<p><a href=\"https:\/\/www.vero.fi\/syventavat-vero-juht\/ohje-hakusivu\/48411\/virtuaalivaluuttojen-verotus\/\">https:\/\/www.vero.fi\/syventavat-vero-juht\/ohje-hakusivu\/48411\/virtuaalivaluuttojen-verotus\/<\/a><\/p>\n<p><a href=\"https:\/\/www.vero.fi\/tietoa-verohallinnosta\/uutishuone\/lehdist%C3%B6tiedotteet\/2021\/muista-ilmoita-virtuaalivaluutist\u00e4-saadut-tulot-veroilmoitukselle\/\">https:\/\/www.vero.fi\/tietoa-verohallinnosta\/uutishuone\/lehdist%C3%B6tiedotteet\/2021\/muista-ilmoita-virtuaalivaluutist\u00e4-saadut-tulot-veroilmoitukselle\/<\/a><\/p>\n<p>&nbsp;<\/p>\n<\/div>\n\n\n<h2 >Read more about taxation<\/h2>\n\n<div class=\"block block-paragraph\"><p><a href=\"https:\/\/riihos.fi\/en\/vat\/\">VAT<\/a><\/p>\n<p><a href=\"https:\/\/riihos.fi\/en\/tax-prepayment\/\">Tax prepayment<\/a><\/p>\n<p><a href=\"https:\/\/riihos.fi\/en\/transfer-tax\/\">Transfer tax<\/a><\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n\t\n<\/div>\n\n\t\n<\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":3,"featured_media":865,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-1716","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Taxation of cryptocurrency<\/title>\n<meta name=\"description\" content=\"How to handle taxes with cryptocurrency? 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