According to Swedish research, only 0,53 percent of cryptocurrency owners worldwide are willing to register their assets with their local tax authorities. But the willingness is greater in Western countries. In the Netherlands, 1,5 percent of cryptocurrency holders declare their income to the tax authorities.
24 countries were surveyed by Swedish “tax crypto platform” Divly about the tax compliance of cryptocurrency owners in 2022. With a staggering 4,09 percentage, Finnish cryptocurrency owners seem the most eager to meet their tax obligations. In Europe, Finland is followed by Norway (2,43), Sweden (1,72), Austria (2,75), Germany (2,63), the United Kingdom (2,61) and then the Netherlands.
Italy is last of the European countries with 0,26 percent. In 2022, Italians will only have to disclose their holdings of cryptocurrency if the total value exceeds 51.645 euros. With percentages of 1,62 and 1,65 respectively, the United States and neighboring Canada score relatively well.
Asian countries significantly reduce the average share. With a compliance rate of just 0,03 percent, the Philippines is ranked the lowest in the world. According to the Global Cryptocurrency Taxation Report, the Philippine tax authorities therefore levy a 35 percent tax on cryptocurrency assets, but only if the amount exceeds 4.500 euros.
Cryptocurrencies fall under box 3 capital in the Netherlands. Capital gains from trading cryptocurrencies are not taxed. On the other hand, it is taxed because it is a business activity.