OneCoin a “pyramid game” for tax in Sweden, not a cryptocurrency
Evidently OneCoin investment in Sweden has resulted in a few taxation issues popping up.
While the level of investment into OneCoin from Sweden as a whole isn’t known, it’s significant enough for the Swedish Taxation Authority to add a OneCoin query to its cryptocurrency taxation FAQ.
The fourth question on the Swedish Tax Authority’s FAQ list asks, “Does OneCoin count as a cryptocurrency?”
The answer to which is “no”. The Swedish Tax Authority sees OneCoin as “basically a pyramid game”.
The Swedish Tax Agency’s view is that onecoin is not a crypto currency. The Swedish Tax Agency’s view is instead that onecoin is basically a pyramid game.
Pyramid games are treated taxally as a lottery.
OneCoin falling under the lottery section of Sweden’s tax code means that investment into the scheme cannot be claimed as a deduction.
Neither can losses.
The Swedish Tax Agency’s view is that onecoin is organized outside the EEA.
You should therefore record income from onecoin as income from capital as a profit in a foreign lottery.
You may not deduct losses.
The fiscal year in Sweden follows the caldendar year (Jan-Dec), suggesting that last year a significant number of Swedish OneCoin victims might have attempted to recover losses as tax write-offs.
On the plus side the Swedish Tax Authority isn’t interested in taxing investor’s OneCoin Ponzi points balances.
If you have been compensated for networking (bonus or commission) and have received both cash and a certain amount of onecoins, the Swedish Tax Agency is of the opinion that it is only the cash part that you should directly assume as income from capital.
If you then receive compensation for the onecoin you have received, you should include this as income of capital as a win in a foreign lottery.
As above, only cash commissions are taxable.
The second paragraph likely doesn’t apply, following OneCoin’s decision to suspend ROI withdrawals since January, 2017.
Prior to this collapse OneCoin investors were able to convert OneCoin balances into cash through an internal exchange (OneCoin paid ROI requests out with newly invested funds).
It should be noted that the Swedish Taxation Authority, outside of tax related matters, is not an enforcement regulatory body.
Swedish police began investigating OneCoin in early 2016. As of March 2017 the investigation was ongoing.
I have found this on a new fraud portal of two Turks (?) – just registered on February 26, 2018 and of course anonymous!
NOLINK://oneinvestors.com/en/How-secure-is-OneCoin
NOLINK://share-your-photo.com/img/d5a7e3f1e4.png
“In terms of security OneCoin is extremely secure.”
Yes, it’s a secure lost of money!
Are we still talking about ONECOIN currency – which isn’t really money to steal – since that is already gone in someone else bank account.
The people’s money is securely secured in Ruja’s mansion, Bulgarian real estate, yacht, etc.
They can see their money any time they want by looking at her mansion in this post: behindmlm.com/companies/onecoin/ruja-ignatova-builds-2-5-mill-mansion-no-money-for-onecoin-affiliates/
We have a winner! You nailed it.
ONE coin for MANY idiots. It’s called “Onecoin”.
Provenly OneCoin DOESN’T need their KYC procedure for:
– Creating a OneLife/OneCoin account.
– Buying OneCoins – ahem – ”education”.
– “Mining” tokens to OneCoins.
– Buying from DealShaker.
– Moving coins from one member to another.
– Donating to OneWorldFoundation.
– Buying OFC.
– Selling OneCoins (when XcoinX was still operational).
But you do need KYC for:
– Withdrawing euros from cash account.
So anyone could “steal your coins” and spend them in DealShitter with no need for identification.
Lets not forget that moving OneCoins from member to member only works in the same marketing up/downline so it’s a very limited possibility. And of course also the amount is strictly limited.
This is not how real cryptocurrencies work.