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Do I need to pay taxes when using NBX?
NBX stands as a leading platform in enabling cryptocurrency transactions in the Nordics. For a Nordic exchange they have one of the most broad set of offerings which includes the ability to buy, sell, trade crypto to crypto, earn staking rewards, and earn cashback on their crypto card. Most of these transactions will trigger taxable events whether you pay taxes in Norway, Sweden, Finland, or Denmark.
For a comprehensive understanding of how these transactions are taxed within your locality, we encourage consulting Divly's country-specific crypto tax guides. These resources are meticulously crafted to demystify the tax obligations associated with cryptocurrency dealings in your country.
Does NBX provide tax documents?
It is not common practice for cryptocurrency exchanges to offer localized tax documentation for their users, and NBX is no exception. Users are expected to independently track and calculate their taxes or seek assistance from dedicated cryptocurrency tax services such as Divly or a tax lawyer.
Fortunately, NBX provides a comprehensive transaction file export that can be used to calculate your taxes. This file is supported by Divly and can be used to calculate and declare your taxes in all of NBX's supported countries. NBX works proactively with tax calculators like Divly to ensure their customers have a smooth experience.
There are three pivotal steps to adhere to when reporting your NBX taxes. We'll go through them all in this guide.
Step 1: Export your NBX transaction history
To start your tax calculation process, it's crucial to first obtain your transaction history from NBX. NBX offers the convenience of directly downloading your transaction files, making it easier to manage your tax responsibilities.
| Transaction type | File Import |
|---|---|
| Withdrawals | |
| Deposits | |
| Trades | |
| Trading Fees | |
| Staking Rewards | |
| Rewards | |
| Cashback | |
| Other Expense |
File import
You can import transactions from NBX into Divly by downloading and importing a CSV file. Make sure to download the CSV file every time you want to include the latest transactions.
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Sign in to NBX.
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Click on Orders in the sidebar to the left.
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Click on the tab Annual report.
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Select the Year you want to download and then click Download Annual Report. A CSV file will download.
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Repeat the previous step until you have a CSV file for every year of your transaction history on NBX.
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In Divly, drag and drop the CSV files to where it says Upload CSV. Divly will import the transactions.
Step 2: Calculate your crypto taxes
After obtaining your transaction history from NBX, the subsequent step involves determining your cryptocurrency gains and losses for tax purposes. There are several approaches you can take to accomplish this:
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Manual Calculation: Take the old school route by manually calculating using Excel or any other spreadsheet software. Takes a lot of time and requires a deep understanding of taxes but it does not cost anything.
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Tax Platforms: Opt for a solution like Divly, which simplifies the process by providing automated tax calculations for a modest fee. This tends to be the most popular option amongst crypto users.
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Professional Assistance: Engage the expertise of a tax lawyer to oversee your tax calculations and filings. Useful if you have large sums or complex transactions that cant be automated by a tax platform, but it comes at a hefty price tag.
Each method comes with its own set of benefits and challenges, depending on your familiarity with tax laws, the intricacy of your transactions, and the specific regulations in your country.
Step 3: Report your crypto taxes to the local tax authority
Following the calculation of your taxes from your NBX transactions, it's crucial to file them in a manner that aligns with the stipulations of your local tax authority, given that these regulations can differ markedly across regions. For example, in Sweden this requires you to fill in a K4 report, whilst in Norway you need to consider whether you want to declare your capital gains to Skatteetaten collectively or individually.
If you're using Divly, you're positioned to enjoy a seamless filing process. All you need to do is download the automated tax report from Divly, which is customized with comprehensive instructions suited to the tax laws of your designated country. This report is localized to your country of choice and includes all the necessary information to file your crypto taxes.
If you have any further questions feel free to reach out to our support chat available in the bottom right hand corner of our website. Good luck!
Any tax-related information provided by us is not tax advice, financial advice, accounting advice, or legal advice and cannot be used by you or any other party for the purpose of avoiding tax penalties. You should seek the advice of a tax professional regarding your particular circumstances. We make no claims, promises, or warranties about the accuracy of the information provided herein. Everything included herein is our opinion and not a statement of fact. This article may contain affiliate links.