When you live in the Netherlands or have income from the Netherlands, you are required to pay taxes on that. In the Netherlands, you not only pay taxes on income but also on savings and investments. Sometimes you may have paid too much tax, and to get it back, you need to file a tax return every year.

Coinmerce makes it even easier for you this year. There is a new feature for tax filing available on our app. So, read on to find out how you can easily file your tax return this year using our app.

Filing taxes in the Netherlands

You can easily file your tax return online through the website or app of the tax authorities. To correctly fill out your tax return, you need to provide your personal information, income, deductions, and any assets you may have. You can also use pre-filled data, such as income and mortgage information, which the tax authorities have already received. After filling in the details, you submit the return and receive a confirmation.

The deadline for filing your tax return varies annually, but it is usually May 1st. If you have a tax advisor, this deadline can be extended to September 1st. It is important to file your return on time to avoid any penalties or interest.

The role of cryptocurrency in tax filing

But what should you consider when filing your tax return and owning cryptocurrency? Cryptocurrencies that you hold privately are generally considered as part of Box 3 in income tax. For income tax return purposes, cryptocurrencies are classified as 'other assets.' For your income tax return for the tax year 2023, you must declare the cryptocurrencies you held on January 1st, 2023, at 12:00 am.

In certain situations, you may need to report your crypto income under Box 1 of income tax. This is the case when you have more crypto in your possession than an 'ordinary' investor. If you are a miner, the earnings you receive from mining do not need to be declared according to the Tax Authorities.

How to use this new feature?

Finding your annual overview in the app is very simple. Once you are logged in, go to your account, and there is a button at the top of the screen that takes you to your annual overview.

This annual overview shows a statement of the account value at the beginning of the year and at the end of the year. For your tax return, you use the amount you had on your account at the beginning of the year.

This data is provided solely for informational purposes and should not be construed as tax advice. Any tax consequences resulting from the use of this annual overview are the sole responsibility and risk of the individual. For additional information, we recommend consulting the website of the tax authority in your respective country.