What happens if you did not report crypto gains in previous years?

The short answer

You can still file a return for a tax year that has already passed, and reporting on your own initiative is generally better than waiting to be contacted by the Tax Authority.

In brief

Can it be corrected: Yes, a return can be filed for a previous tax year
What is needed: Full trading history from those years
Interest and indexation: Tax unpaid on time accrues indexation and interest
Losses from past years: Only available to offset if they were reported
When to get advice: Before filing, when several tax years are involved

Why report on your own initiative?

Tax unpaid on time accrues indexation differences and interest, so the amount grows the longer reporting is delayed. An annual return not filed on time also carries a fine for each month of delay, under section 188 of the Income Tax Ordinance.

The Tax Authority told the State Comptroller in 2024 that it had developed and acquired tools to identify digital wallets and link them to their owners, and since May 2025 the capital declaration form has had dedicated sections for digital assets. So assuming unreported activity stays unknown is not a safe assumption.

Filing on your own initiative puts a filer in a better position than responding to an approach from the Authority.

What if the history is incomplete?

Most exchanges let you download a full trading history years back, and on some of them the export is available by connecting the account rather than only as a file.

Where a venue has shut down or account access is lost, collect every available record: bank transfer confirmations, purchase receipts and wallet addresses.

A partial history produces a wrong calculation, so completing the data is the step that determines the quality of the report.

Can losses from those years still be used?

Under section 92(b) of the Ordinance, a capital loss carries forward to later years only if a return was filed for the tax year it arose, so losing years that went unreported are often a double loss.

Filing for previous years may therefore reduce the overall tax liability rather than only increase it.

How does Crypto Tax handle previous years?

You import the full trading history once and generate a separate report for each tax year you need. You buy one report for each tax year.

Importing and checking which venues are supported cost nothing, so you can see what you will get before generating anything.

Sources

Last updated: 2026-09-28

This page is general information only and is not tax advice. For your own circumstances, consult a tax advisor or accountant.