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Switzerland's 'Crypto Valley' Has Started Accepting Bitcoin, Ether for Tax Payments
Local firm Bitcoin Suisse has partnered with the canton of Zug, converting cryptocurrency tax payments into Swiss francs.
The Swiss canton of Zug has started accepting tax payments in cryptocurrency.
STORY CONTINUES BELOW
In a previous announcement in 2020, the Swiss authorities said that, from February, citizens and companies based in Zug will be able to pay up to 100,000 CHF (around $111,300) of their taxes in either bitcoin or ether. No partial payments in cryptocurrency will be accepted.
Zug has been dubbed "Crypto Valley" over the many industry companies drawn to the jurisdiction over its friendly blockchain and crypto regulation.
"As the home of the Crypto Valley, it is important to us to further promote and simplify the use of cryptocurrencies in everyday life," said Zug’s finance director, Heinz Tannler, when the tax initiative was announced.
Zug-based crypto broker and custodian Bitcoin Suisse has partnered with the canton, converting cryptocurrency payments into Swiss francs for the tax office.
Read more: Russia’s Crypto Tax Bill Passes First Reading at State Duma
According to the Zug Canton website, residents can request to pay taxes in cryptocurrency and will be emailed a link taking them to the crypto payment option.
Aa CoinDesk reported at the time, the city of Zug started accepting bitcoin payments for tax in 2017.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
