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Swiss Canton Zug to Accept Taxes in Bitcoin, Ether From Next Year
Citizens and companies in Zug will be able to pay up to $109,000 of their tax bill in either bitcoin or ether starting next February.
Authorities in the Swiss canton of Zug plan to begin accepting taxes in cryptocurrency from the start of next year.
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- From next February, citizens and companies based in Zug will be able to pay up to 100,000 CHF (around $109,000) of their taxes in either bitcoin (BTC) or ether (ETH).
- No partial payments in cryptocurrency will be accepted.
- For the initiative, authorities have partnered with the Zug-based crypto broker and custodian Bitcoin Suisse, which will convert cryptocurrency payments into Swiss francs and hand them over to the tax office.
- Zug is home to "Crypto Valley," a loose association of cryptocurrency companies based in the canton.
- In a statement Thursday, Zug Finance Director Heinz Tannler said the move would help to normalize the use of cryptocurrencies in everyday life.
- A pilot of the tax scheme is set to be trialed in the coming weeks, ahead of the planned February 2021 launch.
See also: Crypto Bank Hopeful Bitcoin Suisse Raises $48M in First-Ever Round
Paddy Baker
Paddy Baker is a London-based cryptocurrency reporter. He was previously senior journalist at Crypto Briefing. Paddy holds positions in BTC and ETH, as well as smaller amounts of LTC, ZIL, NEO, BNB and BSV.
