Swiss canton Zug to accept bitcoin and ether for tax payment from next year


The canton of Zug, one of the member states of the Swiss Confederation, is set to accept bitcoin (BTC) and ether (ETH) for tax payment from next year.

The Zug administration announced the news on Thursday, saying that beginning February 2021, companies and individuals will be able to pay their taxes in the two cryptocurrencies for an amount of up to CHF 100,000 (~$110,000).

The Zug Department of Finance has collaborated with Bitcoin Suisse for the initiative, meaning the Swiss crypto firm will convert users’ BTC and ETH tax payments into francs for the agency.

“We do not take any risk with this new payment method, as we always receive the amount in Swiss Francs, even if payment is made in Bitcoin or Ether,” said Heinz Tannler, finance director of the Zug administration.

A pilot will take place in the coming weeks to test the new initiative, said Tannler, adding that those who wish to pay taxes with cryptocurrencies may contact the cantonal tax office. They will then receive the necessary QR code for payment, mostly via email.

It is worth noting that the Zug city, the capital of the canton, already accepts bitcoin for tax payments, also via Bitcoin Suisse, since 2016. The Swiss municipalities of Zermatt and Chiasso also accept bitcoin for smaller tax payments.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

TRON USDC now available

Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency. 
Read Full Story
Sponsored Post

Layer-1 Platforms: A Framework for Comparison

The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana. We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come. 
Read Full Story
Aug 11, 2021, 5:18PM UTC