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.
Sep 3, 2020 at 10:46 a.m. UTCUpdated Aug 19, 2021 at 4:07 a.m. UTC
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Authorities in the Swiss canton of Zug plan to begin accepting taxes in cryptocurrency from the start of next year.
- 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.
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