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SEC
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.
By Paddy Baker
Updated Sep 14, 2021, 9:51 a.m. Published Sep 3, 2020, 10:46 a.m.
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.
