Zug is one of rare cities of the world to accept the bitcoin and ethereum for tax payment. As early as July 2016, its rulers allowed such convenience to local crypto-enthusiasts. Provided that the ceiling of 200 Swiss francs is not exceeded until 2021. But recently, the situation has changed: it is said that the canton of Zug (Switzerland) has raised the tax threshold in BTC and ETH in a consistent way.
Switzerland, the canton of Zug more and more crypto-friendly
In June 2022, our colleague identified a dozen municipalities accepting the payment oftaxes in bitcoin and ether. Among them is the city of Zug, to which The Block granted a sensational article.
In it, we learned that the same canton raised the cap on tax payments in BTC and ETH to 1.5 million Swiss francs. Which is about 1.6 million US dollars.
With bitcoin trading at the time of writing at $26,730, that cap would be around 60 BTC.
For Dirk Klee, CEO of Bitcoin Suisse, the partner bank supposed to convert bitcoin and ether into fiat on behalf of the canton of Zug:
” The canton of Zug has long been an important hub for the crypto industry. The raising of the tax payment threshold once again demonstrates the leading position of the Canton of Zug in the integration of cryptocurrencies. »
Other innovations to come
Since the canton of Zug accepted tax payments in bitcoin and ether, some Swiss taxpayers have started to pour in. Indeed, between February 2021 and May 2022, nearly 150 cryptocurrency tax transactions have been registered locally. That’s about $2.2 million.
In the press release intended to present the revision of the said ceiling, it was said that:
” Based on the positive experiences made so far, the Finance Department of the Canton of Zug invites taxable individuals and companies in the Canton of Zug to try out the new payment channel and pay their taxes with cryptocurrencies. »
Thus, in addition to this raising of the ceiling, Heinz Tannler, the director of finance of Zug, announced another project of the same ilk. This is a possibility pay taxes in cryptocurrency by simply scanning the QR code stamped on payment slips issued by the local tax authorities.
In short, it is not only in Lugano that you can find Swiss people fond of cryptocurrencies. You can, for example, add your list of cities Chiasso and Zermatt.
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