- A huge step taken by the Swiss crypto valley to accept taxes via Bitcoin and Ether
- Crypto payment limit set to 100,000 which is very beneficial for the taxpayers
- This would successfully promote crypto to the public at a greater level
Recently the taxation unit of Switzerland has started allowing tax payments in crypto. In February it was announced by the authorities of swiss that the companies, along with the citizens located in Zug will get the opportunity to transact taxes of an amount of 100,000 CHF in Ether and Bitcoin. However, partial payments made via crypto will not be allowed.
Zug is well-known as the ‘Crypto Valley’, it has a well managed and user friendly crypto exchanging policies. This has led to a huge number of companies entering and joining the jurisdiction of the valley. The regulations for cryptocurrencies followed at Zug are very flexible. They are comfortable for the companies who want or prefer to deal in cryptocurrencies. This proves to be one great news for Switzerland in 2021.
From the finance directors desk
The finance Director of Zug, Heinz Tannler mentioned in one of his announcements that, being a crypto valley it is significantly important for them to promote cryptocurrencies as well as simplify the methods of putting these cryptocurrencies into proper use in day-to-day lives. A recent partnership took place between Canton and Bitcoin Suisse. They have collaborated in changing the payments made via cryptocurrencies into Swiss francs as far as taxes are concerned. As per Zug the residents of the website of Canton can put in a request for paying taxes in crypto. Payment will be directed to cryptocurrency by sending a link via email. The procedure would include a taxpayer who will be notifying the authorities who are collecting taxes. They will send a QR generated code for the respective payments in return.
The effect of crypto tax payments
Being the very heart of Switzerland and the hub for crypto exchanges, Zug taking this huge initiative of including BTC and ETH has led to a huge dynamic in the market of cryptocurrencies. Accepting tax payments via crypto is a huge step towards the promotion of digital currency. It will make Canton, the very first one to accept crypto tax payments. Zug government accepted $220 via BTC, which is now extended $100,000. This would give individuals and companies an opportunity to make payments via crypto.
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