The Swiss canton of Zug has started accepting tax payments in cryptocurrency.
In an earlier announcement made in 2020, Swiss authorities said that Zug-based citizens and companies will be able to pay up to CHF 100,000 (around USD 111,300) of their taxes in either Bitcoin or ether from February. Partial payments in cryptocurrency are not accepted.
Zug has been referred to as “Crypto Valley” because of the many industrial companies that have been dragged into jurisdiction for its friendly blockchain and crypto regulation.
“As the home of the Crypto Valley, it is important to us to further promote and simplify the use of crypto currencies in everyday life,” said Zug’s Finance Director Heinz Tannler when the tax initiative was announced.
The Zug-based crypto broker and custodian bank Bitcoin Suisse has teamed up with the canton and converted cryptocurrency payments for the tax office into Swiss francs.
According to the website of the canton of Zug, residents can request payment of taxes in cryptocurrency and receive a link by email that leads them to the crypto payment option.
Aa CoinDesk reported at the time that the city of Zug has been accepting Bitcoin payments for taxes since 2017.
