The cryptocurrency industry is growing at an unexpected rate at present, with leading organizations and governments adopting digital assets on a large scale. After Miami allowed its residents to pay taxes in Bitcoin, one more city administration in another corner of the world has started accepting bitcoin.
The Canton of Zug in Switzerland announced that it would accept tax payments in Bitcoin.
Switzerland’s Crypto Valley Now Accepts Tax Payments in Ether and Bitcoin
The cantonment of Zug is often referred to as the ‘Crypto Valley’ as a lot of crypto companies are fast-moving to the area due to its crypto-friendly regulations. The cantonment announced last year that it would allow the residents to pay the taxes up to an amount of 100000 CHF in Ethereum or Bitcoin. However, partial payments were not allowed. The jurisdiction is touted as one of the most crypto forward places globally as the administration employs blockchain-friendly regulations. The Finance Director of Cantonment of Zug, Heinz Tannler, said that” As the home of the Crypto Valley, it is important to us to further promote and simplify the use of cryptocurrencies in everyday life,”
Bitcoin Sussie, a Zug canton based crypto custodian firm, collaborated with the jurisdiction to convert crypto payments into CHF for taxation purposes. The residents of Zug can now apply for paying the taxes in cryptocurrency. After application on the Zug Canton website, the residents will receive an email with a link to make payments in Bitcoin and Ether.
Through its official Twitter handle, Bitcoin Suisse announced that the citizens can now pay the cantonal tax in Bitcoin and Ether. Adding to the announcement, Bitcoin Suisse said that the step is to promote crypto adoption in Zug tax office. Switzerland is a pioneering nation when it comes to crypto adoption. The Zug Cantonal tax office will use the Bitcoin Suisse Crypto Payment Solution for processing crypto tax payments. The firm has also released video instruction for the taxpayers so that they can understand using crypto as a tax payment option. The taxpayers, including residents, businesses and institutions, must inform the authorities that they want to use taxes after receiving the tax invoices in crypto. The users will receive an email with a QR code to pay the taxes through their crypto wallet. The users can scan the QR code from their wallet and pay the billed tax amount. On successful payment, the tax department will notify the user through email.
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