The authorities of the Swiss canton of Zug will begin accepting taxes in Bitcoin and Ethereum from February 2021. This is reported by Bloomberg.
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A local cryptocurrency broker, Bitcoin Suisse, is taking part in the project. It will convert BTC and ETH into Swiss francs for the tax authorities.
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“Tax calculations using cryptocurrency will be available to both companies and individuals up to CHF 100,000 (about $109,000),” the Zug administration clarified.
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In January 2020, the authorities of the Swiss town of Zermatt, with the participation of Bitcoin Suisse, launched a similar project. To use the option, the payer must submit an application to the tax authority.
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The municipality of #Zermatt has taken an important step for #innovation: it now accepts #Bitcoin as official payment!
\nWe are very proud to support with our payment solution & applaud the #pioneering spirit that lives in the mountains of Zermatt.https://t.co/TLtgSU14hb\n
— Bitcoin Suisse (@BitcoinSuisseAG) January 29, 2020
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Back in May 2016, the canton of Zug launched an experiment to pay utility bills with bitcoins.
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Earlier, Bitcoin Suisse announced raising more than $48 million from investors. The funds will be used by the broker to scale and develop the business.
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