Zug, May 19, 2023 – The Canton of Zug has increased the threshold for tax payments with the cryptocurrencies Bitcoin and Ether from the previous CHF 100’000 to CHF 1.5 million with immediate effect. This measure aims to facilitate access to digital payment methods and meets the growing needs of the population and businesses based in the canton of Zug.
"We are proud that the Canton of Zug has been at the forefront of making use of cryptocurrencies for years. By increasing the transaction limit, we are further demonstrating our acceptance and promotion of this innovative payment method," stated Finance Director Heinz Tännler.
Dr. Dirk Klee, CEO of Bitcoin Suisse, also welcomes this measure, stating, "The Canton of Zug has long been an important hub for the crypto industry. The increase of the threshold for tax payments again demonstrates the leading position of the Canton of Zug in integrating cryptocurrencies. We are proud to contribute to the realization of this goal with our Bitcoin Suisse Pay solution."
Since the introduction of tax crypto payments, approximately 150 transactions with a total volume of around CHF 2 million have been settled in Bitcoin and Ether for tax payments in the Canton of Zug. Based on the positive experiences so far, the Finance Directorate of the Canton of Zug invites individuals and businesses liable for taxes in the Canton of Zug to try out the new payment channel and pay their taxes with cryptocurrencies.
"The increase in the limit is an important step towards the digital future. From the second half of 2023 on, another innovation will be possible - paying taxes with cryptocurrencies directly by scanning the QR code on the payment slips issued by the tax administration. This simplified process makes paying with cryptocurrencies even more attractive," stated Finance Director Heinz Tännler.
Find out more about tax payments with cryptocurrencies on the website of the Canton of Zug.
