RLP Blog

Canton of Zug raises the transaction limits for tax payments in Bitcoin and Ether

🇨🇭The central Swiss Canton of Zug raises the transaction limits for tax payments in Bitcoin (BTC) and Ether (ETH) with immediate effect. The previous limit of 100,000 Swiss francs has increased to a whopping 1.5 million.

But that's not all❗️

Starting in the second half of 2023, another exciting development will be introduced: taxpayers will be able to pay their taxes directly in cryptocurrencies by scanning a QR code on the payment receipts issued by the tax administration. This simplified process aims to make cryptocurrency payments even more attractive for individuals and businesses.

This groundbreaking progress results from the fruitful collaboration between the Canton of Zug and Bitcoin Suisse. Zug became the first Canton in Switzerland to accept digital currencies for tax payments back in 2021. Since then, approximately 150 crypto-tax transactions with a total volume of around 2 million Swiss francs have been recorded in the renowned "Crypto Valley," as stated in the press release. Based on the positive experiences so far, the Canton of Zug is now inviting all taxpayers within its jurisdiction to explore this new payment method and settle their tax obligations using cryptocurrencies.

Collaborating with Bitcoin Suisse AG Canton converts taxpayers' Bitcoins and Ether into Swiss francs. Dr. Dirk Klee the CEO of Bitcoin Suisse, enthusiastically welcomes this new initiative, stating, "The increase in the transaction limit once again demonstrates the pioneering role of the Canton of Zug in integrating cryptocurrencies."

If you are a taxpayer in Zug, we encourage you to seize this opportunity to experience the convenience and benefits of paying your taxes with cryptocurrencies. Stay ahead of the curve and contribute to the digital transformation happening right in the heart of Switzerland.