Kanton Zug Increases Maximum Tax Payment Amount With Cryptos to CHF 1.5 Million
by Fintechnews Switzerland May 22, 2023The Canton of Zug is increasing the transaction limit for tax payments with the cryptocurrencies Bitcoin and Ether from CHF 100,000 to CHF 1.5 million with immediate effect. This measure will facilitate access to digital means of payment and meet the increasing needs of Zug’s population and companies.
Heinz Tännler
“We are proud that the Canton of Zug has been a pioneer in the use of cryptocurrencies for years. With the increase in the transaction limit, we are setting another example of the acceptance and spread of this innovative payment method,”
says Finance Director Heinz Tännler.
Since the introduction of crypto payment options, tax payments with a total volume of around CHF 2 million have been settled in Bitcoin and Ether in around 150 transactions in the canton of Zug. Due to the positive experiences so far, the Finance Directorate of the Canton of Zug is inviting private individuals and companies who are subject to tax in the Canton of Zug to try out the new payment channel and pay their taxes with cryptocurrencies.
“Increasing the limit is an important step into the digital future. As a further innovation, in the second half of 2023 it will also be possible to pay taxes directly with cryptocurrencies using the QR code contained on the tax administration payment slips. This simplified procedure makes payment with cryptocurrencies even more attractive,”
says Finance Director Heinz Tännler.
Featured image credit: Edited from Freepik
