TAX PAYMENTS WITH CRYPTOCURRENCIES ARE SPREADING DAY BY DAY

Offering the option to pay taxes with Bitcoin has recently become an option that jurisdictions often prefer...

...

The Swiss municipality of Zermatt has now become the second place in Switzerland where taxpayers are officially allowed to pay in bitcoin (BTC),according to recent reports. In order for the new tax payment option to be made available to taxpayers, Zermatt officials partnered with Bitcoin Suisse, Switzerland's main crypto financial services company.

Tax Payments

According to a statement by Bitcoin Suisse, Zermatt began accepting Bitcoin as a means of payment for local taxes and transactions on January 28, 2020. By partnering with Bitcoin Suisse, Zermatt officials can now convert taxpayers ' Bitcoin into Swiss francs through Bitcoin Suisse, allowing the amount of tax in traditional currencies to be transferred to the municipality's bank account.

Local taxpayers, in particular, will be able to pay their taxes through a point-of-sale tool set up with Bitcoin at Zermatt city hall or through an online payment portal, according to the statement. But to pay taxes online with Bitcoin, taxpayers will have to apply directly to the Zermatt Tax Office for a crypto payment solution.

Innovator and Pioneer

On the other hand, Zermatt mayor Romy Biner-Hauser said the new tax payment option was aimed at meeting the growing demand for Bitcoin-based tax payments, saying::

An innovative and pioneering spirit, one of Zermatt's trademarks. That's why we're happy to support citizens in providing the solutions they need.

In addition, Bitcoin Suisse said in its statement that the city of Zug, Switzerland, was the first city to accept Bitcoin payments in 2016. However, technological developments in the city of Zug, known as the” Crypto Valley", increased rapidly.

Meanwhile, as Switzerland continues to expand its crypto-financial services industry in terms of Bitcoin-backed tax payments, some global officials recently said such an option was considered too risky because of Bitcoin's high volatility.…


Source