Switzerland is considering including crypto tax data in its international information exchange agreement.
The Federal Council on Wednesday launched a consultation process on a new bill. The bill aims to facilitate the sharing of crypto asset information with 111 jurisdictions. These jurisdictions are currently part of the automatic exchange of information. Sharing depends on whether they comply with the OECD's crypto asset reporting framework.
Switzerland has long been a leader in cryptocurrency adoption. Places like Lugano have been among the first to accept taxes on cryptocurrencies such as Tether (USDT) and Bitcoin (BTC). The country's political framework allows the Federal Tax Office to classify Bitcoin as a payment method. As a result, Bitcoin is exempt from Value Added Tax (VAT).
The Federal Council aims to establish a start date for the automatic exchange of crypto-related information with its partner states. The consultation period for the legislative proposal ends on November 15, 2024.
Switzerland Launches Public Consultation on Crypto Tax Information Sharing
2024-08-15 04:03:19
Switzerland considering crypto tax collecting data incorporating its international information exchangedesk3cryptocurrencydesktopCrypto News
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