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No Blockchain Amendments for Tax Law are Necessary

June 23, 2020 | Tax News

No Blockchain Amendments for Tax Law are Necessary

On the session of Federal Council on 19 June 2020, the report regarding the amendments connected with blockchain to the tax law was taken into consideration. It was decided that no special amendments are necessary.

It is worth to admit, that the current legislation is still a powerful instrument in regulation of income, profit, wealth and capital gains taxes.

Due to the fact that the currently VAT law guarantees the arrangements of distributed ledger technology and blockchain, the additional legislative measures are not required.

During the session the question about the withholding tax connection on income from share and participation tokens was also discussed.

Because the situation with the type and scope of the usage of the DLT Trading platform in the future is still indeterminate, the amendments to the transfer stamp tax were also not made.

On 7 December 2018, the Federal Council began to analyse the situation to understand if the amendments to tax law are needed. As a result, the Federal Department of Finance on the instructions of the Federal Council has prepared the report on the necessity of tax law adaptation to the DLT and blockchain progress.
Source: https://www.admin.ch/gov/en/start/documentation/me...

Legal disclaimer. This article does not constitute legal advice and does not establish an attorney-client relationship. The article should be used for informational purposes only.

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