According to the Federal Authority, Switzerland does not need to amend its existing tax legislation regarding blockchain and distributed records technology.
At a meeting on June 19, the Federal Council addressed a report on the need to amend the tax law in Switzerland in response to the development of distributed records technology and blockchain.
According to the official statement, the current legislation, including income, profits, wealth, and capital gains taxes, as well as value-added tax, has proven its worth in terms of technology-based arrangements. Distributed Records and Blockchain.
The Federal Council has written: Therefore, it is not necessary to take legislative action with regard to the special tax provisions of new instruments.
In addition, the commission recommended not to extend tax deduction coverage in terms of income from share and share token.
The latest decision of the Federal Council came after the initial authority was called to evaluate the need for blockchain amendments to the Swiss tax law in 2018.
In December 2018, the panel said that the Swiss legal framework is well suited to deal with new technologies such as the blockchain.
