July 25 2018
Draft guide on VAT treatment of virtual currency – consultation launched
On 21 July 2018, the Ministry of Finance published a draft guide on the VAT treatment of virtual currency. The draft guide, among other things, addresses the following:
- the acceptance of virtual currency as a payment method;
- calculation of the taxable amount in virtual currency based on the fair market price;
- currency exchanges;
- the transfer of coins or tokens;
- the mining of virtual currency;
- the initial coin and token offering;
- conversion of virtual currency amounts received in CHF;
- VAT deductions in the case of invoices in cryptocurrency;
- conversion of virtual currency amounts stated in an invoice to CHF or a foreign currency; and
- bookkeeping obligations for invoices received in virtual currency.