The FTA has updated its working paper on cryptocurrencies and initial coin/token offerings (ICOs/ITOs) as a subject of wealth, income and profit tax, withholding tax and stamp duties. It reflects the state of practice as of the end of 2020.
The FTA summarises the changes as follows: "The revised working paper [...] now also contains explanations on the tax treatment of investment tokens with participation rights. In addition, the updated working paper comments for the first time on the question of whether investment tokens with a contractual basis qualify as employee shareholdings within the meaning of [Art. 17a DBG]. The practice determinations of the FTA and the cantonal tax authorities will have to evolve and take into account new constellations in the area of ICOs/ITOs. If necessary, the FTA will also issue a corresponding communication. "
The working paper is available as PDF here.
