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How should I declare token bought through initital coin offerings on my Swiss tax returns? Do these need to be declared as securities? Do they have to be declared at all?
Hi there,
Swiss tax legislation governing blockchain tokens which has been passed as yet primarily deals with bitcoin and other cryptocurrencies. Bitcoin must be declared as wealth for tax purposes. Gains in the value of bitcoin fall under the same laws as gains in the value of securities. Tax regulations vary between cantons, so consulting a tax expert or accountant with a good knowledge of cryptocurrencies is recommended.
Until further tax legislation specific to tokens is passed, the tax laws which govern bitcoin provide a good guideline for declaring tokens for tax purposes. Note that, while the Swiss Federal Tax Administration does publish an official bitcoin to Swiss franc rate for use in calculating wealth tax and capital gains tax (when applicable), such rates are not yet available for other cryptocurrencies and tokens, which can complicate tax affairs.
Best regards from Moneyguru
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