On March 27, The Innisfil Council favored a pilot program through which residents of Ontario town of Innisfil, Canada will be allowed to pay property tax with cryptocurrencies. As per CBC, Innisfil in collaboration with Coinberry Pay (crypto payment processing project) will enable the residents of the town to pay property taxes in BTC (Bitcoin). The crypto payment firm will then convert cryptocurrency to Canadian dollars and further, transfer the payments to the town.
According to reports, the pilot programme initiative might further extend its support to other cryptocurrencies such as ETH (Ethereum), LTC (Litecoin), BCH (Bitcoin Cash) and XRP (Ripple) in the near future. Lynn Dollin, Innisfil Mayor communicated with CBC that the new payment pilot showed that the community prioritizes innovation. It was in the year 2017, the town consisting of 36,000 people came out with a program for tax subsidies ridesharing in collaboration with Uber and called it Innisfil Transit.
Ohio, United States, became the first ever province to enable businesses to pay taxes through BTC. In the state, businesses are permitted to pay 23 various taxes using cryptocurrencies through an online portal which was officially put to work by the state treasury office. Although this initiative has a motive to make tax paying for business easier, only 2 companies took benefits of the program in the previous year.
In the month of February, California state lawmakers came out with a bill in order to allow cannabis-related firms to pay taxes by the medium of stablecoins. Assembly Bill 953 permits the state, city along with county tax offices to accept cryptocurrency fixed to a physical asset or currency. The bill at present has been referred to the community.
As reported earlier this month, CRA (Canada Revenue Agency) which essentially is governments tax collection service, was auditing investors in cryptos like Bitcoin. Reports suggest that the CRA were investors to clarify various points concerning investments in cryptocurrencies, i.e. how do they buy crypto and from whom do they buy crypto and whether they use tumbler or crypto mixing services.