A small town in Ontario Canada Innisfil which constitutes of roughly 36,000 thousand people has defied all odds and is going to implement a pilot program for a one year starting April 2019 to collect taxes in Bitcoin and other digital currency.
Members of the Innisfil Council voted in favor of the pilot program. Although a bill presented in Toronto by Norm Kelly was thrown out, the council in Innisfil believes crypto should be embraced. Furthermore, the comment of Lynn Dollin Mayor Innisfil show his community in Innisfil is prioritizing innovation to ease how they do business.
To successfully run the pilot program, Innisfil sourced the services of Coinberry a Toronto based firm which operates a crypto payment platform. The latter will be responsible for the program and will also handle the digital coins received as payment for property taxes from Innisfil residents.
The platform will start by accepting taxes in Bitcoin. However, down the line, Coinberry will add more digital coins. Some of the coins to be added include Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC) AND Ethereum (ETH). Apart from running the program, Coinberry will also be responsible for the conversion of the taxes into local fiat currency, in this case, Canadian dollars to facilitate the transfer of the funds into the Innisfil treasury.
Innisfil Tax Tax-Subsidized Uber Ride-Hailing Service
While plans are being finalized to launch the crypto-based tax, Innisfil residents will enjoy leveraging Innisfil Transit a tax-subsidized uber ride-hailing service project which was launched in 2017 to get some discounts. Innisfil Transit was launched in collaboration with uber, and it’s an alternative means of transportation for the public.
Besides Innisfil joining the league of states accepting taxes in crypto, California also passed a bill that enables firms dealing in cannabis to pay their taxes through stablecoins.
Assembly Bill 953 paved the way for county, city, and state tax officials to accept cultivation and excise tax payments in crypto. Alongside California residents, Ohio residents can now pay 23 different taxes in bitcoin through an online portal. Although some lawmakers are against the thought of having their citizens pay taxes in crypto due to the risks, more and more states are passing laws that allow residents to pay taxes through crypto.