Overstock to Become the First Major US Corporation to Pay Taxes with Bitcoin
Popular online retailer Overstock has announced its intentions to become the first large US-based corporation which will pay a portion of its taxes in Ohio using Bitcoin
Paying Taxes With Bitcoin
According to an official press release, the US-based internet retailer Overstock intends to pay its commercial activity taxes (CAT) in Ohio in February using Bitcoin.
This announcement is following the statement of the state of Ohio in Nonmember that Ohio will become the first state which allowed businesses to pay their taxes using the world’s leading digital currency. This is possible through an online portal Ohiocrypto.com
Speaking on the matter was Overstock’s CEO and Founder Patrick M. Byrne, who outlined:
We have long thought that thoughtful governmental adoption of emerging technologies such as cryptocurrencies (when accompanied by non-restrictive legislation over these technologies) is the best way to ensure the U.S. does not lose our place at the forefront of the ever-advancing global economy. […] We are proud to partner with forward-thinking governments and officials like Ohio and Treasurer Mandel to help usher in an era of trust through technology for our nation’s essential financial systems.
It’s also worth noting that Overstocks shares recently soared as the company announced possibilities to sell the retail business and focus entirely on Blockchain startups.
Economically Efficient
Not only does Overstock’s move to pay corporate taxes with Bitcoin furthers the adoption of the world’s largest cryptocurrency, but it also turns out to be a lot more financially justified.
In an interview for Fortune, Ohio State Treasurer Josh Mandel outlined that taxpayers using credit cards to pay their taxes are subjected to a 2.5 percent service fee. Bitcoin payments, on the other hand, are only subjected to a 1 percent service fee. However, as an ‘early filer’ Overstock won’t incur any fees at all.
Speaking on the company’s move to pay its taxes with Bitcoin, Mandel said:
We applaud Overstock for becoming the first national brand in America to register to pay taxes via cryptocurrency. Their embrace of blockchain technology was ahead of its time and we’re proud to have them join OhioCrypto.com.
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