A world of opportunity - Ernst & Young - Switzerland

Ernst & Young Monthly News September 2007

Media

New Head of EY St Gallen office

(Media Release, HTML German)

Zurich, August 21, 2007 – Markus Oppliger is to take over as Head of the St. Gallen office. He will be replacing Louis Siegrist, who will be focusing his energies on the growing transaction market in his position as Head of Company Valuations.

The accounting situation for companies traded over-the-counter – what direction will financial reporting take?

(PDF German, 340 kB)
Source: Der Schweizer Treuhänder, 8|2007
Authors: Daniel Kauer, Ernst & Young; Max Boemle, Ronny Meyer

The draft revision of the accounting legislation issued in December 2005 introduced a new phase in the debate about the objectives and structure of accounting standards. Even the special provisions relating to limited companies only stipulate minimum requirements and allow company managers considerable freedom to increase transparency. How were these provisions used in the 2005 annual reports of over-the-counter companies?

Tax treatment of intra-group cross-border interest payments involving Switzerland

(PDF English, 3.55 MB)
Source: IBFD Bulletin for International Taxation, Vol 61, August 8, 2007
Author: Howard R. Hull, Ernst & Young

Multinational companies with operations in Switzerland have been revising their financing structure to take into consideration the recent legislative and administrative changes. As per its domestic legislation, Switzerland does not generally levy a withholding tax on outbound interest paid to non-resident entities. This is subject to certain exceptions which are explored in this article. There are, however, many countries that withhold tax on interest payments made to Swiss entities.

The new audit report – ISA 700 (revised), audit legislation and comprehensive report to the Board of Directors

(PDF German, 335 kB)
Source: Der Schweizer Treuhänder, 2007|1-2
Authors: Thomas Stenz, Markus Renfer, Ernst & Young

At the end of 2006, the IFAC introduced the new audit certificate pursuant to ISA 700 (revised). The authors, all members of the Auditing and Accounting Practices Committee, explain why the new audit certificate is only to be introduced for 2008 annual financial statements, once the new audit statute has come into effect. In addition, the article looks at the possible content of the new comprehensive report to the Board.

The latest developments in German tax legislation

(PDF German, 73 kB)
Source: Steuer Revue, Nr. 7/2007
Authors: Heiko Kubaile, Ernst & Young

The focus of this article is on the 2008 corporate tax reform and the Annual Tax Act, which is also due to come into force in 2008.

Developments in international tax legislation

(PDF German, 425 kB)
Source: Steuer Revue, Nr. 6/2007,
Authors: Markus F. Huber, Philipp Ziegler, Heiko Kubaile, Gregor Freimoser, Ernst & Young

From the European Commission’s assessment on the Swiss tax regime through the revision of individual double taxation agreements to the latest developments in German tax legislation and the area of transfer pricing, this article covers a broad spectrum of the latest events in international tax legislation.