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On 6 September 2017, the Swiss Federal Council initiated the consultation on the revised corporate tax reform 17. Moreover, the Swiss Federal Tax Administration stated its position on the effects of the Automatic Exchange of information on voluntary disclosures. In this issue we will inform you about these and some further important tax developments.
The new EU Data Protection Regulation will take effect on 25 May 2018. Alongside enhanced documentation and reporting requirements for data processers, it also imposes draconian fines of up to 4% of the total worldwide annual turnover of groups, subject to a maximum of EUR 20 million. This article presents the implications of the new EU legislation for Swiss enterprises.
After the failure of the major revision of the company law launched at the end of 2005, the Swiss Federal Council (Bundesrat) revived the proposal in November 2014 and submitted a new slimmer preliminary draft for consultation on 23 November 2016. One of the key goals is to make the capital and incorporation requirements simpler and more flexible.
On 9 June 2017, the Swiss Federal Council discussed the cornerstones of the revised corporate tax reform (Tax Proposal 17) and assigned the Swiss Federal Department of Finance to prepare a draft bill for consultation until September 2017. In this issue of our quarterly newsletter we will inform you about these and further important tax developments.
The information in this brochure gives a general overview of taxation at federal level
and in the canton of Geneva taking into account 2017 rates, unless otherwise
indicated. It is aimed at readers with a sound knowledge of Swiss tax law and of the
relevant legislation in Geneva and is intended as a source of reference material.
On 1 January 2017 the new Swissness legislation entered into force. The background and aim of this legislation is to regulate more precisely the usage of the appellation of origin "Switzerland" along with the Swiss cross, and therefore to maintain over the long term the value of the "brand Switzerland.
On 17 June 2016, the Swiss Parliament adopted the Corporate Tax Reform III package to strengthen Switzerland's attractiveness as a business location. The cantons are now required to adjust their cantonal tax laws in accordance with the new legislation. In this issue of our quarterly newsletter we will inform you on this important topic and further current tax developments.
The information in this brochure gives a general overview of taxation at federal
level and in the canton of Geneva taking into account 2016 rates, unless otherwise indicated. It is aimed at readers with a sound knowledge of Swiss tax law and of the relevant legislation in Geneva and is intended as a source of reference material.
Switzerland has signed the Organisation for Economic Co-operation and Development (OECD)/Council of Europe Convention on Mutual Administrative Assistance in Tax Matters (the MAC) and will introduce the international spontaneous exchange of information in tax matters into domestic legislation. The spontaneous exchange of information will be implemented by way of a revision of the Federal Act on International Administrative Assistance in Tax Matters (Revised Federal Act), which is set to come into force on 1 January 2017.
This update aims to highlight some points of interest around the definition of ‘exporter' under the new EU Customs Code. A literal reading of the new Customs Code indicates that non-EU entities cannot be an exporter as of 1 May 2016. This appears to require export process adjustments for non-EU companies which currently operate as exporters in the supply chain.
On 6 October 2015, in a landmark judgment, the Court of Justice of the European Union (CJEU) struck down the Safe Harbour Agreement between the EU and the US. Therefore, according to the Swiss Federal Data Protection and Information Commissioner (FDPIC) the US Safe Harbour Agreement with Switzerland is also no longer a valid basis for data protection compliant transfers of personal data to the US.
Argentina - Switzerland Tax Treaty enters into force. On 28 October 2015, the remaining notification instruments for the entry into force of the Tax Treaty for the Avoidance of Double Taxation with Respect to Taxes on Income and on Capital (the Treaty) were exchanged between Argentina and Switzerland.