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Interbank offered rates (IBORs) play an integral role in the global financial markets. In the aftermath of the financial crisis, their reliability and robustness were undermined by alleged manipulation and liquidity decline in the interbank unsecured funding markets.
Since 2009, the official sector and market participants have undertaken a series of initiatives to restore the governance and oversight of major interest rate benchmarks. Markets across the globe have taken steps to reform their existing rates in line with the Financial Stability Board (FSB) and the IOSCO Principles.
Regardless of the sector, location or size of the business, our employees are undisputedly one of our most important economic assets and contribute significantly to our success. It is therefore important to create the right incentive systems to ensure that valued employees remain on board on a sustained and long-term basis.
Following a lengthy reconciliation process between the National Council and the Council of States, on 15 June 2018 the Parliament adopted the new law on the statute of limitation. The referendum period continues to run until 4 October 2018. The law was revised, amongst other reasons, due to the fate of persons exposed to asbestos, whose claims had already become time-barred under existing law, long before symptoms of their asbestos-related illness became apparent.
Over the last decades, we have seen an enormous rise in the number and the value of international disputes between professional volleyball clubs and their players. This unpleasant situation did result from the fact that too many clubs did not comply with the financial obligations toward their players. In 2013, FIVB decided that a new regime was necessary and introduced the Financial Dispute Resolution System.
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.
Our latest edition of EY's luxury and cosmetics financial factbook finds that contrary to the reduced M&A activities of Swiss watch brands, the watch component industry provides further potential consolidation opportunities due to anticipated transitional changes on the supply side and market pressure to increase the value add of a luxury watch.
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.