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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.
In our digitalized world, a week without new emerging events in the field of cybersecurity is very uncommon. Many organizations have already suffered cyber attacks or other security breaches. No organization can be 100% secure in today's hyper-connected, borderless world. A cybersecurity breach can have devastating effects - from direct financial loss and decrease of shareholder value to reputational damage and liability exposure.
On 27 September 2016, the SFTA has published a statement with respect to the use of digital signatures for safeguarding the integrity and authenticity of an electronic invoice on its homepage. For the first time, the SFTA explicitly states that digital signatures do not necessarily have to be used in order to ensure the authenticity and integrity of electronic invoices.
The interest margins of Swiss retail banks continue their downward trend, which started in 2007 and persisted into last year. Interest rates for loans and savings have been decoupled from the capital market interest rate. However, according to an EY analysis, there are first signs of negative interest rates being passed on to savers.
European Union's General Data Protection Regulation (GDPR) was released in 2016, and is due to come into effect on 25 May 25 2018. GDPR is a data protection law that dictates how organizations can collect, use and manage EU residents' personally identifiable information. This publication summarizes the highlights of the GDPR and what it will mean for businesses.
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.
On 17 June 2016, the Swiss Parliament approved the final bill on Corporate Tax Reform III after the two parliamentary chambers (National Council and Council of States) had resolved their remaining differences and reached a final agreement a few days earlier. The reform foresees the replacement of certain preferential tax regimes with a new set of internationally accepted measures. Read about the details in our Tax Alert.
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.
For this fifth edition of the CFO Capital Confidence Barometer, we surveyed approximately 1,600 business leaders across 19 industry sectors and 53 countries. This report represents the views of the 446 CFOs among that group. It shows that CFOs are increasingly optimistic about the global economy, and that their appetite for acquisitions, innovation and value creation activities is on the rise.
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.
Global Compliance and Reporting services is focused on helping national and multinational companies meet their tax filing requirements where they do business - be it through a complete (e.g. all tax filings) or partial outsourcing (e.g. only your companies income tax return) or be it through support in related projects.
Global Compliance and Reporting services is focused on helping large national and multinational companies meet their financial reporting and payroll requirements in the many countries where they do business - be it through a complete or partial outsourcing or be it through support in related projects.