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Switzerland reviews securities lending transactions rules

switzerland

ZURICH: Switzerland’s Federal Tax Administration (FTA) has issued a revised version of its current rules on securities lending and repo transactions to preclude dividend stripping transactions. Among the amendments is a change to the Swiss withholding tax (WHT) refund position of foreign resident borrowers of Swiss securities. The amended circular letter 13, contains changes to the previous practice of the ... Read More »

Swiss authorities look at how to collect tourist tax from Airbnb hosts

switzerland

ZURICH: Airbnb has grown rapidly in Switzerland where hotel beds are pricy, Swiss media reported Tuesday. This has led to several of Switzerland’s 26 cantons wondering how to recover tourism taxes from the newly-found income gains’ for citizens who own homes or rooms to let out. Swiss news agency SDA reported that cantons in the alpine country are negotiating with ... Read More »

Switzerland enjoy good bilateral ties envoy

switzerland

ZURICH: There are good bilateral ties between Switzerland and Azerbaijan, Swiss Ambassador to Azerbaijan Philipp Stadler said at a press conference in Baku on Friday, APA reported. The envoy mentioned that the four-year strategy adopted by Switzerland last year includes two priorities related to Azerbaijan. These priorities envisage provision of support to the development of financial sector, small and medium-sized ... Read More »

First parts of urgent Swiss tax plan slotted for 2019

switzerland

ZURICH: The Swiss government has announced that the first measures of its tax reform plan could roll out by the start of 2019, citing the “urgent” need to keep Switzerland competitive in the wake of a global trend to lower corporate rates. During a consultation with the Swiss Federal Council, Ueli Maurer  the head of Switzerland’s Federal Department of Finance ... Read More »

Switzerland sign MOU stopping illegal dumping

switzerland

ZURICH: The Federal Government in partnership with Switzerland’s King and Spalding, a leading Law firm in Geneva, have signed a Memorandum of Understanding (MoU) to stop using the Nigerian market as a dumping ground. The agreement was signed in Geneva by Chief Negotiator and Director General,  Nigerian Office for Trade Negotiations (NOTN), Ambassador Chiedu Osakwe for Nigeria and Mr. Daniel ... Read More »

Switzerland bans boiling lobsters while still alive

switzerland

ZURICH: Swiss government has ordered an end to the common culinary practice of throwing lobsters into boiling water while they are still alive, ruling that they must be knocked out before they are killed, The Guardian reports. As part of a wider overhaul of Swiss animal protection laws, Bern said that as of 1 March, “the practice of plunging live ... Read More »

Swiss gov’t pushes for adoption of tax overhaul

switzerland

ZURICH: Swiss Federal Council has said that corporate tax reform is now urgently needed, with the Government hopeful that the first reforms could enter into force in 2019. The Federal Council met on January 10 to discuss the progress made on tax proposal 17 (TP17). In particular, ministers discussed the main findings of a consultation on TP17. The Federal Council ... Read More »

Swiss National Bank reports record annual profit of 54b CHF in 2017

switzerland

ZURICH: Switzerland became richer in 2017 thanks to the country’s central bank, which manages a portfolio of foreign shares and bonds totaling 800 billion USD. The Swiss National Bank said on Tuesday it expects a record annual profit of 54 billion CHF (55 billion USD) in 2017  a huge sum equivalent to 8% of the country’s gross domestic product. By ... Read More »

KPMG Switzerland and SIX to bundle tax services

switzerland

ZURICH: KPMG Switzerland and SIX Securities Services have teamed up to offer a combined package for tax services. According to KPMG Switzerland, the new bundled service will provide banks with a range of services relating to withholding tax exemptions and refunds. It will also assist clients with tax reports for foreign clients. Through this interface, financial institutions can gain access ... Read More »

Swiss tax evaders come clean in record numbers

switzerland

ZURICH: Officials in Zurich reported a three-fold rise in the number of tax evaders voluntarily turning themselves in during 2017, as international regulations requiring Swiss banks to share details of offshore clients takes effect. In 2014, Switzerland signed up to the Organisation for Economic Cooperation and Development’s (OECD) Automatic Exchange of Information (AEOI) programme.  Under the agreement, Swiss banks are ... Read More »

Getting your teeth into Swiss meat prices

switzerland

ZURICH: Not many people in the world can afford to pay nearly $50 for a kilogramme of beef leg round or more than $20 for the same amount of pork chop. But those are the price tags on these cuts of meat in Swiss supermarkets. According to the Meat Price Index 2017 by Caterwingsexternal link, Switzerland has the highest meat ... Read More »

More Zurich tax cheats come clean as data sharing looms

switzerland

ZURICH: Switzerland’s largest and wealthiest canton saw a three-fold rise in the number of tax cheats turning themselves in during 2017, Zurich officials said on Thursday, as an international accord to share information on offshore wealth takes effect. The finance department said 6,150 Zurich taxpayers came clean on previously undisclosed assets in 2017, tripling the previous record set in 2016 ... Read More »

Switzerland introduces landmark VAT changes

switzerland

ZURICH: Switzerland introduced numerous significant changes to its value-added tax rules on January 1, including measures aimed at leveling the playing field for domestic businesses in competition with overseas, online retailers. Under the changes, a company’s global turnover will now be taken into account when calculating its liability to VAT. Companies with a global turnover of at least CHF100,000 will ... Read More »

Swiss executives predict strong economic year in 2018

switzerland

ZURICH: This is a marked rise from the same figures last year, when just one third of Swiss executives foresaw a strong performance. The biggest risks cited by the managers were a possible crisis or breakup of the eurozone, the reform of corporate tax in Switzerland, and possible policies of the US government. The good mood is related mainly to ... Read More »

Colombian police arrest Brazilian woman smuggling cocaine to Switzerland

switzer land

ZURICH: Colombia’s Anti-drug Police arrested on Sunday a Brazilian woman carrying 320 grams of cocaine hidden in her underclothing at the Cartagena international airport as she was intending to board a flight to Switzerland. The 45 year old woman identified as Luciana da Costa Estefani, a resident of Cachoeiro do Sul, in Brazil’s Rio Grande do Sul state, was intending ... Read More »

Swiss VAT rate to fall in 2018

swizterland

ZURICH: The current rate of 8% is set to drop on 1 January 2018. Temporarily increased by 0.4% in 2011 to shore up funding for disability welfare, the rate will revert to 7.7%. The 0.1% difference between the new rate and pre 2011 rate of 7.6% is a new increase that will be used to help finance rail infrastructure. Switzerland ... Read More »

Swiss customs pick up fewer fake watches

swizterland

ZURICH: The number of counterfeit watches confiscated by Swiss customs officials has plummeted by around 80% since the beginning of the year, according to the Swiss watch industry. However, this is not because fewer dodgy watches are being imported, but because of government customs cutbacks. “The Federal Customs Administration has significantly reduced its activities regarding counterfeit watches as a result ... Read More »

Swiss banks to begin collecting foreign taxpayer data

swizterland

ZURICH: The exchanges will take place under the OECD’s Common Reporting Standard (CRS), which provides for the automatic exchange of information between those territories that have agreed to exchange information automatically. Switzerland will begin to exchange such information this year, in respect of account information collected for some partners (the CRS “early adopters”) in 2017: Australia, Canada, the European Union ... Read More »

Switzerland consults on adoption of BEPS tax treaty changes

swizterland

ZURICH:  Swiss Federal Council launched a consultation on the country’s adoption of the multilateral instrument (MLI) to implement tax treaty related measures to prevent base erosion and profit shifting. The MLI was developed by the OECD under Action 15 of the BEPS project. Countries who have decided to adopt it will transpose BEPS recommendations into their tax treaties. The Convention ... Read More »

Swiss president wants a vote to clarify her country EU position

swizterland

ZURICH: A referendum in Switzerland to clarify the country’s relationship with the European Union would be helpful, Swiss President Doris Leuthard said, after ties between the two sides cooled last week. Talks on securing a new “framework” treaty to govern the Swiss-EU relationship have been underway for some time, with Brussels wanting to replace the more than 100 bilateral accords ... Read More »