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Switzerland’s revised VAT regime to enter into force in 2018

Vietnam Ministry of Finance rejects VAT cut proposal

SWITZERLAND: The partial revision of Switzerland’s Value Added Tax Act will come into force on 1 January 2018, the Federal Council determined 2 June. Under the new regime, to become VAT liable, global turnover should be taken into account instead of just Swiss turnover. Therefore, companies whose global turnover is at least 100,000 CHF will be liable to VAT from ... Read More »

Swiss economic growth improves in Q1

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SWITZERLAND: Switzerland’s economy expanded at a slightly faster pace in the first quarter, data from the State Secretariat for Economic Affairs showed Thursday. Gross domestic product grew 0.3 percent sequentially, faster than the revised 0.2 percent growth seen in the fourth quarter. However, the pace of expansion was weaker than the expected 0.5 percent. On a yearly basis, GDP growth ... Read More »

Swiss economy might not outpace Germany for a while

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SWITZERLAND: If the Swiss economic growth is still left in the shade by Germany this week, its central bank knows exactly why. Two-and-a-half years after suffering an exchange-rate shock that made its exports even more expensive, Switzerland has yet to rediscover its knack of outperforming neighboring Germany. While the two economies boast significant similarities, prompting the Swiss to dub their ... Read More »

Kosovo, Switzerland sign agreement on double taxation

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PRISTINA: Kosovo and Switzerland signed on Friday an agreement regulating taxation of income and capital, which is beneficial for both countries, the Swiss federal government said. Under the agreement on double taxation dividends will be taxed at source at a maximum rate of 15%, while qualified participations –  at no more than 5%, the Federal Council of Switzerland said in ... Read More »

Cellnex Telecom buys 2,239 Swiss cell towers for €430m

CELLNEX TELECOM

SWITZERLAND: Spanish celltower company Cellnex is expanding into Switzerland with the purchase of Sunrise Communications’ subsidiary Swiss Towers, owner of 2,239 sites. The deal, valued at €430 million, will see Cellnex, controlled by Spanish infrastructure company Abertis, take on 54% of the shares of Swiss Towers, with Deutsche Telekom Capital Partners taking 18% and Swiss Life Asset Managers the other ... Read More »

Switzerland, Rwanda new deal to boost bilateral ties

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SWITZERLAND: Trade volumes between Rwanda and Switzerland could increase thanks to a new set of agreements signed between the two countries on Monday in Bern, touching different areas of cooperation. Rwanda’s Foreign Affairs Minister Louise Mushikiwabo and Swiss Federal Councilor Didier Burkhalter of Switzerland signed the agreements on behalf of their respective countries. One of the pacts signed was the ... Read More »

Swiss firms to showcase investment projects at SPIEF-2017

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MOSCOW: Swiss companies will showcase their investment projects at the St. Petersburg International Economic Forum, Switzerland’s embassy in Russia said Monday. “The St. Petersburg International Economic Forum is one of the leading global communication platforms for representatives of business circles discussing key economic issues,” the embassy’s representative said, adding that “the forum will see a Swiss-Russian round table, while Swiss ... Read More »

Jordan, Switzerland sign MoU in political, security consultations

Germany-Switzerland sign arbitration agreement for tax disputes

AMMAN: Jordan and Switzerland, Friday, signed a memorandum of understanding (MoU) to enhance political and security consultations, and boost cooperation. The MoU was signed by Minister of Foreign and Expatriate Affairs Ayman Safadi and his Swiss counterpart ‎Didier Burkhalter‎, who reiterated the two countries’ interests to take practical steps to cement economic, education and tourism ties. Safadi briefed the Swiss ... Read More »

Switzerland introduces new 20 franc banknote

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BERN: The Swiss National Bank unveiled the second note in its new banknote series. The new 20 franc note, which will be in circulation from May 17th, follows the release of the first in the series, the 50 franc note, last year. Each note in the new series depicts a characteristic of Switzerland, illustrated by various graphic elements. The red ... Read More »

Swiss Franc weakens amid risk appetite

Swiss franc: A big challenge for businesses in Switzerland

ZURICH: The Swiss franc dropped against its most major rivals in the European session on Tuesday amid risk appetite, as oil prices steadied and a raft of encouraging corporate earnings underpinned investor sentiment. German lender Commerzbank posted a 28% rise in first-quarter net earnings, while Zurich-based Adecco reported better-than-expected earnings for the first quarter. Oil prices were supported on expectations ... Read More »

UPC Switzerland/Austria Q1 revenues down 2.2%

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BERN: In the first quarter of 2017, UPC Switzerland/Austria recorded an organic RGU net loss of 2,400, which is better than the loss of 12,000 during Q1 2016, related to improved fixed telephony performance. Aggressive marketing efforts and new bundles from competitors impacted the sequential RGU growth. The company’s Swiss “Connect” and “Connect & Play” portfolios will be enriched by ... Read More »

Swiss bank account spying case raises German ire

Credit-card-hacker

BERLIN: German politicians have reacted angrily to reports that Switzerland planted a spy in a regional finance ministry to find out how it obtained details of secret Swiss bank accounts, days after police arrested another man also suspected of spying. The Sueddeutsche Zeitung newspaper and broadcasters NDR and WDR reported that the Swiss Federal Intelligence Service (FSI) had a mole ... Read More »

Swiss freight forwarder acquires ‘Carelog & Air Connection’

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BASEL: Swiss logistics company Panalpina has this week announced that they have continued their global expansion plans with the acquisition of two freight forwarders in very different parts of the world so as to improve their service and tap more heavily into more specialist logistics markets. In Denmark, Panalpina has acquired Danish freight forwarding and logistics, Carelog. The company boasts ... Read More »

Swiss tax ‘Spy’ arrested in Germany

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BERLIN: Authorities in Germany have arrested a man accused of spying on German tax agencies concerning their efforts to acquire and use stolen Swiss bank data. It is alleged that the Swiss national, who was arrested in Frankfurt on April 28, had worked for the Swiss intelligence agency and was using his position in the German tax authorities to gather ... Read More »

UBS shares up 3% after Q1 profit soars

UBS Switzerland

BERN: UBS said on Friday net profit rose 79 percent in the first-quarter of this year boosted by its investment bank business and cost-reduction program. Net Profit 1.3 billion Swiss francs ($1.3 billion) versus a 919 million average in a poll. The largest bank in Switzerland beat analysts’ expectations reporting a net profit of 1.3 billion Swiss francs ($1.3 billion), ... Read More »

New Swiss company tax reform plan well received in Brussels

Swiss Federal Council Approves WHT Reforms

BERN/BRUSSELS: The Swiss government’s company tax reform plans have been reborn after the last plan met with defeat in a popular vote on 12 February 2017. The new plan, dubbed “Tax proposal 17”, aims to avoid issues that bedeviled the last project. Last time many were concerned by the potential financial impact of lower company tax rates, and the proposal ... Read More »

Swiss Roche revenue up 4% at CHF12.94b on strong sales

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BASEL: Roche Holding AG said revenue rose in the first quarter, thanks to strong sales of several of its drugs. Basel based Roche said revenue climbed 4% to 12.94 billion Swiss francs ($13.03 billion), from CHF12.41 billion a year earlier. The company doesn’t report quarterly earnings. Among the medicines that drove growth was Roche’s trio of drugs aimed at women ... Read More »

Swiss watch exports rise in almost two years

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ZURICH: The Federation of the Swiss Watch Industry’s latest statistics confirms that Hong Kong, which had been showing signs of recovery for some time, ended 25 months of a steep decline in March to record a year-on-year rise of 18.1% in the month. The United States continued its hesitant progression with a good monthly result of +15.6%. The faltering recovery ... Read More »

Vote launched to legalize cannabis in Switzerland

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GENEVA: Last week a group called “Legalize it“, launched an initiative to have cannabis legalized. They now have 18 months to get 100,000 signatures, the minimum number required to qualify for a referendum, known as a popular initiative. Unlike a failed referendum on the subject in 2008, this one includes a ban on sales to young people and a plan ... Read More »

Credit Suisse plans to raise about £3b, cancels Swiss IPO plans

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ZURICH: Credit Suisse will raise around 4 billion Swiss francs ($4 billion) from its shareholders, the embattled bank said on Wednesday, trying to close the gap in financial strength with rivals. The bank said the decision, which saw management ditch an alternative plan to publicly list part of its Swiss business, should remove any concerns over the group’s capital strength. ... Read More »