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Tag: #Switzerland

Swiss Financial Market Supervisory Authority Published Regulatory Guidance for ICO

Published: Olena Kamenetska | 26/02/2018 | blog

The Swiss Financial Market Supervisory Authority has issued regulatory guidance on ICO. Switzerland is still on the list of the most popular jurisdictions for the organization and development of the activities that are related or based on blockchain, many of which are funded through ICO. In this regard, the Swiss Financial Market Supervisory Authority (hereinafter referred to as FINMA, the Authority) published regulatory guidance on February 16, 2018 determining the direction for future normative regulation in this field. In addition, FINMA has also clarified the expectations regarding the requirements for the requests relating to the application of the Swiss financial markets legislation in the context of the specific ICO projects. The document, entitled “FINMA Recommendations regarding requests on legislative regulation of Initial Coin Offering”, published on February 16, 2018, is a continuation of the initial recommendations on the legislative regulation of ICO, which were published in September 2017. The purpose of these recommendations of the Swiss Financial Market Supervisory Authority is to inform future and existing market participants about how FINMA intends to...

A Number of Agreements on Automatic Exchange of Tax Information Entered into Force in Switzerland

Published: Dmitriy Batrakov | 12/01/2018 | news

A number of agreements on Automatic Exchange of Information (AEOI) on taxation issues, concluded by Switzerland with other jurisdictions, entered into force on January 1, 2018. Data exchange will be carried out in accordance with the Common Reporting Standard of the OECD, which provides for the possibility of automatic exchange of information between the territories that have agreed to such an exchange. Switzerland starts to exchange tax information this year with respect to data on accounts collected for some partners under previously signed agreements, namely Australia, Canada, the European Union, Guernsey and Jersey, the Isle of Man, Iceland, Japan, Norway and South Korea . More complete list of jurisdictions with which Switzerland plans to establish automatic exchange of information since 2019 was published on the website of the State Secretariat for International Finance. In order to fulfill its obligation to exchange information automatically with these territories, Swiss financial institutions will be demanded to comply with the new requirements on information collection from January 1, 2018 for the accounts of taxpayers from such countries as Andorra, Argentina,...

Switzerland and Austria dissolve the agreement withholding tax

Published: Sergey Panov | 14/11/2016 | news

Agreement withholding tax (WHT) between Switzerland and Austria, will be phased out from 1 January 2017, when the agreement between Switzerland and the EU on the automatic exchange of tax information comes into force. 11 November 2016, Switzerland and Austria signed an agreement to ensure a smooth transition between the two modes. Austrian authorities, it regulates the arrangements for the transmission of the final amount of taxes and shipping the latest voluntary agreement. "The provisions of a tax treaty withholding will be applied on all the facts and legal rights that materialize during the period of its validity," said the Swiss Federal Council.Withholding tax agreement between Switzerland and Austria came into force on 1 January 2013. It provided for the regularization of assets held in Switzerland Austrian taxpayers and taxation of income derived from these assets. Austrian taxpayers have been an option either to pay by WHT, imposed directly on their accounts and transferred anonymously to the Austrian authorities, or to make a voluntary disclosure. The Swiss Federal Council said that this model is "generally loses its sense of existence with the introduction of an...

The Swiss government supports corporate tax reform

Published: Sergey Panov | 31/10/2016 | news
Reforms in Switzerland

The Swiss Federal Council announced its support for the proposed changes to the corporate tax base in Switzerland, known as - Corporate Tax Reform III (CTR III), on the eve of a referendum on the issue, which will be held early next year. CTR III cancel corporate tax arrangements, which are no longer in line with international standards. These primarily include the cantonal tax status, for possession of residential and mixed companies. "With regard to measures of tax legislation, the focus is on the promotion of innovation," said Federal Department of Finance on 27 October. "In general, the reform will allow Switzerland to remain an attractive location for companies, and for each canton, the ability to adapt their fiscal policies in the economic and financial situation," said a department statement. "Reform will prevent a mass exodus of existing companies with the status and thus, the possible tax losses amounting to more than CHF 5 billion (USD 5 billion) for the Federation, the cantons and communes." Author: Sergey Panovmanaging partner Finance Business...

The changed tax rules for Swiss banks

Published: Sergey Panov | 04/10/2016 | news
Fountain Switzerland

Switzerland has amended the "too large to fail" legislation to reduce the tax burden in some banks. The Swiss Federal Council requested the Federal Department of Finance to prepare a draft consultation document on changes to the position of participations in the deductions TBTF legislation. He noted that the proposed reform would "not allow the tax load of the leading holdings of systemically important banks from raising together with the conditional issuance of convertible securities (CoCos), written off bonds and bail bonds." The Federal Council has proposed that the interest payments on cocos, decommissioned bail bonds and bonds, were not taken into account when calculating the deduction. In accordance with current regulations, the deduction is reduced, because the interest in cocos, written off bonds and bail bonds, regarded as financing costs. The Federal Council said: "The deduction - a system associated with the current legislation, ie all interest on debt capital lead to a reduction in the gross income of all corporations and cooperatives This can lead to a higher tax burden.". The Federal Council said that some banks are required by supervisory law circulate such...

Switzerland amends for keeping tax resolution

Published: Sergey Panov | 27/09/2016 | news
Bridge Switzerland

Swiss Federal Council proposed an amendment to the tax deduction management, maintenance is easier finance group. The Council noted that the group created in Switzerland often carry out targeted measures to finance overseas, thus avoiding any deductions that would be related to funding issues, conducted by a group of companies established in Switzerland. The Council added that the Swiss economy as "pass some of the value added in this sector." The proposed amendment to the Retention Tax Resolution can affect groups in which the Swiss group companies (guarantor) provides a guarantee for bonds of foreign companies and groups (the issuer), belonging to the same group. According to the amendment, interest payments within the group made Swiss guarantee will no longer be subjected to withholding taxes. In December 2014, the Federal Council proposed move to a paid agent of the system under which the debtor will transfer all worth paying agent (usually a bank). Implementation of the proposals but has been suspended pending the results of the referendum on popular initiative. Federal Council announced that its 2014 proposal would solve the issue of improving the financing of the...

Italian-Swiss TIEA goes into force

Published: Sergey Panov | 27/07/2016 | news
The Swiss flag

The Italiam Ministry of economy and finance claimed that protocol about tax information of double tax agreement between Italy and Switzerland wich was signed 23 of February, 2016 goes into force 13 of July, 2016. The agreement protocol comprises all kind of taxes, point out that country can't deny to represent asking information only because this information has in keeping on bank or any other financial constitution. Much less the country need to empty of all own inner legal proceedings before than protocol can ask information from other. Also need to indicate person or persons who are the object of asking request, period of time need to ask the information, descrabing of information need to and the reason of request if its known, the name and adress of suppose owner of information. This specifications was added for avoiding any want of judgment, general compromative information, and he also added that the second list of specifications don't using for placing obstacles on the way of effective agreements between these countries. This protocol also approves that this contributions will use retrospectively to the data that existed prior to or after the date of...

Tax talks between Switzerland and India

Published: Sergey Panov | 10/06/2016 | news
Switzerland and India

Switzerland's and Indian government expressed their decision to take actions against tax fraud and tax avoidances. Swiss President, Johann N. Schneider-Ammann invited Indian Prime Minister Narenda Modi for an official meeting on June 6. Speaking after talks Modi said that fighting against with danger of black money and tax avoidances is on the first place now. We discuss need the early exchange of information for to take to justify tax offenders. The early start of talks about automatic exchange of information agreement will be important right now, added Schneider-Ammann stressed that the desire of Switzerland to make more stronger efforts for free trade agreement. He hopes that visit to India on this week Switzerland's State Secretariat for Economic Affairs will be a step toward the resumption of negotiations. Modi said that India "has affirmed its readiness to resume FTA talks with EFTA." Author: Olena Kutova senior lawyer of the Finance Business Service company ...

Free Trade Agreement, EFTA – Philippines

Published: Sergey Panov | 29/04/2016 | news
Free Trade Agreement

Representatives of the European Free Trade Association (EFTA) - Iceland, Liechtenstein, Norway and Switzerland - and the Philippines signed a free trade agreement. The agreement was signed April 28, 2016 in the Swiss capital city of Bern. This agreement is based on a joint declaration on cooperation signed between EFTA and the Philippines in June 2014 in Iceland. And the negotiations on a free trade agreement began in March 2015. The agreement is comprehensive, covering: trade in goods, including industrial and agricultural, fish and other marine products; rules of origin; trade facilitation; sanitary and phytosanitary measures; technical barriers to trade; trade in services; investments; competition; protection of intellectual property rights; government procurement and sustainable development. According to the European Association of Free Trade, foreign trade in goods between the EFTA and the Philippines and increased by an average rate of 11 percent between 2005 and 2015. In 2015, total merchandise trade between EFTA and the Philippines was estimated at $ 863 million, with exports to the EFTA Philippines in the amount of $ 407 million, and exports from...