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Previously, married couples in Switzerland were taxed jointly. In most cases, married couples pay higher taxes because they file one joint return. When both spouses are high earners, they pay higher taxes. The amount of their income is subject to high tax rates. The guidelines are intended to implement an initiative that advocates individual taxation regardless of marital status. Under the proposed changes, married couples would file two separate tax returns and would be subject to the same rules as unmarried couples. Also, the amount of the child deduction applicable to direct federal tax will be increased from 6,600 to 12,000 francs. The process of introducing new principles of individual taxation will be gradual and the decrease in budget revenues will not be felt for several...

On September 13, 2023, a regional forum on GMT Pillar 2 was held in the UAE. During which it was decided to abandon the introduction of a minimum corporate tax in the Emirates in 2024. Although the UAE has joined the OECD initiative, the prospects for its introduction remain closed. Let us recall that in 2021 the OECD invited member countries to introduce the concept of a minimum corporate tax, setting the rate at no less than 15%. The joint final statement of the representatives of the UAE and the OECD did not look optimistic. The parties agreed that broad consultations on the introduction of GMT would continue in the Emirates, but the actual timing of this event was not specified. There is no official information. The new business tax scheme, adopted in the summer of 2023, increases the corporate tax rate to 9%, which is less than the threshold determined by the OECD. Perhaps the UAE is not interested in introducing GMT Pillar 2 or is considering this option, but in the distant...

In 2021, the Austrian government decided to implement tax reform. It provides for a gradual reduction in tax rates for individuals from 2022 to 2024. The goal of the reform is to increase incomes and purchasing power of the population, stimulate economic growth and create new jobs. On August 29, the Inflation Adjustment Decree for 2024 was published. The inflation rate calculated in accordance with local legislation is 9.9%. Taking this into account, according to section 33 (1a) of the Income Tax Law, the income limits of citizens that will be taken into account during the calculation of income tax for 2024 are adjusted by two-thirds of the positive inflation rate, that is, increased by 6.6%. Thus, if in 2023 the income limit for personal income tax purposes was up to 11,693 € for a rate of 0%, then in 2024 it will increase to 12,465 €. The resolution also adjusts the amounts of deductions, tax credits and...

Visa and Currencycleud have launched Visa Cross-Border Solutions, which provides cross-border money movement solutions for banks, fintech companies, currency brokers and other payment institutions. Source:https://www.electronicpaymentsinternational.com/news/visa-inc-and-currencycloud-launch-visa-cross-border-solution/?cf-view Visa Cross-Border Solutions combines proprietary cross-border and cash management capabilities with the solutions resulting from the acquisition of Currencycleud. Visa Cross-Border Solutions operates on a B2B4X model, meaning the company serves other businesses but focuses on improving the end-user experience. Visa Cross-Border Solutions offers a set of modular building blocks that can be easily integrated with a company's existing technology infrastructure. This is done through an application programming interface or API. These building blocks provide a range of capabilities including accepting payments in multiple currencies, foreign exchange (FX) with constant real-time rates, multi-currency wallets that store more than 30 currencies. This currency can be spent and sent to over 180 countries and territories. “Cross-border collaboration offers...

The FRA has issued several recommendations to EU and national authorities regarding access to rights for persons holding long-term EU resident status. Source:https://www.schengenvisainfo.com/news/agency-for-fundamental-rights-urges-eu-to-simplify-rules-for-obtaining-long-term-residency-status/ The agency believes that the EU should make long-term status more attractive to applicants, which can be done by simplifying application rules and issuing appropriate guidance. мTo apply for an EU long-term permit, migrants must prove continuous residence in an EU member state for five years and a stable income, which is a common problem for many applicants. Migrants often find it difficult to provide proof of residence and also find it difficult to meet the high language requirements for applicants. FRA experts recommend relaxing residency and language requirements for status and making language training more accessible to those seeking long-term residency status. At the same time, it is noted that the EU should provide easier access to status for child applicants and improve mobility within the EU among long-term residents. Moreover, the same report attempts to find solutions...

“We call for the early implementation of the Crypto Asset Reporting Framework (CARF) and amendments to the CRS [Common Reporting Standard]. We request the Global Forum on Tax Transparency and Information Exchange to establish an appropriate and coordinated time frame for the commencement of information exchange among relevant jurisdictions,” reads the consensus declaration signed by G20 leaders. Under the proposed framework, countries would automatically exchange information on cryptocurrency transactions between jurisdictions annually, including transactions on unregulated crypto exchanges and wallet providers. Crypto transactions are already subject to new disclosure standards in many countries. In May, the European Union approved updated CARF compliance rules establishing procedures for the automatic exchange of information between European governments for tax purposes. According to the new rules, the transfer of digital assets must be accompanied by the name of the beneficiary, the address of the beneficiary's distributed registry, and the beneficiary's account...

JPMorgan Chase & Co. is in the early stages of exploring a blockchain-based digital deposit token to speed up cross-border payments and settlements. Source:https://www.bloomberg.com/news/articles/2023-09-07/jpmorgan-jpm-explores-blockchain-deposit-token-for-payment-settlement The largest US bank by assets has developed much of the core infrastructure needed to launch the new form of payment, but will not create a token until the project is approved by US regulators. The bank can launch a product for use by corporate clients in less than a year after receiving permission, the agency's source said. Deposit tokens are transferable digital coins that represent a deposit claim against a commercial bank. They are essentially a digital version of the deposits that customers hold in their accounts. Because transactions using these coins are processed on the blockchain, settlements are instantaneous, and proponents of the new form of money suggest it could also make transactions cheaper. “Deposit tokens offer many potential benefits, but we also recognize that regulators will want to exercise care and diligence before any new product is developed and used,” a JPMorgan...

A pilot project has been launched where merchants will be able to use the USDC stablecoin on the Solana network. Acquirers WorldPay and Nuvei became Visa's partners in the project. Visa has already transferred millions of USDC stablecoins between its partners via the Solana and Ethereum blockchain networks for settlement of fiat payments authorized through VisaNet. "Using stablecoins like USDC and global blockchain networks like Solana and Ethereum, we help speed up cross-border payments and provide our customers with a modern way to easily send or receive funds from Visa's treasury," said Kai, head of Visa's cryptocurrency division. Sheffield. Visa has partnered with stablecoin issuers since 2021 and is now looking at settlement options that allow it to send onchain funds to acquirers such as Worldpay and Nuvei to speed up settlement times for their merchants. Using its own USDC Circle account, Visa can now manage settlement payments in USDC for Worldpay and Nuvei, who in turn can route these payments in USDC to their end merchants. At the same time, support was added for Solana as a high-performance blockchain that its partners can choose to send or receive...

The Indonesian authorities have adopted amendments to the immigration law, removing obstacles to the launch of an investment immigration program in the country and creating the necessary regulatory framework for this. The conditions for obtaining residency will vary depending on the category of the applicant. Previously, Indonesian immigration law had virtually no provision for the issuance of long-term visas allowing a stay of 10 years. In addition to a long residency period, immigrant investors are entitled to a number of exclusive benefits, including the following: simplified crossing of Indonesian borders; expediting immigration procedures when entering the country by eliminating the need to apply for a temporary residence permit (Indonesia: Izin Tinggal Terbatas; ITAS) at the immigration office. According to the head of the Indonesian Immigration Authority, Silmi Karim, the target audience of the new program are large investors with an impeccable reputation. Therefore, the requirements for applicants will be more stringent than for ordinary...