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DTA amendment in the pipeline for Russia and Switzerland Following Russia’s recent request to revise the existing double taxation agreement (DTA) with Switzerland, the two Countries’ finance ministers have held a meeting to initiate discussion upon the matter. Starting from 2020, Russia has renegotiated a number of DTTs (as with Malta, Luxembourg and Cyprus), increasing...
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Switzerland is consulting on AML Ordinance amendments Switzerland’s federal government has published draft amendments to the Anti-Money Laundering Ordinance (the Ordinance), which aim to implement the measures in the revised Anti-Money Laundering Act (the Act). The Act introduces most of the Financial Action Task Force’s (FATF’s) 2016 recommendations for Swiss anti-money laundering (AML) reform, including...
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FINMA encourages trustees and portfolio managers to submit licence applications as soon as possible The Swiss Financial Market Supervisory Authority revealed that as of today only 180 out of around 2,400 portfolio managers and trustees have submitted a licence application required by the Financial Institutions Act (FinIA), which entered into force in January 2020. The...
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The Swiss FDEA releases data on lump-sum taxation The Contribution Division of the Federal department of Economic Affairs (FDEA) has released data  relating to those individuals that have chosen taxation according to worldwide living expenditure (also called lump-sum or global taxation) in Canton Ticino. This survey, carried out every two years, monitors the number of...
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Brazil issues the decree implementing the double taxation agreement with Switzerland On 9 June 2021, the Brazilian Government issued Decree No. 10,714/2, which concludes the ratification process of the double taxation treaty between Brazil and Switzerland. The new DTA, which will come into force from 1 January 2022, promotes economic relations between Brazil and Switzerland....
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Switzerland announces new succession law from 2023 At its meeting on 19 May 2021, the Federal Council decided to set the date for the implementation of the revision of Swiss succession law on 1 January 2023. The reform will alter substantially Switzerland’s forced-heirship laws, adapting it to the evolution of society and allowing for more...
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EU to re-assess tax information exchange agreements The European Data Protection Board (EDPB) asked EU Member States to re-assess their tax information exchange agreements (TIEA) with third countries in order to evaluate their compliance with taxpayers’ privacy rights and the General Data Protection Regulation (GDPR). This request follows concerns raised in Austria, France, Luxembourg and...
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IMF praises Switzerland’s response to the Covid-19 Pandemic Despite the difficulties posed by the Covid-19 Pandemic, Switzerland’s GDP, according to the latest data from the International Monetary Fund (IMF), is expected to grow 3.5% in 2021 and 2.8% in 2022. This thanks to its solid domestic economies, with particular reference to the competitiveness of its...
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DAC7 will require digital platforms to be more transparent EU Member States have recently amended the Directive on administrative cooperation in taxation. Such amendments will need to be adopted by 31 December 2022, and will enter into force starting 1 January 2023. Council Directive (EU) 2021/514 of 22 March 2021 (DAC7) extends automatic exchange of...
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Brazil ratifies DTA with Switzerland On 24 February 2021, the Brazilian Senate passed Bills Nos. 203, 650, and 667, to ratify the protocol for the elimination of double taxation and the prevention of tax evasion and avoidance between Brazil and Switzerland, Singapore and the UAE. Switzerland and Brazil had already signed the agreement in May...
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