Companies House launched the UK register of overseas entities On 1 August 2022, Companies House launched the UK register of overseas entities (ROE), which is a key provision of the Economic Crime (Transparency & Enforcement) Act 2022 (Act). The Act requires overseas entities that own or acquire property in the UK to register with Companies...
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Switzerland will implement OECD’s minimum tax rate On 23rd June 2022, the Swiss Federal Council published the amendments to the constitution to implement a minimum tax rate for certain companies recently agreed by the OECD and G20 member states. In fact, in October 2021, the Organisation for Economic Co-operation and Development (OECD) published key parameters...
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UK’s Registrar of Companies to be granted more powers On May 10 2022, the Queen’s Speech presented to parliament the proposal of a new Economic Crime and Corporate Transparency Bill. Discussion over this draft Bill firstly emerged when in February 2022 the register of overseas entities was introduced to the UK parliament. The Bill is...
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Switzerland prepares to ratify the Hague Convention on the choice of court agreements In the meeting of March 30, 2022, the Federal Council opened a consultation (which will end on July 7, 2022) in relation to the Federal Decree that would acknowledge Switzerland’s ratification of the Hague Convention on choice of court agreements. The Convention...
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New Zealand introduces minimum standards for financial reporting of trusts At the beginning of March, the New Zealand Government introduced a series of more stringent disclosure requirements for taxable domestic trusts. At the beginning of March, the New Zealand Government introduced a series of more stringent disclosure requirements for taxable domestic trusts. For income years...
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BO reporting begins in Mexico With the Economic Package for 2022 (Paquete Económico para 2022) Mexico decided to increase its compliance with international reporting standards, with particular reference to automatic exchange of information (AEOI). In fact, as of 1 January 2022, companies, trusts, partnerships and other legal entities have to gather and retain accurate and...
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Minimum substance test under EU shell company directive In December 2021, the European Commission (EC) published its draft Council Directive, amending Directive 2011/16/EU (the Directive) and setting out the rules to prevent the misuse of shell entities for tax purposes. The EC has observed that certain individuals and some businesses direct their income to shell...
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US treasury publishes draft beneficial ownership reporting rule to tackle the use of shell companies The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has published a draft rule which will implement the beneficial ownership information reporting provisions of the Corporate Transparency Act (CTA). The Act requires beneficial ownership reporting by domestic and...
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The Federal Council initiates consultation on automatic exchange of information with twelve more partner states On 3 December 2021, the Federal Council initiated the consultation on the introduction of the automatic exchange of financial account information (AEOI) with twelve additional states and territories. The AEOI is scheduled to enter into force on 1 January 2023,...
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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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Switzerland: the canton of residence of the heirs will be responsible for the collection of inheritance tax The Federal Council, in the meeting of February 3, 2021, amended the ordinance on withholding tax, establishing that from January 1, 2022 the heirs will have to seek the refund of the withholding tax on income from succession...
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The UK seeks legislative freedom by withdrawing from DAC6’s disclosure provisions Following Brexit, the UK government has decided not to proceed with the implementation of the EU’s Council Directive (EU) 2018/822 (DAC6), which involves mandatory disclosure of cross-border tax planning schemes. With the new free trade agreement signed by the UK with the EU, both...
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EU remedies to the inefficiencies of its blacklisting system for tax havens The Members of the European Parliament (MEPs) recently adopted a resolution introducing changes in the system used to draw up the EU list of tax havens, which up to date was “confusing and ineffective”. The 2017’s list of tax havens drawn up by...
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US asks Switzerland to disclose FATCA non-compliers’ account details On December 1, the Swiss Fedral Tax Administration (SFTA) acting on behalf of the American Internal Revenue Service (IRS), asked twelve Swiss banks and one fiduciary to provide data on certain of their American account-holders, as required by the Foreign Account Tax Compliance Act (FATCA). The...
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FINMA to issue revised circular on “Video and online identification” Four years on from the publication of the circular on “Video and online identification” 2016/7, The Swiss Financial Markets Supervisory Authority (FINMA) is re-evaluating the regulation’s purposefulness in order to take into account the most recent technological advancements. The goal is to align the norm...
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Switzerland implements national strategy against cyber-risks The Federal Council Cyber Committee recently adopted the 2018-2022 report on the progress made in implementing the national strategy for the protection of Switzerland against cyber-risks (NCS). The  NCS specifies the strategic goals for protecting against cyber-risks and it covers the current implementation status of the plan.  As of...
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AEOI: The Swiss Federal Council adopts new Ordinance Following the assessment of the Global Forum on Transparency and Exchange of Information for Tax Purposes on the implementation in Switzerland of the standard for the international automatic exchange of information in tax matters (AEOI standard), on November 11 2020, the Swiss Federal Council approved the amended...
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Ombudsman affiliation requirement: new limitations On 25 September 2020, Parliament adopted the Federal Act on the Adaptation of Federal Law to Developments in Distributed Ledger Technology (DLT bill), with the aim to keep Switzerland a leading, innovative and sustainable location in the blockchain and DLT sector. As part of the parliamentary deliberations on the DLT,...
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FINMA issuing regulation implementing FinSA and FinIA The Financial Market Supervisory Authority (FINMA) recently held a consultation with the aim to issue regulation implementing the Financial Services Act FinSA and the Financial Institutions Act FinIA. The consultation’s outcome is the following: FINMA will make adjustments to the existing ordinances and circulars; It will issue a...
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AML at the centre of FATF’s new exploratory projects The Financial Action Task Force (FATF) has initiated new exploratory projects which will take the form of questionnaires, seeking solutions and best practices in response to the increasing risk of money laundering in the technological sector. The first study is called “Opportunities and Challenges of New...
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End of preparatory works for FinIA and FinSA The Federal Financial Market Supervisory Authority (FINMA) has conferred upon the Swiss Supervisory Limited Company AOOS the authorization as a fifth supervisory organisations (SO), also recognizing it as a self-regulatory organization (SRO) under the Anti Money Laundering Act (AMLA). The set-up phase involving the institutional prerequisites for...
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Swiss Parliament approves final draft of New Data Protection Act On 25 September 2020, the Swiss Parliament approved the final draft of the revised Data Protection Act (rev-DPA), with the aim to modernise its data protection laws and align it to the latest EU General Data Protection Regulation (GDPR). The rev-DPA could still be subject...
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Outlook after the Swiss tax reform: Zug defends top spot Credit Suisse has announced the release of its Locational Quality Indicator annual study for 2020 that looks into the locational quality of Swiss cantons and regions. The annual Locational Quality Indicator (LQI) was developed in order to measure the attractiveness of the Swiss regions and...
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FINcontrol Suisse is the fourth supervisory body authorised by FINMA On September 29, 2020, the Financial Market Supervisory Authority (FINMA) granted the authorization to FINcontrol Suisse SA to operate as a supervisory organisation in the regulatory framework of FinIA and FinSA. The company is based in Zug and is the fourth authorised body, following the...
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The Swiss Parliament revises law on stock corporations On June 19, 2020, the Swiss Parliament approved the revision of the Swiss law on stock corporations (Company Law), which aimed at introducing simplifications (such as new provisions for the use of technology in support of general meetings) while allowing for greater flexibility and protection of specific...
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Switzerland declares Privacy Shield with USA non-compliant In light of the recent case law of the European Court of Justice (ECJ) on the protection of personal data in the context of the Privacy Shield between the US and the EU, Switzerland has been reassessing the conformity of the Privacy Shield to the Federal Act on...
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Taxes payable by cryptocurrency make Switzerland a leader in the implementation of crypto assets Thanks to its collaboration with Bitcoin Swiss, Canton Zug announced that it will accept tax payments by Bitcoin and Ether (for both companies and private individuals) up to an amount of CHF 100.000, starting from February 2021, becoming the first Swiss...
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Blockchain and distributed ledger technology: no repercussions for tax law Berna, 19.06.2020 – Nella sua seduta del 19 giugno 2020 il Consiglio federale ha preso atto del rapporto relativo a un’eventuale necessità di adeguamento della legislazione fiscale nel settore della blockchain. Il rapporto conclude che non occorre apportare particolari modifiche alla legislazione fiscale. L’ordinamento giuridico...
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    IRS to delay US tax filing IR-2020-66, April 9, 2020 WASHINGTON — To help taxpayers, the Department of Treasury and the Internal Revenue Service announced today that Notice 2020-23 (PDF) extends additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file...
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      Global Forum: Switzerland scores well Bern, 06.04.2020 – The Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) has also rated Switzerland as largely compliant in the second round of peer reviews on the exchange of information upon request. The report was published on 6 April 2020. It noted significant improvements,...
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      Widespread success of minimum BEPS standards Thanks to the OECD’s treaty-shopping prevention rules, most of Inclusive Frameworks jurisdictions have now agreed to eliminate double taxation, non-taxation or reduced taxation opportunities. At the same time such jurisdictions will prevent  businesses and investors to benefit under tax treaties through the implementation of anti-abuse provisions....
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      COVID-19: Information for companies and individuals Information by Swiss federal government Health and safety Overview: New coronavirus Current situation – Switzerland and international Federal government measures Coronavirus Infoline (24/7): +41 58 463 00 00 (Please note: This Infoline does not provide medical advice. Due to the high volume of calls you may experience delays...
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          Taxation of digital economy: Swiss response to recent OECD statement   Introduction Digitalisation is changing the way businesses operate and new business models have become a growing challenge for existing international tax systems. Under the Base Erosion and Profit Shifting (BEPS) project, the Organisation for Economic Cooperation and Development (OECD)...
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        EU lists Cayman Islands, Panama as tax havens, spares Turkey BRUSSELS (Reuters) – European Union finance ministers added Panama, the Seychelles, the Cayman Islands and Palau to the EU’s blacklist of tax havens, while giving Turkey more time to avoid being listed, an EU document said on Tuesday. The list, which...
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      Financial Action Task Force (FATF): Switzerland has strengthened its AML measures   Paris, 13 February 2020 – Since the 2016 assessment of Switzerland’s measures to tackle money laundering and terrorist financing, the country has taken a number of actions to strengthen its framework. Switzerland has been in an enhanced follow-up process following...
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6 Feb 2020 The Tax Information Exchange Agreement (TIEA) between Singapore and the United States of America, signed on 13 November 2018, will enter into force on 5 March 2020. The TIEA will permit Singapore and the United States of America to exchange information for tax purposes. This enhances tax cooperation between the two countries....
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FINMA implementing small banks regime The Swiss Financial Market Supervisory Authority FINMA is implementing the small banks regime at circular level as of 1 January 2020: small, particularly liquid and well capitalised banks are to be exempted from certain regulatory requirements. FINMA is adjusting eight FINMA circulars for this purpose. Following a pilot phase lasting...
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        Federal Council adopts dispatch on amending AEOI Act Bern, 20.11.2019 – During its meeting on 20 November 2019, the Federal Council adopted the dispatch on amending the Federal Act on the International Automatic Exchange of Information in Tax Matters (AEOIA). The aim of the proposal is to implement the recommendations of the Global Forum...
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TRAF implementation: ordinances enter into force on 1 January 2020 Bern, 13.11.2019 – During its meeting on 13 November 2019, the Federal Council approved three ordinances to the Federal Act on Tax Reform and AHV Financing (TRAF). These amendments concerning the tax component will enter into force on 1 January 2020. The Ordinance on the Reduced Taxation of...
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        Federal Council adopts dispatches on amendment of double taxation agreements with New Zealand, Netherlands, Norway and Sweden Bern, 06.11.2019 – During its meeting on 6 November 2019, the Federal Council adopted the protocols of amendment to the double taxation agreements (DTA) with New Zealand, the Netherlands, Norway and Sweden. The protocols implement the minimum...
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    Federal Council brings FinSA and FinIA into force Bern, 06.11.2019 – During its meeting on 6 November 2019, the Federal Council brought the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA) – together with the implementing ordinances – into force as at 1 January 2020. Transitional periods of two years are provided for in...
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