FLAT-RATE TAXATION IN SWITZERLAND
|
|
- Hugh French
- 6 years ago
- Views:
Transcription
1 FLAT-RATE TAXATION IN SWITZERLAND The new Federal Law on Expenditure Taxation: The Swiss parliament ratified the new Federal Law on Expenditure Taxation on 28 September 2012, which will regulate flat-rate taxation for prosperous foreign nationals following a transitional period of five years (National Council: 120 yes votes to 49 votes with 14 abstentions / Council of States: 36 yes votes to 9 no votes with 0 abstentions). Flat-rate taxation was first introduced over 150 years ago in the Canton of Waadt; it very soon rose to become a mainstay in the attractiveness of Switzerland as a location. Additionally, the federal structure quickly gave rise to competitive rivalry between the Cantons, which courted outside taxpayers as a means of generating substantial added tax revenue. Meaning The level of employment in branches of industry that profit directly or indirectly from persons subject to flat-rate taxation is approximately equated with the workforce of UBS in Switzerland or the population of the city of Lucerne. Accordingly, in the region of 20,000 full-time jobs are dependent on the system of expenditure taxation, including the corresponding positions within the federal government, canton, local government and private sector administrations. Roughly 700 million was generated in tax revenue over 2010, income that would cease to flow in the event of abolition. The Cantons of Waadt, Wallis, Tessin and Geneva account for 74 percent of this; together they collect approximately 78 percent of all taxes. Further, flat-rate taxation is of crucial economic significance to the Canton of Graubünden. Structurally weak municipalities in particular have the option of attracting prosperous foreign nationals and hence making a decisive contribution to their infrastructure. Opponents The opponents and supporters of the initiative to abolish flat-rate taxation, submitted in a valid form almost simultaneously, fail primarily to realise the substantial benefits to the national economy inherent to the fact that these are additional persons, voluntarily choosing to pay their taxes in Switzerland. This "voluntary nature" is based on Switzerland's attractiveness as a liberal business location. In the event of abolition, prosperous
2 foreign nationals would not be taxed simply on an equal basis; they would not be taxed at all, as they would move to a different country. Recently, even Denmark came out in favour of flat-rate taxation. The new regulation The new regulation consistently implements the objectives of the message: - Clarification that global expenditure is authoritative; - Minimum limits in direct federal taxes and canton taxes: 7 times the rental price, resp. imputed rental value; - Fictitious minimum income of CHF 400,000 for direct federal taxes; - Cantons must define minimums, but may set them autonomously; Personal preconditions The subjective preconditions have essentially remained unchanged: - No Swiss citizenship; - Liable to pay tax in Switzerland for the first time or following 10-year interruption; - No gainful employment in Switzerland; Spouses living in conjugal community must both satisfy the aforementioned preconditions. Assessment according to expenditure The new law clarifies that the basis of assessment is not just the cost of living in Switzerland, but instead global activities and lifestyle. This has so far been the subject of dispute and resulted in effective competition between the different cantons as to which parts of the cost of living must be included in the fictitious calculation of income. New features include consideration of elements that provide for, among others, education costs in Switzerland and abroad for children eligible for support and also, for instance, for breeding polo horses in Argentina and the costs of maintaining a yacht in Sardinia. In comparison: Until now, cantons have been able to consider exclusively the cost of living accrued in Switzerland. From here on in, the cost of living accrued in Switzerland and abroad must be used as a reference and declared as income. This breakdown requires significant expertise in the assessment facilities relating to aircraft, yachts and such like. Kneller Attorneys at Law has the requisite knowhow and will support you in your negotiations with the tax authorities. Tightened regulation Hence, the negotiated rulebook represents a compromise between the Directors of the Treasuries on a canton and a national level, targeted at a new regulation, particularly in view of the tighter stricture in the context of financial policies. However, the federal law is only in a position to
3 precisely regulate the underlying principles of tax assessment within the framework of its competence to collect federal taxes. In general, it represents a tightening of the provisions and specifications applicable to the cantons in the determination of their taxes. In terms of direct federal taxes, the regulations specified that a minimum assessment basis of CHF 400,000 must be applied as fictitious income. This minimum fictitious income of CHF 400,000 on the level of federal taxes can be increased if the actual income accrued from Swiss sources is higher. A further new minimum limit for global expenditure as regards direct federal taxes specifies seven times the rental price, resp. imputed rental income or three times the hotel price for accommodation and catering (until now five times). This means that persons liable to tax will initially have to consider whether they wish to generate income from Swiss capital investments, etc. In the event that such persons do not generate this form of income in Switzerland, the assessment will remain fixed at seven times the imputed rental value of the real estate they purchase, and is located, in Switzerland. Accordingly, the fictitious income for calculating the federal taxes will be based on the annual cost of living in Switzerland and abroad. The following lower limits apply in this: a) CHF 400,000, or b) for persons liable to pay tax with their own household: seven times the annual rental price or imputed rental value, or c) three times the annual hotel costs for accommodation and catering at the place of residence. In the event that the fictitious income is calculated according to the aforementioned formula, the tax authorities will carry out a control calculation that the person liable to pay taxes should also perform. This control calculation covers income from all Swiss sources. This includes all income generated in Switzerland, for instance from the lease of movable items, movable capital assets invested in Switzerland, income from patents and licenses, etc. exploited in Switzerland and also from annuities and pensions originating from a Swiss source. In the event that this control calculation reveals a higher fictitious income as the fictitious income indicated above, the income generated factually from Swiss sources is quite naturally the authoritative basis. In this, the legislator has satisfied a vital premise in the principle of equal treatment. By the way, the foreign national is entitled to move their place of residence each year to a different canton that applies flat-rate taxation; the persons will thereupon be liable to pay tax there (move from Zurich to Graubünden). Double taxation treaty
4 In the event that a double taxation agreement stipulates the relief on foreign income, this income must be disclosed to the Swiss tax authorities nevertheless (so-called modified flat-rate taxation). Canton alignment with the provisions under federal law The regulation created under consideration of the canton tax sovereignty essentially provides for the definition of minimum standards; however, it does vest significant freedoms in the cantons themselves as regards the actual structure, hence preserving functioning competition between the cantons. Accordingly, the cantons have not received specification of any minimum limits in terms of actual francs similar to the federal government specification of a CHF 400,000 limit for fictitious income. The cantons are therefore still permitted to prescribe minimum sums for fictitious income within an autonomous framework. However, it is new that the cantons are required to transparently elucidate this minimum sum in francs within the body of legislation. It can be expected that the canton sovereignty will sensibly leave this specification up to the government, which will then be in a better position to promote financially disadvantaged regions. In line with this, the government of the Canton of Graubünden has already submitted a draft bill that adopts the minimum income specified under federal law (government notification by the cantonal parliament dated 22 May 2012). Wealth tax The federal government has no wealth tax. It is therefore in the hands of the cantons, resp. the municipalities to levy a wealth tax. A new feature is that the cantons are required to disclose the nature in which the wealth tax is collected. They are entitled to do without wealth tax entirely, provided they take this into consideration in the calculation of income. Alignment and ratification by the cantons The regulations of the new federal law specify a transitional period of five years. This period offers foreign nationals living in Switzerland under the regime of flat-rate taxation sufficient time to adjust to the new circumstances or alternatively to move to a different canton or leave Switzerland altogether Conclusion In good Swiss tradition, the new regulation represents a compromise between demands made by opponents and supporters. It lends consideration to the tighter stricture in the context of financial policies, while preserving the fundamental liberal attitudes in Switzerland. It introduces new minimum income that must at least be generated. The cantons remain at liberty to specify the lower limits in terms of francs, but must render these limits transparent. Lower limits based on seven times the imputed rental value, resp. rental price for the properties the foreign nationals inhabit in Switzerland are mandatory.
5 Kneller Attorneys at Law can draw on profound expertise in this field. We would be pleased to advise you in the evaluation of Switzerland as a new location / residence and would negotiate the assessment with the authorities on your behalf. Dr. Kneller is personally at your disposal: Tel Fax michael.kneller@kneller.ch.
1 on 22
Volume / Register Vol. I Reg. 3.4 Issue date June 17, 2002 DEPARTMENT OF FINANCES AND RESOURCES Cantonal Tax Office Status as at: January 31, 2013 Valid from 2001 INFORMATION SHEET Expenditure-based taxation
More informationSwiss Lump Sum Taxation
Geneva, December 1 st, 2016 Swiss Lump Sum Taxation Ali Kanani Tax Partner MBL & LL.M. in International Taxation 1 INTRODUCTION 1. History 2. Current situation in Switzerland 3. Numbers 4. How does it
More informationLUMP SUM TAXATION IN SWITZERLAND, CANTON TICINO
Steimle & Partners Consulting Sagl Tax & Legal Consultants Via Dogana Vecchia 2 / Via Nassa CH-6900 Lugano Tel. +41 91 913 99 00 Fax +41 91 913 99 09 info@steimle-consulting.ch www.steimle-consulting.ch
More informationSWISS CORPORATE TAX REFORM POSTPONED
SWISS CORPORATE TAX REFORM POSTPONED Authors Peter von Burg Dr. Natalie Peter Tags Corporate Tax Income Taxation Notional Interest Deduction Patent Box Step-Up in Basis Switzerland Peter von Burg is an
More informationInstruction of the Department of Finance on the supplementary assessment in respect of the collection of withholding taxes
Instruction of the Department of Finance on the supplementary assessment in respect of the collection of es (of 23 November 1998) A. Precondition for supplementary assessment 1 Foreign employees shall
More informationIntroduction to Swiss Tax Law
Introduction to Swiss Tax Law Prof. Dr. iur. Madeleine Simonek Chair of Swiss and International Tax Law (Homepage: www.rwi.uzh.ch/simonek) Fiscal Sovereignty in Switzerland: 3 Levels of Taxation Confederation:
More informationCanton Solothurn: a fiscally attractive place to do business
Canton Solothurn: a fiscally attractive place to do business Last update: 1 January 2018 The Canton of Solothurn has a modern and flexible corporate taxation regime. The relationship between the Tax Office
More informationUpdate for lump sum tax payers in Canton Ticino
TAX CHAPTER SEMINAR Lugano, 16 th June 2015 Update for lump sum tax payers in Canton Ticino Peter Steimle Steimle & Partners Consulting Sagl www.steimle-consulting.ch Expenditure-based taxation: a special
More informationSwitzerland Readies Guidance on Carried Interest
VOLUME 49, NUMBER 8 FEBRUARY 25, 2008 Switzerland Readies Guidance on Carried Interest by Werner Lederer and Thierry Boitelle taxanalysts Switzerland Readies Guidance on Carried Interest Before the entry
More informationLATEST DEVELOPMENTS IN SWISS TAX LAW. AIBL, Geneva 19 January Thierry Boitelle
LATEST DEVELOPMENTS IN SWISS TAX LAW AIBL, Geneva 19 January 2012 Thierry Boitelle 1 Switzerland Latest tax developments Exchange of information the rules and what will likely happen Dealing with the past
More informationSwitzerland: Foreign Assets Protection and Tax Optimization
Switzerland: Foreign Assets Protection and Tax Optimization Presented by Goldblum and Partners Intax Expo, 23-24 of September 2013 Lotte Hotel, Moscow, Russia Agenda 2 Switzerland in general a short survey
More informationUnited Kingdom. I. Taxes on Corporate Income
OECD Model Tax Convention on Income and on Capital (Condensed version 2010) and Key Tax Features of Member countries 2011 United Kingdom 1. Corporate income tax I. Taxes on Corporate Income Corporate profits
More informationSwitzerland. Investment basics
Switzerland Diego Weder Director Tel: +1 212 492 4432 diweder@deloitte.com Investment basics Currency Swiss Franc (CHF) Foreign exchange control restrictions are imposed on the import or export of capital.
More informationREVISED SWISS CORPORATE TAX REFORM WILL KEEP SWITZERLAND A TOP CORPORATE LOCATION
REVISED SWISS CORPORATE TAX REFORM WILL KEEP SWITZERLAND A TOP CORPORATE LOCATION Authors Danielle Wenger Manuel Vogler Tags Corporate Tax Tax Reform Switzerland INTRODUCTION This article focuses on the
More informationSwiss Parliament approves Corporate Tax Reform III
17 June 2016 Global Tax Alert Swiss Parliament approves Corporate Tax Reform III EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser:
More informationFOREWORD. Algeria. Services provided by member firms include:
2015 2016/17 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses?
More informationTAX UPDATE. Geneva, December 16, 2015
TAX UPDATE Geneva, December 16, 1 AGENDA 1. Swiss and international Corporate tax policy update 2. Base Erosion and Profit Shifting 3. Swiss Corporate Tax Reform III 4. Automatic exchange of information
More informationSwiss-American Chamber of Commerce Special Taxes* 21 September 2010
Swiss-American Chamber of Commerce * 21 *connectedthinking PwC Agenda/Contents Real Estate Transfer Tax Real Estate Capital Gains Tax Inheritance and Gift Tax Tax on Pension Capital Distribution Real Estate
More informationGuide to Japanese Taxes
Guide to Japanese Taxes CONTENTS 1. Introduction ------------------------------------------------------------------------------------------- 1 (1) Principle of Taxation under the Law (2) Self-Assessment
More informationInformation Sheet Divorce / Dissolution of a registered partnership For your social security
Information Sheet Divorce / Dissolution of a registered partnership For your social security Pension benefits settlement on divorce / dissolution of a registered partnership In the event of divorce or
More informationORDINARY TAXATION OF INDIVIDUALS IN SWITZERAND, CANTON TICINO
Steimle & Partners Consulting Sagl Tax & Legal Consultants Via Dogana Vecchia 2 / Via Nassa CH-6900 Lugano Tel. +41 91 913 99 00 Fax +41 91 913 99 09 info@steimle-consulting.ch www.steimle-consulting.ch
More informationSWITZERLAND GLOBAL GUIDE TO M&A TAX: 2017 EDITION
SWITZERLAND 1 SWITZERLAND INTERNATIONAL DEVELOPMENTS 1. WHAT ARE RECENT TAX DEVELOPMENTS IN YOUR COUNTRY WHICH ARE RELEVANT FOR M&A DEALS AND PRIVATE EQUITY? Swiss tax authorities scrutinise more closely
More informationOverview of Individual Taxation in Switzerland
Overview of Individual Taxation in Switzerland 1. Territoriality / Competent Authority Swiss income taxes are in general regulated by federal tax law (FTL) and 26 cantonal tax laws. However, all cantonal
More informationTHE SWISS TAX SYSTEM INDIVIDUALS / CORPORATE
THE SWISS TAX SYSTEM INDIVIDUALS / CORPORATE Seminar Swiss-American Chamber of Commerce 21 September 2010 Andrio Orler Partner Tavernier Tschanz Source: David Ryser, Seminar «Introduction to the Swiss
More informationFOREWORD. Tunisia. Services provided by member firms include:
FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there
More informationTax incentives in the Canton of Vaud (Switzerland)
Tax incentives in the Canton of Vaud (Switzerland) Jean-Michel Clerc Attorney-at-law Rue du Grand Chêne 2 CH-1002 Lausanne Tél. + 41 (0)21 552 63 63 Fax + 41 (0)21 552 63 61 jmc@mercuris.legal www.mercuris.legal
More informationEuropean salary survey 2017 Highest professional income taxed more heavily. 8th edition December 2017 Appendix - graphs
European salary survey 2017 Highest professional income taxed more heavily 8th edition December 2017 Appendix - graphs Brochure / report title goes here Section title goes here Table of content Legend
More informationPension fund and residential property/
Promotion of home ownership Pension fund and residential property/ Withdrawing or pledging Pillar 2 assets for purchasing residential property Contents Raising capital to purchase a home 3 Own capital
More informationThe End of Switzerland s Cantonal Tax Regimes Is Near: What s Next?
Volume 71, Number 7 August 12, 2013 The End of Switzerland s Cantonal Tax Regimes Is Near: What s Next? by Thierry Obrist Reprinted from Tax Notes Int l, August 12, 2013, p. 647 The End of Switzerland
More informationAmendments to the Personal Income Tax Law Adopted
Tax Alert June 2013 Amendments to the Personal Income Tax Law Adopted On 29 May 2013 the Serbian Parliament adopted the Law on Amendments to the Personal Income Tax Law, as published in the Official Gazette
More informationSWITZERLAND. LAW AND PRACTICE: p.497. TRENDS AND DEVELOPMENTS: p.508
SWITZERLAND LAW AND PRACTICE: p.497 Contributed by Lenz & Staehelin The Law & Practice sections provide easily accessible information on navigating the legal system when conducting business in the jurisdiction.
More informationInstruction of the Department of Finance regarding the implementation of withholding taxes for foreign
Instruction of the Department of Finance regarding the implementation of withholding taxes for foreign workers (Of 30 September 2005) Valid as of 1 January 2006 A. Subjective tax liability In accordance
More informationFederal Act on Financial Institutions. Title 1: General Provisions Chapter 1: Subject Matter, Purpose and Scope of Application
English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force. Federal Act on Financial Institutions (Financial Institutions
More informationOVERVIEW OF THE SWISS TAX SYSTEM
OVERVIEW OF THE SWISS TAX SYSTEM 10.1 Taxation of Corporate Taxpayers... 109 10.2 Tax Charge Rate in International Comparison... 112 10.3 Taxation of Individual Taxpayers... 113 10.4 Withholding Tax...
More informationTraditionally, Switzerland is very popular as a business location for multinational
Positioning Switzerland in the global tax world Oliver Jaeggi and Kurt Wild, of Tax Partner AG Taxand, discuss the midto long-term positioning of Switzerland in the global tax world. Traditionally, Switzerland
More informationNew Swiss corporate tax developments : A paradigm shift?
New Swiss corporate tax developments : A paradigm shift? The Report of the Joint Steering Comittee (Federal Department of Finance and the Council of Cantonal Finance Ministers) Jean-Michel Clerc, Partner
More informationTax & Legal Alert. Tax and exercise duty law amendments as of Personal Income Tax
2010. December Tax & Legal Alert Tax and exercise duty law amendments as of 2011 Auditing and Consulting Phone: +36.1.375.4921 On 16 th November 2010, the Hungarian Parliament approved the packet of amendments
More informationPension Fund of the Siemens Companies in Switzerland
Pension Fund of the Siemens Companies in Switzerland Overview of the 2017 Pension Fund Regulations Useful information in brief valid from 1 July 2017 Points to note: This abridged version of the 2017 Regulations
More informationFOREWORD. Uruguay. Services provided by member firms include:
2015/16 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are
More informationF. HOFFMANN LA ROCHE AG
F. HOFFMANN LA ROCHE AG TAX AND SOCIAL SECURITY IMPLICATIONS OF THE OCCUPATIONAL BENEFIT PLANS OF THE 2ND PILLAR FRENCH CROSS-BORDER COMMUTERS This summary outlines the general tax and social security
More informationFinSA/FinIA: Impact on Offering Foreign Collective Investment Schemes into Switzerland
Briefing November 2018 On 15 June 2018, the Swiss parliament adopted the Swiss Financial Services Act (FinSA) and the Swiss Financial Institutions Act (FinIA). On 24 October 2018, the Swiss Federal Council
More informationSri Lanka - Switzerland Income and Capital Tax Treaty (1983)
Page 1 of 12 Sri Lanka - Switzerland Income and Capital Tax Treaty (1983) Status: In Force Conclusion Date: 11 January 1983. Entry into Force: 14 September 1984. Effective Date: 1 April 1981 (Sri Lanka);
More information1 Strategising for growth BUDGET 2017/2018 SUMMARY OF MAJOR FEATURES Tax proposals Companies and close corporations The rate of normal tax remains
1 Strategising for growth BUDGET 2017/2018 SUMMARY OF MAJOR FEATURES Tax proposals Companies and close corporations The rate of normal tax remains unchanged at 28% in respect of years of assessment ending
More informationARTICLE 1 PERSONS COVERED
CONVENTION BETWEEN JAPAN AND THE KINGDOM OF DENMARK FOR THE ELIMINATION OF DOUBLE TAXATION WITH RESPECT TO TAXES ON INCOME AND THE PREVENTION OF TAX EVASION AND AVOIDANCE Japan and the Kingdom of Denmark,
More informationFINLAND TAX DESKBOOK
LEX MUNDI INTERNATONAL TAX DESKBOOK EDITORS: John R. Barsanti, Jr. and Robert Lewis Jackson Armtrong Teasdale LLP One Metropolitan Square St Louis, Missouri 63102 FINLAND TAX DESKBOOK PREPARED BY Gunnar
More informationTAX INFORMATION BULLETIN VOLUME TWO, NO. 2 AUGUST 1990 CONTENTS. Living Alone Payments 3. Donations and School Fees Rebate 3
TAX INFORMATION BULLETIN VOLUME TWO, NO. 2 AUGUST 1990 BUDGET CHANGES CONTENTS Living Alone Payments 3 Donations and School Fees Rebate 3 Additional Bloodstock Expenses now Allowable 3 "Test Period" Motor
More informationNon-French tax residents are subject
FRENCH CONNECTIONS Using a trust to own French real estate does not particularly change the ownership situation in France regarding wealth tax and inheritance tax, and may bring potential drawbacks in
More informationPresentation by Stephen Turley March 2018
Swiss Tax and Social Security system Presentation by Stephen Turley March 2018 Agenda Introduction to the Swiss taxation system Swiss tax residency and filing obligation Swiss income taxation Swiss social
More informationSurvey on the Implementation of the EC Interest and Royalty Directive
Survey on the Implementation of the EC Interest and Royalty Directive This Survey aims to provide a comprehensive overview of the implementation of the Interest and Royalty Directive and application of
More informationSwitzerland Lump-Sum Taxation. Dr. Ruth Bloch-Riemer
Switzerland Lump-Sum Taxation Dr. Ruth Bloch-Riemer Zurich, 29 November 2018 Swiss Lump-Sum Taxation Table of Content Switzerland Overview & Introduction 3 General Requirements & Eligible Classes of Taxpayers
More informationbetween the Swiss Confederation and the Islamic Republic of Pakistan for the Avoidance of Double Taxation with respect to Taxes on Income
Convention between the Swiss Confederation and the Islamic Republic of Pakistan for the Avoidance of Double Taxation with respect to Taxes on Income The Swiss Federal Council and the Government of the
More informationCONVENTION BETWEEN JAPAN AND THE KINGDOM OF DENMARK FOR THE ELIMINATION OF DOUBLE TAXATION WITH RESPECT TO TAXES ON INCOME AND THE PREVENTION OF TAX
CONVENTION BETWEEN JAPAN AND THE KINGDOM OF DENMARK FOR THE ELIMINATION OF DOUBLE TAXATION WITH RESPECT TO TAXES ON INCOME AND THE PREVENTION OF TAX EVASION AND AVOIDANCE CONVENTION BETWEEN JAPAN AND THE
More informationARGENTINA GLOBAL GUIDE TO M&A TAX: 2017 EDITION
ARGENTINA 1 ARGENTINA INTERNATIONAL DEVELOPMENTS 1. WHAT ARE RECENT TAX DEVELOPMENTS IN YOUR COUNTRY WHICH ARE RELEVANT FOR M&A DEALS AND PRIVATE EQUITY? On 23 September 2013, the Income Tax Law was amended.
More informationCOMMENTARY ON THE ARTICLES OF THE ATAF MODEL TAX AGREEMENT FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH RESPECT TO
COMMENTARY ON THE ARTICLES OF THE ATAF MODEL TAX AGREEMENT FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME 2 OVERVIEW The ATAF Model Tax Agreement
More informationSwiss Tax Newsletter - May 2017
Swiss Tax Newsletter - May 2017 Highlights Comments on selected decisions recently rendered by Swiss courts - Tax treatment of trusts for transfer stamp tax purposes - Refund and statute of limitation
More informationAGREEMENT BETWEEN THE SWISS CONFEDERATION AND THE PEOPLE'S REPUBLIC OF BANGLADESH FOR THE AVOIDANCE OF DOUBLE TAXATION
AGREEMENT BETWEEN THE SWISS CONFEDERATION AND THE PEOPLE'S REPUBLIC OF BANGLADESH FOR THE AVOIDANCE OF DOUBLE TAXATION WITH RESPECT TO TAXES ON INCOME. THE SWISS FEDERAL COUNCIL AND THE GOVERNMENT OF THE
More informationInternational Tax Albania Highlights 2018
International Tax Albania Highlights 2018 Investment basics: Currency Albanian Lek (ALL) Foreign exchange control There are no foreign exchange controls; repatriation of funds may be made in any currency.
More informationHeadquarter Jurisdictions Around the World: A Comparison
Headquarter Jurisdictions Around the World: A Comparison 2017 Austria Belgium Cyprus Dubai Hong Kong Ireland Luxembourg The Netherlands Portugal Singapore Spain Switzerland United Kingdom Headquarter jurisdictions
More informationTAX TREATY ISSUES ARISING FROM CROSS-BORDER PENSIONS PUBLIC DISCUSSION DRAFT
DISCUSSION DRAFT 14 November 2003 TAX TREATY ISSUES ARISING FROM CROSS-BORDER PENSIONS PUBLIC DISCUSSION DRAFT Important differences exist between the retirement pension arrangements found in countries
More informationMemo to clients. 1. Private asset structures. First Advisory Group. Nr. 2 June Introduction:
Memo to clients Nr. 2 June 2012 1. Private asset structures Introduction: The preferential taxation of domiciliary and holding companies (so-called special corporation taxes) was repealed with the new
More informationContents. 3. Major Taxes in Japan Taxes on Income 7 12 (1) Taxes on Personal Income (2) Taxes on Corporate Income (3) Withholding Income Tax
Contents Preface 1 1. Administration System 2 4 (1) Structure of National (2) Structure of Local (3) Principle of No ation Without Law (4) Self-Assessed ation System (5) Inspection and Relief System 2.
More informationProposal for a COUNCIL DIRECTIVE. amending Directive (EU) 2016/1164 as regards hybrid mismatches with third countries. {SWD(2016) 345 final}
EUROPEAN COMMISSION Strasbourg, 25.10.2016 COM(2016) 687 final 2016/0339 (CNS) Proposal for a COUNCIL DIRECTIVE amending Directive (EU) 2016/1164 as regards hybrid mismatches with third countries {SWD(2016)
More informationKey issues of planned Swiss corporate tax reform III
Key issues of planned Swiss corporate tax reform III October 2015 Christoph Niederer, VISCHER Ltd. 1 Swiss Corporate Tax Reform III Agenda Introduction Current situation Framework of reform Proposed measures
More informationINTERNATIONAL TAX CONFERENCE 2018: SWISS TAX PROPOSAL 17 RAINER HAUSMANN, BDO ZURICH 25 MAY 2018
INTERNATIONAL TAX CONFERENCE 2018: SWISS TAX PROPOSAL 17 RAINER HAUSMANN, BDO ZURICH 25 MAY 2018 TAX PROPOSAL 17 Developments concerning tax proposal 17 - OVERVIEW Abolishment existing tax regimes Patentbox
More informationThe Financial Sector of the Canton Schwyz
The Financial Sector of the Canton Schwyz Structure, economic importance and economic-political framework requirements A study on behalf of the Office of Economy of the Canton Schwyz 2011 Executive Summary
More informationOECD Model Tax Convention on Income and on Capital (Condensed version 2010) and Key Tax Features of Member countries 2010
OECD Model Tax Convention on Income and on Capital (Condensed version 2010) and Key Tax Features of Member countries 2010 Sample excerpt United Kingdom 1. Corporate income tax I. Taxes on Corporate Income
More informationThis document is meant purely as a documentation tool and the institutions do not assume any liability for its contents
2009R0987 EN 01.01.2014 004.001 1 This document is meant purely as a documentation tool and the institutions do not assume any liability for its contents B REGULATION (EC) No 987/2009 OF THE EUROPEAN PARLIAMENT
More informationTaxation of cross-border mergers and acquisitions
Taxation of cross-border mergers and acquisitions Iceland kpmg.com/tax KPMG International Iceland Introduction An Icelandic business enterprise may be organized as a limited liability company: either
More informationSwiss Stock Plan Updates Regulatory, Legal and Tax Overview and Summary. Dr. Robert W. Kuipers PricewaterhouseCoopers AG, Zurich/Switzerland
Swiss Stock Plan Updates Regulatory, Legal and Tax Overview and Summary Dr. Robert W. Kuipers PricewaterhouseCoopers AG, Zurich/Switzerland Agenda Introduction Equity based reward Proposal of new legislation
More informationCOMMISSION OF THE EUROPEAN COMMUNITIES
COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 26.01.2006 COM(2006) 22 final REPORT FROM THE COMMISSION TO THE COUNCIL, THE EUROPEAN PARLIAMENT, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE
More informationCorporate Tax Reform III
Corporate Tax Reform III Rejected by Swiss voters - what s next? 17 February 2017 Today s moderators Daniel Gentsch Managing Partner Tax, EY Switzerland Rainer Hausmann Partner, Tax Services, EY Switzerland
More informationThe nation, through the DIAN, collects this tax, as it is not a departmental or municipal tax.
Legal update Relevant aspects of Colombia s new tax reform February 2015 Tax On December 23, 2014, Law 1739 (Reform) came into force, containing one of the most ambitious tax reforms in recent decades
More informationArticle 1 Persons covered. This Convention shall apply to persons who are residents of one or both of the Contracting States. Article 2 Taxes covered
Signed on 12.06.2006 Entered into force on 07.11.207 Effective from 01.01.2008 CONVENTION BETWEEN THE REPUBLIC OF ARMENIA AND THE SWISS CONFEDERATION FOR THE AVOIDANCE OF DOUBLE TAXATION WITH RESPECT TO
More informationTax Alert Ratification of New Double Tax Treaty Between Ukraine and Cyprus
Tax Alert Ratification of New Double Tax Treaty Between Ukraine and Cyprus On 4 July 2013, the Verkhovna Rada of Ukraine accepted the Law of Ukraine On Ratification of a Convention between the Government
More informationTaxation in the Canton of Zurich
Kantonales Steueramt Head Corporate Tax Taxation in the Canton of Zurich Tax Proposal 17 (TP17): Update Contact: Regarding TP17 Cantonal Tax Office Zurich Head Corporate Tax Bändliweg 21 CH 8090 Zürich
More informationFrance Taxable income. Introduction. 1. Individual Income Tax 1.1. Taxable persons
This chapter is based on information available up to 1 January 2014. Introduction Resident individuals are subject to income tax on their worldwide income. The tax is generally imposed on the aggregate
More informationSwiss GAAP FER 2017 Checklist for application and disclosure. Audit & Assurance
Swiss GAAP FER 2017 Checklist for application and disclosure Audit & Assurance Foreword This checklist shall support in applying the Swiss GAAP FER standards as well as in reviewing the completeness of
More informationIntellectual Property Box (IP-box) Liechtenstein
Intellectual Property Box (IP-box) Liechtenstein I. Intellectual Property Box (IP box) in Liechtenstein II. Intellectual property rights (IP) in Liechtenstein III. IP company in Liechtenstein IV. Advantages
More informationCOMMISSION STAFF WORKING DOCUMENT Accompanying the document. Proposal for a Council Directive
EUROPEAN COMMISSION Strasbourg, 25.10.2016 SWD(2016) 345 final COMMISSION STAFF WORKING DOCUMENT Accompanying the document Proposal for a Council Directive amending Directive (EU) 2016/1164 as regards
More informationSwiss GAAP FER 2017 Checklist for application and disclosure. Audit & Assurance
Swiss GAAP FER 2017 Checklist for application and disclosure Audit & Assurance Foreword This checklist shall support in applying the Swiss GAAP FER standards as well as in reviewing the completeness of
More informationTax Card With effect from 1 January 2016 Lithuania. KPMG Baltics, UAB. kpmg.com/lt
Tax Card 2016 With effect from 1 January 2016 Lithuania KPMG Baltics, UAB kpmg.com/lt CORPORATE INCOME TAX Taxable profit of Lithuanian and foreign corporate taxpayers is subject to a standard (flat) rate
More informationTax Flash CIT Reform Proposal
www.pwc.pt Tax Flash CIT Reform Proposal Cornerstones of this reform: simplification of tax compliance obligations, reduction of tax disputes, as well as a the intention to progressively reduce the corporate
More informationINTRODUCTION. Situations should be viewed separately based on specific facts of each scenario.
TAX FACTS 2018 CONTENTS INTRODUCTION... 3 PERSONAL INCOME TAX... 4 CORPORATION TAX... 8 SOCIAL INSURANCE... 12 SPECIAL CONTRIBUTION FOR DEFENCE... 13 INTELLECTUAL PROPERTY... 16 VALUE ADDED TAX... 18 CAPITAL
More informationCONVENTION BETWEEN THE SWISS CONFEDERATION AND THE FEDERATIVE REPUBLIC OF BRAZIL
CONVENTION BETWEEN THE SWISS CONFEDERATION AND THE FEDERATIVE REPUBLIC OF BRAZIL FOR THE ELIMINATION OF DOUBLE TAXATION WITH RESPECT TO TAXES ON INCOME AND THE PREVENTION OF TAX EVASION AND AVOIDANCE The
More informationFiscal Policy with a Fiscal Rule
Fiscal Policy with a Fiscal Rule on the federal level in Switzerland Alain Geier, Economist Federal Finance Administration 7. July 2011 Agenda 1. Public Finance in Switzerland: An Overview 2. Budget Process
More informationTaxation of individuals during a divorce can be potentially complicated by one or both of the parties being classified as non UK resident.
Cross border divorce 1 August 2017 Meg Saksida considers the tax aspects of cross border expatriate divorce What is the issue? Taxation of individuals during a divorce can be potentially complicated by
More informationMost of our clients are individuals or small and medium-sized businesses (or both). The headlines affecting them are as follows:
H M Revenue & Customs have now published draft provisions for inclusion in Finance Bill 2017, which should be enacted next summer. There are also some announcements affecting possible tax law changes after
More informationSwiss Taxation - Update 2012
Swiss Taxation - Update 2012 IFMA January 31, 2013 Daniel Spitz Partner Certified Tax Expert TAX CONSULTING. INDIVIDUALS. COMPANIES. REAL ESTATE INDEX 1. Introduction 2. Exchange of information 3. Special
More informationSwitzerland. Qualifying conditions. Benefit calculation. Earnings-related. Mandatory occupational. Key indicators. Switzerland: Pension system in 2012
Switzerland Switzerland: Pension system in 212 The Swiss retirement pension system has three parts. The public scheme is earnings-related but has a progressive formula. There is also a system of mandatory
More informationGermany Taxable income. Introduction. 1. Income Tax Taxable persons. This chapter is based on information available up to 11 March 2010.
This chapter is based on information available up to 11 March 2010. Introduction Individuals are subject to income tax, which is increased by a solidarity surcharge. Individuals carrying on a trade or
More informationFOREWORD. Finland. Services provided by member firms include:
FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there
More informationThe Canton of Solothurn a fiscally attractive business location
The Canton of Solothurn a fiscally attractive business location Edited by: Oskar Ackermann Tax office, Kanton of Solothurn Head of Department for Legal Entities dipl. Tax Specialist, Certified Accountant
More informationGeneral Definitions Permanent Establishment
CONVENTION BETWEEN SPAIN AND THE PEOPLE'S REPUBLIC OF BULGARIA FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME AND CAPITAL Prom. SG. 11/8 Feb 1991
More informationCross-Border Inheritance Issues
BRIEFING NOTE June 2015 Cross-Border Inheritance Issues Background English laws of succession may apply to certain types of asset situated in other countries. Foreign laws of succession may apply to certain
More informationSECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 6-K REPORT OF FOREIGN ISSUER
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 Date: September 29, 2005 UBS AG (Registrant
More informationDätwyler Holding AG Pension Fund Regulations Version dated
Dätwyler Holding AG Pension Fund Regulations Version dated 1.1.2015 This is an English translation only; legally binding is the German version of these regulations. Table of contents A General provisions
More informationTax. Proposal 17. Dispatch of Federal Council Overview of elements, implementation and impact
Tax Proposal 17 Dispatch of Federal Council Overview of elements, implementation and impact 28 March 2018 Speakers Peter Uebelhart Stefan Kuhn Partner Head of Tax +41 58 249 42 24 puebelhart@kpmg.com Partner
More informationWithholding Tax Training for NPOs Presentation by:
Withholding Tax Training for NPOs Presentation by: Caleb Mokaya CPA Friday, 12 th May 2017 Presentation Outline 1 2 3 4 5 6 7 8 Overview of Withholding Tax (WHT) Payments Subject to WHT Legal provisions
More informationIntellectual Property Box Regimes
DIRECTORATE GENERAL FOR INTERNAL POLICIES POLICY DEPARTMENT A: ECONOMIC AND SCIENTIFIC POLICY Intellectual Property Box Regimes Tax Planning, Effective Tax Burdens and Tax Policy Options IN-DEPTH ANALYSIS
More informationNEW FRENCH TAX RULES FOR 2018
BRIEFING NEW FRENCH TAX RULES FOR 2018 JANUARY 2018 FIRST NEW FINANCE BILLS SINCE LAST PRESIDENTIAL ELECTION The French Parliament adopted new important tax measures regarding corporate and individual
More information