Facts at a glance OECD plans for a global minimum tax backed by 130 countries, representing 90 % of global GDP 15% rule must not introduced by any country but will give other countries ability for a surcharge (for the difference) Rule only applicable for Multinationals above 750 Million Euro…
The Financial Action Task Force (FATF) puts Malta on its grey list for ongoing sloppy anti-money-laundering procedures and other shortcomings. FATF is the global money laundering and terrorist financing watchdog (found on FATF’s website). As a inter-governmental body, FATF sets international standards to prevent “dirty business” and 200 countries and…
The European Council has called for the swift enactment of Switzerland’s proposed corporate tax reform package. The recommendation was one of a number of conclusions adopted by the Council regarding the EU’s relations with the Swiss Confederation. The Council said that it welcomes the passage by the Swiss Federal Assembly…
The UK and Switzerland have signed a trade continuity agreement that will serve as a basis for their trading relationship after Brexit. The agreement was signed in Bern on February 11, 2019. The Swiss Federal Council explained that the agreement ensures the continuation of the economic and commercial rights and…
On 1 August 2018, the German Ministry of Finance published the amended draft bill of the Annual Tax Act 2018 which will be subject to further discussions in the parliament in the coming months. Furthermore, the States’ Ministers of Finance have agreed on the key points to reform the real…
From 2019, interested parties can apply for the new FinTech licence. The Swiss Financial Market Supervisory Authority FINMA is responsible for granting this licence. It has published guidelines aimed at simplifying the application process. To boost innovative financial companies, the Swiss parliament has introduced the new FinTech licence (persons under…
Switzerland’s Government has recently decided on a number of trade matters and reviewed its plans for changes to how it administers vehicle taxes. Approval of trade deals with Ecuador and Turkey On November 21, the Swiss Federal Council approved two trade deals signed on June 25: a new trade deal…
The Swiss Government has announced that, in preparation for a major overhaul of the tax system, existing practices on the taxation of principal companies and finance branches will not be applied to new companies as of 2019. The Government’s Tax Reform and AHV Financing (TRAF) legislation is due to enter…
The two houses of Switzerland’s parliament have said that they are largely in agreement on the main points of the Government’s proposed changes to the corporation tax system. On September 12, the National Council approved tax proposal 17 (TP17). The Council of States adopted a similar text on the proposals…
In mid-June 2018, the Swiss parliament launched a new licensing category, known as the FinTech licence, with the aim of promoting financial market innovation. This new licensing category under the Banking Act (BA) will apply to institutions which accept public deposits of up to CHF 100 million but which do…
India is to receive bank account information from HSBC after Switzerland’s highest court ruled that the bank is obligated to provide data requested where the leaked data has not been purchased. The information was leaked in 2008 by Herve Falciani, who worked for HSBC’s Swiss private bank. The Indian authorities…
Currently there is no legally recognised classification of tokens, neither in Austria nor on a European or international level. The literature differentiates between three different types: Security / Investment Tokens (hereafter referred to as “Security Tokens”) Payment / Currency Tokens (hereafter referred to as “Payment Tokens”) Utility Tokens This classification…
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