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…
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…
The rates of value-added tax (VAT) in Switzerland will be reduced effective 1 January 2018. VAT rates will be reduced to 7.7% (standard VAT rate) and 3.7% (special VAT rate for accommodation) as of 1 January 2018. The “reduced rate” of 2.5% will remain unchanged. Please bear in mind that with…
The individual who manages intellectual property rights for music groups including the Rolling Stones and U2 has denied that corporate structures were set up in the Netherlands to avoid tax in recent parliamentary testimony. On June 12, Jan Favie, a director of Promogroup B.V. and U2 Ltd, the companies which…
Switzerland has explained how it will amend its double tax agreements after it signed the OECD’s new multilateral tax compact to implement anti-base erosion and profit shifting measures. On June 7, Switzerland was one of 76 countries and jurisdictions to sign or express their intention to sign the Multilateral Convention…
Changes to Switzerland’s Value Added Tax (VAT) Act will enter into force on January 1, 2018, with the aim of removing VAT-related competitive disadvantages for domestic companies. Currently, a multinational company pays only VAT on its Swiss turnover. Foreign companies providing services in Switzerland do not have to pay VAT…
A VAT rate of 8% applies to most goods and services. A reduced rate of 2.5% applies to certain everyday consumer goods such as foodstuffs, non-alcoholic beverages, books, newspapers, magazines, medicines, but also to tickets for sports and cultural events. Only overnight stays at a hotel (incl. breakfast) are taxed…
In Germany, all entrepreneurs who are engaged and independently active in a trade, business or profession with the purpose of generating income, are liable to value-added-tax also known as the turnover tax (Umsatzsteuer). The following information on VAT is a general overview. VAT is raised regardless of citizenship, residence, main…
The UK Government has recently launched a ‘Call for Information’ on the benefits and risks of digital currencies. The move, which is intended to support the growth of the UK as a global financial centre, builds on its earlier announcement of conducive tax rules for trading and ‘mining’ activities. The…
The Australian Tax Office (ATO) on August 20, 2014, released comprehensive but general guidance on the tax treatment of cryptocurrencies in Australia, and specifically bitcoin. The ATO has decided that transacting with bitcoins is akin to a barter arrangement, with similar tax consequences. The ATO’s view is that Bitcoin is…
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