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…
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…
The Swiss Financial Market Supervisory Authority FINMA has launched enforcement proceedings against envion AG. FINMA has evidence that the company may have breached financial market law in relation to an ICO. FINMA launched enforcement proceedings against envion AG in July 2018. The proceedings focus in particular on possible breaches of…
The Swiss Financial Market Supervisory Authority FINMA has published the amended circular “Public deposits with non-banks”. Changes made to the circular define more clearly the new FinTech regulations on sandboxes and the extended timeframe for settlement accounts introduced by the Federal Council. The circular enters into force on 1 January…
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…
The Financial Market Supervisory Authority FINMA has observed a marked increase in initial coin offerings (ICOs) conducted in Switzerland. It has today therefore issued FINMA Guidance 04/2017 on this topic. FINMA has also indicated that it is investigating a number of ICO cases to determine whether regulatory provisions have been…
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