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Editorial

Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Two important tax decisions have been rendered...

July 2012 - Tax & Private Client. Legal Developments by Walder Wyss Ltd.

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by the Swiss Federal Supreme Court in the field of tax-loss carryforward. The first one offers the possibility to set off losses of an ab-sorbed company which was in liquidation against the profit of the absorbing company. The second one deals with the carryforward of losses incurred as the company benefited from a holding status against the profit of the company after the holding status has ended. 104 Newsletter No. July 2012

Lump Sum taxation

The head of our tax practice group, partner Dominique Christin, summarises the legal requirements to obtain a lump sum taxation status in Switzerland and in the cantons of Geneva and Vaud.

Swiss Tribunal Sides With Taxpayer in Beneficial Ownership Case

March 2012 - Tax & Private Client. Legal Developments by Walder Wyss Ltd.

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by Marcus Desax and Martin Busenhart

In what appears to be the first reported court case worldwide dealing with beneficial ownership as it applies to total return swaps in a tax treaty context, the Swiss Federal Administrative Tribunal has handed down a judgment in favor of the taxpayer. 

Swiss Tax Authorities Clarify Treatment of a Shareholding in a U.S. LLC

March 2012 - Tax & Private Client. Legal Developments by Walder Wyss Ltd.

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by Peter Hongler

September 6, 2011, the Swiss Tax Conference published guidelines on the Swiss tax characterization of an investment in a U.S. limited liability company. 1 The Swiss Tax Conference — an association of the Swiss federal and cantonal tax administrations — issues recommendations to the Swiss tax authorities to harmonize specific tax issues nationally; they are not binding on the courts. 

New tax regulation to stimulate the Swiss bond market

February 2012 - Tax & Private Client. Legal Developments by Walder Wyss Ltd.

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by Johannes BĂĽrgi, Thomas Meister and Thomas S. MĂĽller, Walder Wyss Ltd

The Swiss domestic bond market virtually died after the Swiss Federal Stamp Tax Act came into force back in 1973.

New tax regulation to stimulate the Swiss bond market

January 2012 - Tax & Private Client. Legal Developments by Walder Wyss Ltd.

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The Swiss domestic bond market virtually died after the Swiss federal stamp tax act came into force back in 1973. Swiss insurance stamp tax must be paid on the insurance bonds by, among others, a Swiss-resident company or the Swiss-registered branch of a foreign resident company.

Switzerland’s new information exchange policy and new Protocol to DTAA India-Switzerland

January 2012 - Tax & Private Client. Legal Developments by Walder Wyss Ltd.

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1. Reasons to revise Double Taxation Avoidance Agreement (DTAA)
2. Status of new Protocol to DTAA
3. Application of new Protocol to DTAA
4. Development of Swiss policy of tax information exchange

Tax Rulings in an International Framework

December 2011 - Tax & Private Client. Legal Developments by Walder Wyss Ltd.

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1. What is a ruling and who can ask for it?

2.Transparency of bases of Rulings

3. General attitude towards ruling practice

4. Access to rulings granted

5. Standard of foreseeable relevance for exchange of information under Art.26 OECD MD

Abolishment of Swiss Issuance Stamp Tax

November 2011 - Tax & Private Client. Legal Developments by Walder Wyss Ltd.

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Abolishment of Swiss Issuance Stamp Tax will stimulate the Swiss bond mar-ket. The Swiss Too Big to Fail Banking Act Reform Bill, which mainly deals with the capital adequacy requirements and organisational measures required to ensure that systemically important banks can be «wound up» in an orderly fashion, also aims to abolish the issuance stamp tax on loan and cash debentures. It is likely that this new tax regu-
lation will boost the Swiss bond market.

Double taxation agreement with Georgia enters into force

Bern, 05.08.2011 - The double taxation agreement (DTA) with Georgia in the area of taxes on income and capital has entered into force. There was no DTA between Switzerland and Georgia previously, and the new DTA should contribute to the further positive development of bilateral economic relations.

Swiss Near Tax Treaties With Germany and Britain

By MATTHEW SALTMARSH

LONDON -- Switzerland is close to signing sweeping tax treaties with Germany and Britain intended to ensure that assets belonging to citizens of those countries held in Swiss banks will no longer escape tax.

 

The Federal Authorities of the Swiss Confederation

Switzerland and Spain sign revised double taxation agreement

Berne, 27.07.2011 - Today in Madrid, Switzerland and Spain signed the protocol to amend the double taxation agreement (DTA) in the area of taxes on income and capital. The revision will contribute to the further positive development of bilateral economic relations. The revised DTA also contains provisions on the exchange of information in line with the internationally applicable standards.

UBS Case – Data transfer to the IRS blocked by the Federal Administrative Court

A decedent estate cannot be addressee of a data transfer decision, Federal Administrative Court

UBS Case – transfer blocked in case of several bank accounts

The conditions must be fulfilled for each account individually, Federal Administrative Court

The plaintiff beneficially held one UBS bank account through a company and another UBS bank account through a foundation. 

Federal Council adopts dispatch on Tax Administrative Assistance Act

Berne, 06.07.2011 - Today, the Federal Council took note of the result of the consultation procedure and adopted the dispatch on the new Federal Act on International Administrative Assistance in Tax Matters.

UBS Case - Data transfer confirmed

- bank account held through a Liechtenstein foundation, Federal Administrative Court

The plaintiff argued that the UBS Agreement was not applicable because she does not beneficially own the bank account of the Liechtenstein foundation.

UBS Case

The plaintiff raised a number a fundamental rights and prohibition of retroactivities that had already been considered and rejected by the Federal Court in other UBS matters. The right to keep silent and not incriminate oneself (art 14 § 3 litt g UNO Pact II and art 6 ECHR) are not applicable to international assistance procedures.

UBS Case - Data transfer blocked

The data transfer in dispute had already been refused by the FTA in a former decision, Federal Administrative Court

Global Forum

Switzerland first success at peer review

CAPITAL CONTRIBUTION PRINCIPLE JANUARY 2011

HOW TO TAKE BEST ADVANTAGE OF THIS NEW TAX PRIVILEGE?

The new legislation applies to any shareholders’ contributions
made since 1 January 1997 and is applicable on
all three federal levels. This reform represents a substantial
change in Swiss tax law and is one of the key
elements in the Swiss Corporate Tax Reform II.

Vom Nennwertprinzip zum Kapitaleinlageprinzip

Steuerersparnis fĂĽr Investoren und Unternehmer

Swiss Capital Contribution Principle

January 2011 - Tax & Private Client. Legal Developments by Wenger & Vieli.

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As per 1 January 2011 a new regulation in the Swiss tax law concerning the tax treatment of the repayment of capital contributions enters into force. According to the new rules the repayment of capital contributions is exempt from Swiss income tax (if the shares are owned as private means) and Swiss withholding tax.

KAPITALEINLAGEPRINZIP – ES BESTEHT HANDLUNGSBEDARF

January 2011 - Tax & Private Client. Legal Developments by Wenger & Vieli.

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ErfĂĽllt das neue Kreisschreiben zum Kapitaleinlageprinzip den Willen des Gesetzgebers? Der 1. Teil des Beitrags ist im ST 2010/10 erschienen. Der vorliegende 2. Teil widmet sich einzelnen Spezialthemen wie Sanierung, RĂĽckkauf eigener Beteiligungsrechte, Umstrukturierungen und Auslandsgesellschaften sowie der Frage der Verbindlichkeit von Kreisschreiben.

Deemed Professional Trade in Securities –Good News and Bad News!

November 2010 - Tax & Private Client. Legal Developments by Walder Wyss Ltd.

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While trade in securities continues to be taxed as income fromself-employed activity, the Swiss Federal Supreme Court’s decision of 23 October 2009 now offers legal clarity.

Mutual legal assistance in tax matters – a Swiss revolution

October 2010 - Tax & Private Client. Legal Developments by Lalive.

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Early in 2008, an article was published in the journal of European Criminal Law, on Mutual Judicial Assistance between Switzerland and the EU States. It contained an overview of Mutual Judicial Assistance between Switzerland and the EU States with emphasis on the development of Mutual Judicial Assisiatnce under the Schengen Agreements and in particular in the framework of tax offences. 

Newsletter September 2010

September 2010 - Tax & Private Client. Legal Developments by Meyer Lustenberger.

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Legal & Tax Updates

Swiss Tax Consequences of Currency Conversions

July 2010 - Tax & Private Client. Legal Developments by Walder Wyss Ltd.

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The Swiss Federal Supreme Court recently held that variances resulting from the conversion of the statutory accounts from a foreign functional currency into Swiss francs must be accounted for in the shareholders' equity account, a result consistent with International Financial Reporting Standards (IFRS). This NewsLetter discusses tax issues and other consequences of this decision.

Practical Guidance for Arbitrators and Counsels on Value Added Tax in Arbitration Proceedings

April 2010 - Tax & Private Client. Legal Developments by Walder Wyss Ltd.

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In a gem of a judicial comment on the alleged simplicity of the modern VAT system, Lord Justice Sedley sardonically remarked: “Beyond the everyday world … lies the world of VAT, a kind of fiscal theme park in which factual and legal realities are suspended or inverted. In this complex parallel universe …relatively uncomplicated solutions are a snare and a delusion”1.

Kapitaleinlageprinzip – Handlungsbedarf für Unternehmen im Jahr 2010

Ein Ziel der Unternehmenssteuerreform II, welche seit 2009 ratenweise in Kraft tritt, ist bekanntlich die EinfĂĽhrung des sog. Kapitaleinlageprinzips.

Swiss Tax Amnesty

January 2010 - Tax & Private Client. Legal Developments by Walder Wyss Ltd.

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On 1 January 2010, the Swiss Federal Law on the Simplification of Additional Taxation for Inheritances and the Introduction of Self-Reporting without punishment will enter into force. This News-Letter deals with specific issues in this regard.

Parliament Passes Bill to Overhaul VAT System

October 2009 - Tax & Private Client. Legal Developments by Walder Wyss Ltd.

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On June 12 2009 Parliament passed the Value Added Tax Act Reform Bill. The new legislation will completely replace the existing value added tax (VAT) legislation and will introduce significant changes in key areas. Unless a referendum is held, which appears unlikely, the new law will come into effect on January 1 2010. This leaves businesses with only a few months to prepare for the transition.

New Swiss VATAct as from 2010

August 2009 - Tax & Private Client. Legal Developments by Walder Wyss Ltd.

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On 12 June 2009, the Swiss Parliament passed the VAT Act reform bill on the final vote. This new legislation will completely replace the existing VAT law and brings with it significant changes in key areas of VAT. Unless a referendum is called (unlikely), the new VAT Act will come into effect on 1 January 2010. This leaves businesses with only a few months to prepare for the transition.

New Swiss VAT Act as from 2010

July 2009 - Tax & Private Client. Legal Developments by Walder Wyss Ltd.

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On 12 June 2009, the Swiss Parliament passed the VAT Act reform bill on the final vote. This new legislation will completely replace the existing VAT law and brings with it significant changes in key areas of VAT. Unless a referendum is called (unlikely), the new VAT Act will come into effect on 1 January 2010. This leaves businesses with only a few months to prepare for the transition.

Revised Swiss Guideline under the Wealth Tax for the Valuation of Securities without Market Prices

The Swiss Tax Conference (Schweizerische Steuerkonferenz [SSK]) published Circular Letter No. 28 in August 2008, on the basis of which the Guideline under the Wealth Tax for the Valuation of Securities without Securities Exchange Market Prices has been revised. The old guideline was issued in 1995. While it was modified only slightly in 2006, the 2008 guideline includes some important changes which could lead to a tripling of the wealth tax.

TAX UPDATE SWITZERLAND

January 2009 - Tax & Private Client. Legal Developments by Froriep Renggli.

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As at beginning 2009 the fi rst set of statutory changes related to the corporate tax reform II (the “Reform”) will be enacted. The Reform extends the so called corporate tax reform I of 1998 which, among other things, eased the taxation of holding structures and abolished tax on equity at federal level.

New and Revised Swiss VAT Publications

July 2008 - Tax & Private Client. Legal Developments by Walder Wyss Ltd.

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The Swiss Federal Tax Administration (SFTA) has recently published revised versions of its administrative Value Added Tax (VAT) guidance to taxable persons. The new guidance comprises the VAT Guide, six Special Brochures, 24 Business Guides, and 17 VAT Information Sheets – all in all, not less than 2,500 pages.

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The New Swiss Emissions Trading Scheme

July 2008 - Tax & Private Client. Legal Developments by Walder Wyss Ltd.

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The Swiss emissions trading scheme (Schweizer Emissionshandelssystem; “Swiss ETS”) was launched on 1 January 2008, allowing Swiss businesses exempt from the CO2-tax (CO2-Abgabe) and other Swiss and foreign participants to trade CO2 emission allowances (Emissionsrechte) on a national and international basis. In order to increase market liquidity, it is intended to link the Swiss ETS to the emissions trading scheme of the European Union (“EU ETS”), the world’s largest emissions trading scheme.

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Tax incentives for

June 2008 - Tax & Private Client. Legal Developments by VISCHER.

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Presented by STEFAN WIDMER and RETO ARNOLD, certified tax experts at VISCHER Zurich

Foreign investors considering the purchase of a Swiss company very often come across a specific particularity of Swiss tax law that in many cases complicates matters significantly.

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VISCHER Attorneys at Law

Schuetzengasse 1, PO Box 6139

CH-8023 Zurich, Switzerland

Tel + 41 44 254 34 00

Fax + 41 44 254 34 10

E-mail info@vischer.com

Website www.vischer.com

 

Tax simplifications for M&A transactions - Switzerland

January 2008 - Tax & Private Client. Legal Developments by VISCHER.

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Foreign investors considering the purchase of a Swiss company very often come across a specific particularity of Swiss tax law that in many cases complicates matters significantly. An important issue that foreign investors may be unaware of is the fact that the owner of the target company, if he is an individual, wants to make sure he realizes a tax-free capital gain upon the sale of his company. Whether he achieves this goal or whether the capital gain realized is re-qualified as taxable dividend income in application of the socalled indirect partial liquidation theory depends heavily on the post-acquisition actions taken by the purchaser of the company.  

Tax simplifications for M&A transactions - Switzerland

December 2007 - Tax & Private Client. Legal Developments by VISCHER.

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Foreign investors considering the purchase of a Swiss company very often come across a specific particularity of Swiss tax law that in many cases complicates matters significantly.

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Purchase of a Participation and Indirect Partial Liquidation

October 2007 - Tax & Private Client. Legal Developments by Walder Wyss Ltd.

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If an individual shareholder resident in Switzerland sells shares or otherforms of equity participations in a business which were the shareholder’sprivate assets (i.e., a passive investment) and after the sale the participations become part of the business assets of the purchaser, then the sellermay be required to pay income tax on the gain realized from the sale of theparticipations if assets are thereafter removed from the business.

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Verlustverrechnung, Planmässigkeit von Abschreibungen, Periodizität – ein steuerlich zu beachten

Das Bundesgericht musste kürzlich in einem Entscheid eine Reihe handelsrechtlicher und steuerlicher Grundsätze der Gewinnbemessung in Erinnerung rufen. Im Lichte dieser Prinzipien fand eine „Streckung“ der im schweizerischen Steuerrecht auf sieben Jahre begrenzten Verlustvortragsperiode mittels „Abschreibungskosmetik“ vor dem gestrengen Auge „Lausannes“ keine Gnade.

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International comparative guides

Giving the in-house community greater insight to the law and regulations in different jurisdictions.

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GC Powerlist -
Europe

International comparative guides

Giving the in-house community greater insight to the law and regulations in different jurisdictions.

Select Practice Area

GC Powerlist -
Europe