South Korea: First Country to pass the domestic Global Minimum Tax legislation

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On 23 December 2022, the Korean National Assembly officially passed the 2022 Tax Revision Bill originally announced by the Ministry of Economy and Finance back in July 2022.

This is a pivotal moment in the advancement of the global minimum tax “Pillar Two” as South Korea is the first country to codify the GloBE Rules into domestic legislation. The newly passed law provides that a global minimum tax will be introduced from fiscal years beginning on or after 1 January 2024.

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Posted on 30/01/2023

Enhanced process optimisation with Business Process Management (BPM) solutions for Financial Services

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If you are reading this blog, there is a high likelihood that you are an employee or client of a bank. What would you think if you knew that global banks are still partly performing some client-centric processes using paper forms sent by mail for processing? You may think, rightly, that this is highly inefficient and not ecologically friendly. Even worse, these operational bottlenecks can be found in multiple corporate functions. However, this is where BPM solutions provide a remedy for these operational shortcomings.

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Posted on 12/01/2023

Why data sharing and technology are key to tackling illicit finance

WHY DATA SHARING AND TECHNOLOGY ARE KEY TO TACKLING ILLICIT FINANCE

Financial crime’s rapidly rising scale and destructive impact amplify the need for a genuinely robust data-driven solution. With global estimates suggesting $2 trillion is laundered annually and fraud now at epidemic levels, illicit finance has become one of the world’s most prevalent businesses.

This is not a victimless, white-collar crime. It exposes the most vulnerable in society to exploitation by criminal groups through the most heinous crimes, including human trafficking, drug trafficking, modern slavery, illegal wildlife trade and terrorist financing. As such, illicit finance is damaging the security and prosperity of all nations by effectively depriving individuals, communities, taxpayers and governments of vast swathes of vital capital.

Legislators, public authorities, regulators and the financial-services industry globally are investing enormous sums to combat the threat, but outcomes remain poor, with less than 1 percent of illicit funds recovered. This means that current efforts across the global ecosystem are not a sufficient deterrent.

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Posted on 10/01/2023 | 0 Comments

Deloitte's Tax practice strengthens its capabilities for financial services, banking and insurance clients with two new key partners

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Deloitte Switzerland is delighted to announce that two new partners, Ilan Rom and Petrit Ismajli, will join its Financial Services Tax team on 1 December. This intake marks the continued strategic expansion of Deloitte`s tax-related services and capabilities for clients across the banking, insurance and investment management sectors.

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Posted on 1/12/2022 | 0 Comments

Insightful Finance - Releasing the potential of data to power decision-supporting insights

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In our previous article, we made the case for Finance to take stewardship of enterprise data. The benefits are compelling. Data is the raw material of Finance. Quality assured enterprise datasets managed under the proven stewardship of Finance can be used to generate insights to inform and energise business decision making.

So how does Finance build and operate such a capability? Here we define four pillars that a Finance data strategy should consider, and define the steps needed to realise the benefits across the bank.

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Posted on 29/11/2022

Internal Audit 4.0: Purpose driven, digitally powered

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An unprecedented set of challenges has led to broadened demands on Internal Audit functions. In addition, the pace and scale of innovation in the profession pointed to the need for an update of our vision. Our updated IA 4.0 framework brings three new features to the forefront. By aligning Internal Audit’s outcomes with the organization’s purpose, helping accelerate organizational change and learning, and further embracing digital, we believe Internal Audit can upgrade and maximize its impact and the value it delivers.

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Posted on 22/11/2022 | 0 Comments

The retail payments transformation and how it affects you

The retail payments transformation and how it affects you

Retail payments is undergoing a profound and ground-breaking transformation in Switzerland, which is having a significant impact on consumers, merchants and corporates as well as on banks and payment service providers.

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Posted on 14/11/2022 | 0 Comments

What could the roll-out for instant payments mean for Switzerland? Three evolutions to consider

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The wide-scale rollout of instant payments planned for August 2024 will require financial institutions to upgrade their payments systems, and the market participants may see fundamentals shift. Here we look at three evolutions and their impact on payments in Switzerland.

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Posted on 18/10/2022 | 0 Comments

Join our Financial Services tax webinar on 9 November 2022 at 08:30 to discuss legislative developments, court cases and practice

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We would like to invite you to our half yearly webinar where we provide key updates and discuss recent tax developments that are important for the financial services industry on Wednesday 9 November 2022 at 08:30.

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Posted on 14/10/2022 | 0 Comments

Challenger banks: Disrupting the Swiss market

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This blog is the first in a series on the impact of challenger banks on the Swiss market. It provides insights into how challenger banks threaten to disrupt traditional banks, the different types of banks that are entering the market, and the need to adapt the challenger banks’ operating models to grow successfully.

Today, banks are changing rapidly to keep up with their customers, who are demanding better experiences and more sophisticated products and services from their providers. For most people, visiting a bank branch used to be the main way of interacting with their bank. However, more and more people are choosing to interact with their banks digitally rather than through a traditional bank set-up.

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Posted on 19/09/2022 | 0 Comments

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