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On 18 December 2020, the OECD released Guidance on the transfer pricing implications of the COVID-19 pandemic (‘the guidance’). It focuses on how the arm’s length principle and OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations (‘OECD Guidelines’) apply to issues that may arise or be exacerbated by the COVID-19 pandemic.
The COVID-19 pandemic has forced governments to take measures to minimise the spread of the disease and its social and economic impacts.
Home working has been recommended or enforced and employers have had to implement remote working solutions often without the necessary policies already in place. Drastic changes have taken place in work patterns as employees have got used to working fully or partially from home.
25 years of Swiss VAT – What a journey! Part 4: Swiss VAT and the partnership with the Principality of Liechtenstein
As of the introduction of VAT in Switzerland 25 years ago, the Principality of Liechtenstein adopted most of the technical articles of the Swiss VAT law. In honour of the close cooperation of the two countries, we want to provide an overview of key areas to be consider regarding Swiss VAT in cases with a connection to the Principality of Liechtenstein.
In partnership with the Swiss-American Chamber of Commerce, we hosted a virtual event to discuss the findings of our Switzerland needs global talent study: Winning the ‘War for talent’ and ensuring Switzerland remains competitive on 9 December 2020.
In the referendum on 27 September 2020, the proposal for two weeks paid paternity leave was adopted. The amendment of the Loss of Earnings Compensation Act (LEC) will come into force on 1 January 2021 and results in an increase in the EO contributions.
Most organisations have addressed the immediate questions around the mobility and safety of their mobile workforces during the pandemic. But tax and legal leaders have an important role to play, helping them navigate the rapidly changing economic and regulatory environment. In collaboration with Human Resources (HR), they are addressing such pressing issues as immigration and cross-border tax, the implications for employment law and employment tax, and the business and human realities of supporting and retaining employees.
The OECD recently released two documents evidencing its perseverance in ensuring an effective implementation of and a level playing field with regard to its Common Reporting Standard (CRS) for the automatic exchange of financial account information:
Update on Swiss travel restrictions: New list of high-risk countries as of 14 December 2020.
Updated Quarantine Country list in force as per 14 December 2020. Since 11 May 2020 various steps have been taken to relax restrictions on entry into Switzerland. Entry restrictions at the borders to all Schengen states were lifted on 15 June 2020. Since then, the internal borders between the Schengen states and Switzerland have been re-opened, and there is again full freedom of movement of persons, including all EU/EFTA states and the United Kingdom.