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New requirement for refund of Swiss withholding taxes
New US Tax identification number requirements create unworkable situations for Qualified Intermediaries
The IRS has recently announced a number of changes related to identification requirements impacting Qualified Intermediaries (QIs). This blog is the first of a two-part series and describes how the current design of the Secure Access Account (SAA), and in particular the request to provide a US Tax identification number to validate the QI’s Responsible Officials identity, would impair the QIs’ capabilities to comply with their electronic reporting obligations through FIRE. The second part of this series, covering QI’s new due diligence challenges linked to their non-US account holders’ US Tax identification number requirement for 1446(a) and 1446(f) purposes, will follow in a separate blog.
Social Security Update: Switzerland Remote Work / Cross border commuters COVID-19 “no-impact” position extended until 31 December 2022. Expansion to all European Economic Area countries and Switzerland
Considering the impact COVID-19 is still having on travel and work arrangements and its consequences in terms of work patterns for cross-border commuters and assignees a-like, the social security authorities of all EEA countries and Switzerland have decided, in the framework of the Administrative Commission’s meeting of this week, to extend the “no-impact” position in view of determining the applicable social security legislation up until 31 December 2022.
Join our Financial Services webinar relating to Operational Tax Risks on 22 June 2022 at 8.30 am CEST
We would like to invite you to our upcoming webinar on operational tax risk governance for the financial services industry on Wednesday 22 June 2022 at 08.30am.
The next generation of global trade automation has arrived in the new SAP GTS, Edition for HANA (E4H). Are you aware of the new solution and its capabilities? What are the key benefits and implementation options? How can the new system support your transition from e-dec to Passar?
Liechtenstein as business location
Liechtenstein is a small country in the heart of Europe, which offers a broadly diversified and stable business location with more than 4,800 active companies.
In the last ten years, Liechtenstein has successfully positioned itself as an onshore location for international groups. This can be seen, for example, in the proactive adoption by Liechtenstein of international developments in the tax area as part of its early adopter strategy and in the growing network of double taxation agreements. Nevertheless, Liechtenstein has managed to continue to offer favorable tax planning options in selected areas.
Our last tax transformation trends survey report, in a series of three, has been issued. While the first two reports focused on transformation trends in tax operations and workforce, this last issue is centred on tax technology. This blog aims at highlighting key findings of the reports series.
The invasion of Ukraine by the Russian army and the continuing destruction of the country have triggered strong reactions from most Western countries, who have imposed increasingly strict sanctions on Russia and Belarus.
The situation is evolving rapidly and the latest sanctions by the EU are some of the most extensive ever adopted. Switzerland has followed suit and adopted most of the EU’s measures. The sanctions now affect a large number of individuals and entities, the financial sector as well as trade in goods and services. Companies dealing with Russian and Belarusian business partners face a legally complex and risky landscape.
Tax authorities want a slice of the virtual pie: a new OECD Crypto-Asset Reporting Framework is on the horizon
Since the creation of the world’s first cryptocurrency by Satoshi Nakamoto in 2008, over 5’000 types of cryptocurrencies have emerged. The World Economic Forum estimates the total market cap of digital currencies at USD 1.7 trillion with over USD 90 billion of worth traded daily. In Switzerland, the use of blockchain technology and cryptocurrencies is also on the rise. Lugano recently launched “Plan B” making bitcoin legal tender and allowing citizens to pay for public services or taxes in Bitcoin, while Zug is known to many as the Swiss “Crypto Valley”.
Cryptocurrencies are a relatively new asset class which has experienced explosive growth in popularity and use over the last few years. With many taxpayers now holding tokens and cryptocurrencies in their personal investment portfolios, we provide an overview of what to consider when filing your personal Swiss tax return.