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Swiss Immigration Update - Switzerland releases work permit quotas for 2024 - Review 2023 and pre-view of upcoming changes in 2024
The Swiss government has set work permit quotas for non-EU nationals, UK nationals and for EU nationals on assignment. Furthermore, Croatian nationals will again be subject to Swiss quotas as of 2024.
The purpose of the blog is to discuss the importance of obtaining Transfer Pricing certainty from the perspective of the Pillar II rules (GloBE / QDMTT rules). Failure to obtain certainty on Transfer Pricing positions could expose the MNE Group to double taxation not only in the current corporate income tax framework but potentially also double taxation / over taxation because of the interaction of the current corporate income tax / transfer pricing framework with the new Pillar II system.
Deloitte Switzerland's Tax & Legal practice strengthens its capabilities with Thomas Hug joining as Partner
Deloitte Switzerland is delighted to announce that Thomas Hug joined its Tax & Legal team as Partner on 1 November. This intake marks the continued strategic expansion of Deloitte`s tax-related services in the Swiss marketplace.
We would like to invite you to our upcoming in-person tax event taking place on Wednesday, 15th of November 2023 at 4.30 pm CET at our office in Zurich.
The winds of change are blowing: from voluntary to mandatory tax disclosures and their significance within ESG reporting
The concept of tax transparency is far from new, having been a subject of international discussions for several years. The importance of a state's ability to respond promptly and to allocate tax revenue in addressing various challenges, including financial and health crises has further propelled the topic and heightened the interest of regulators, tax authorities, consumers, investors, and society leading to a higher demand in (tax) transparency.
In the wake of this increased interest, the importance of tax disclosures and their link to sustainability and ESG reporting has come to the forefront.
Numerous organizations and governmental entities, including the United Nations (UN) and the European Union, recognize the crucial role of taxation in the transition to a greener and more sustainable economy. The UN Development Program (UNDP) acknowledges tax as a “powerful tool for revenue collection and a policy instrument to encourage sustainable growth strategies and influence behaviour towards desired outcomes related to climate, nature, well-being, and governance”.
Join our insightful upcoming VAT Hybrid breakfast event on 15 November 2023 - simultaneously in Zurich, Geneva and virtually
We would like to invite you to our upcoming VAT Breakfast Event which will provide an update on recent Swiss and international VAT developments. The event will take place on Wednesday 15 November 2023 - at the same time in our Zurich and Geneva offices as well as online.
We would like to invite you to our OECD Pillar Two/GloBE Tax Accounting seminar from Monday 20 to Wednesday 22 November 2023 in the Deloitte office in Zurich. Over this three half-day workshop series (1pm to 6pm), our team of local tax accounting and Pillar Two experts will provide an interactive training taking you from the basics of tax accounting to understanding key considerations of Pillar Two.
Foreigners in Switzerland who are holders of B or C permits may find themselves obliged to leave the country, whether for a work assignment or personal reasons. In these circumstances it is possible to temporarily suspend B and C permits. This provides permit holders with a solution that protects their immigration rights and permits while they are absent from Switzerland. In this blog post we delve into the requirements for and benefits of this option which makes it easy for individuals to regain their permits and the associated rights upon their return.
We are excited to invite you to the first edition of Deloitte Day - HR Next, our new platform for senior HR executives to explore the Future of HR - Renaissance of people and purpose in the light of today's disruption.
1. What is CBAM?
The Carbon Border Adjustment Mechanism (CBAM) is a regulation pushed by the EU in the context of the EU Green Deal.
Under CBAM, Importers into the EU must pay a financial adjustment for the emissions released during the production of certain carbon-intensive goods in third countries.
The goal of the legislation is to mitigate the risk of carbon leakage and ensure the effectiveness of EU climate measures.
Recent Federal Court decisions create potential input VAT deductions due to changed qualification of flow of funds within the same public administration
In two recent decisions, the Federal Court has clarified and partly redefined the concept of what should be considered as a subsidy or other public law contribution. It was especially clarified that the particular flow of funds within the same public administration does not fall into the definition of subsidy. In doing so, the Federal Court has partly overruled several years of administrative practice and has opened up the way for new input VAT deduction opportunities in public administrations.
To align with the decisions of the Federal Court, the Swiss Federal Tax Administration ("SFTA") has proposed to adapt the written guidelines in the draft VAT Info 19 on Public Bodies (“collectivités publiques”, “Gemeinwesen”). In principle the SFTA adapts its practice if the change is absolutely clear, notably to transpose a court decision or in case of legislative changes. All interested parties could take a position on this first draft until 3 October 2023.