Corporate Tax in Tax and Legal blog

Switzerland is considering a ’tonnage tax’ for maritime activities


Switzerland, located geographically in the heart of Europe is associated with mountain peaks rather than a global maritime reach. However the country has one of the largest maritime merchant fleets in the world (11th in size globally, close behind the UK).

To strengthen the attraction of Switzerland to companies that operate and manage maritime activities, the Swiss Federal Government recently issued a consultation draft with regard to the introduction of a ‘tonnage tax concept’. The proposed (simplified) law is that the taxable ‘profit’ of eligible companies would be based on cargo volume (‘net tonnage’) rather than operating profits or volume of cargoes carried. The tax would be optional, and companies could choose instead to be taxed by current methods.

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Posted on 8/03/2021 | 0 Comments

The digital journey of the tax function

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New disruptive and constantly evolving technology is rapidly transforming businesses. Companies are investing in big data, automation, and artificial intelligence solutions to enhance their business capabilities. The 2020 pandemic has also forced companies to accelerate the existing digitalisation plans to have data and processes continuously available and operable in a secure manner to ensure continuity of the business.

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Posted on 16/02/2021 | 0 Comments

Join our upcoming SAP S/4HANA webcast: Tax Data Management and Analytics on 17 February, 13.00 CET

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Join our webcast: SAP S/4 HANA: Tax Data Management and Analytics on Wednesday, 17 February 2021 at 13.00 CET.

A ‘future ready’ tax function needs tax data management and analytics resources at its fingertips to support the business. S/4HANA provides both, the key is understanding how to use it to ensure your data is right first time and aligned to your business needs, whilst improving your control environment to fulfil tax compliance - without huge manual effort. How can your organisation improve it’s data organisation?

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Posted on 12/02/2021 | 0 Comments

“Tax Administration 3.0”, OECD enforces a seat for Tax on the table for ERP transformations

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The OECD Forum on Tax Administration (FTA) has published a report titled “Tax Administration 3.0: The Digital Transformation of Tax Administration”. This discussion paper sets out a different model of tax administration, enabled and in fact called for, as a result of increasing digitalisation of the economy and of society in general. Moreover, it takes clear direction for tax administrations to become real time data driven and able to automate validation of taxpayers. It is important for taxpayers to understand the paradigm shift and already anticipate that when starting an ERP transformation.

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Posted on 22/01/2021 | 0 Comments

DAC6 x Brexit – UK largely opts out from DAC6

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HMRC have done their best Santa impression over the festive period and delivered a surprise package of their own.

The key impact is the removal of 4 out of 5 hallmarks. This will result in a much narrower implementation than previously envisaged and one that was not expected.

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Posted on 5/01/2021 | 0 Comments

Join our online seminar on Amendments to the Double Tax Treaty between Switzerland & Ukraine on 4 December

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Register and join our online seminar on Friday 4 December 2020, 9am CET to discuss the entry into force of the Protocol to Tax Treaty between Switzerland and Ukraine on avoidance of double taxation with respect to taxes on income and capital, and amendments provided by it.

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Posted on 1/12/2020 | 0 Comments

New draft German law could mitigate issues related to German extraterritorial taxation

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There have been concerns lately that the German tax authorities might seek to tax certain extraterritorial royalty payments associated with German intellectual property (IP). Although the potential for extraterritorial tax has existed under Germany’s tax rules for a number of years, the possibility that these rules might be applied to certain structures has only recently become known. Whether the tax rules will be applied to specific transactions will depend on the facts and circumstances in each case.

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Posted on 25/11/2020 | 0 Comments

Changing course: Tax policy implications of a Joe Biden presidency - Join our webcast on 10 November

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Election Day came and went in the US the week of 2 November 2020. Since Saturday 7 November 2020 it conclusively appears that Joe Biden has won the presidential elections in the United States.

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Posted on 9/11/2020 | 0 Comments

SIX announces that Income Taxes is a focus area for 2020

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SIX has announced, in its communiqué 1/2020 published on 24 April 2020, tax as one of its two areas for focus for 2020.

For the first time since 2014, Income Taxes will be a focus area for SIX for 2020.

In particular, for IFRS reporters, the reconciliation from the applicable to the effective tax rate (or tax expense) will be under scrutiny, as well as the effective tax rate itself. The focus will be placed on whether the information provided is meaningful, comprehensive and appropriately explained.

For FER financial statements, scrutiny will be focused on the disclosures with regard to the applicable tax rate, the impact from variations in tax loss carry forwards and deferred income tax entitlements for unused tax loss carry forwards.

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Posted on 8/05/2020 | 0 Comments

The Swiss Federal Council published the consultation draft regarding the Swiss withholding tax reform and the abolishment of Swiss securities transfer tax on debt instruments

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On 3 April 2020, the Swiss Federal Council released a proposed set of amendments to the Swiss withholding tax and securities transfer tax regimes. The reform primarily aims at strengthening the Swiss debt capital market and increasing tax honesty of Swiss resident individual investors.

The consultation period runs until 10 July 2020 and the rules will become effective as early as 2023.

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Posted on 28/04/2020 | 0 Comments