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On 20 March 2020, the Federal Council announced a comprehensive package of measures to mitigate the economic consequences of the COVID-19 pandemic. One of these measures was the introduction of government-guaranteed loans from Swiss banks as an interim measure for Swiss small and medium sized enterprises (“SMEs”), including sole proprietors and partnerships by providing them with sufficient liquidity to cover their current fixed costs despite a COVID-19 related loss of turnover. The federal government expects to provide Swiss SME’s with approx. CHF 20bn in financing to cover liquidity shortages in the coming weeks.
Swiss tax authorities are participating in the widespread effort of countries and support Swiss taxpayers.
As part of the countries masterplan and stimulus package to counter the economic impact of the Covid-19 pandemic, the Swiss Federal Government provides for a number of tools to keep liquidity going:
Listen to the webcast recording and explore the opportunities to create a digital-ready tax function
Changes to the tax legislative landscape mean that compliance and reporting is becoming more immediate, digitalised and data intensive. To respond, tax teams need accurate data, captured and calculated right first time. But data, processes and systems are often not supportive of tax requirements, so how can tax leaders react effectively to these new challenges?
Multinationals are actively embracing digital transformation. This focus article looks at how tax departments are turning to next-gen systems such as S/4 HANA to prepare for future challenges and opportunities.
S/4 HANA has long-been touted as an innovative business suite that could act as a catalyst for customers undergoing digital transformation. Martin Krivinskas and Jan de Clercq of Deloitte outline how and why the developments should be embraced by multinational companies for tax-related purposes.
On Wednesday, 16 October 2019 Prime Minister Johnson agreed a Brexit deal with the EU. The UK’s Parliament will vote on whether to ratify the deal this Saturday, 19. October 2019. Uncertainty remains as to whether the UK Parliament will approve the deal and what the consequences will be if the deal is not approved.
The Economics and Finance Ministers of the EU member states decided at their meeting on 10 October 2019 to remove Switzerland from their so-called EU “Grey List”.
Switzerland has been included on the EU “Grey List” of third countries which had committed themselves to complying with international tax standards, but had not yet fully implemented such standards, since 2017.
Our Global Trade Events - digitising customs documents and preference management were hosted on Thursday, 10 October 2019, Geneva and Tuesday, 29 October 2019, Zurich.
About the event:
Do you struggle to keep track of your customs documents such as proof of delivery or certificates of origin?
Many of you know the situation. Whenever there is an audit or the need to collect proof of delivery for a specific shipment or even worse, all shipments within a certain period, a cumbersome searching process begins. The complexity of product flows increases every day and the ability to manage the paperwork can not be neglected anymore.
Considering this, we designed Blockchain and SAP GTS based solutions to help you address and manage global trade-related documentary requirements. In a quick and streamlined way, you will have access to the respective documents, no matter how complex your sourcing, production or export processes are.
With the summer holidays coming to an end, it is the perfect time to continue or start thinking about how the latest amendment to the EU’s Directive on Administrative Cooperation (“DAC6”) impacts your organisation and initiate the necessary steps to ensure operational readiness in anticipation of the first reporting in summer 2020.
Many people are surprised when they hear that DAC6 affects not only tax advisors, lawyers and financial services providers, but also multinational groups across all industries (even if headquartered in Switzerland). In this blog, which is part of a series, we provide examples of how multinational groups could be involved in reportable arrangements, discuss reporting obligations, and share our views on what should be done next.
Events in Zurich and Geneva: New intercantonal “re-structuring creativity” and/or intercantonal exit taxation in view of Tax Reform?
Our Swiss Tax Reform Event New intercantonal “re-structuring creativity” and/or intercantonal exit taxation in view of Tax Reform? were hosted on Tuesday 03 September in Zurich or Tuesday 17 September in Geneva.
We discussed challenges and opportunities of intercantonal "re-structurings" in view of the implementation of Tax Reform.
On July 17, 2019, the US Senate approved the long-overdue 2009 protocol to the Swiss-US double tax treaty, the core element of which concerns administrative assistance.
Formally, the protocol will enter into force once the instruments of ratification are exchanged, which is likely to happen in the course of the coming months.