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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.
Join our online seminar on Amendments to the Double Tax Treaty between Switzerland & Ukraine on 4 December
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.
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.
Changing course: Tax policy implications of a Joe Biden presidency - Join our webcast on 10 November
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.
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
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.
This Roadmap provides Deloitte’s insights into and interpretations of the income tax accounting guidance in ASC 740 and the differences between that standard and IFRS® Standards (in Appendix F) and reflects Accounting Standards Updates (ASUs) issued by the FASB through 31 December 2019.
We are glad to announce our new Swiss focused COVID-19 Tax & Legal impact website, which features a wealth of readily accessible content to help our Swiss clients manage and mitigate the risks associated with COVID-19.
The Swiss COVID-19 Tax & Legal impact website
In addition to the large scale health threat, the COVID-19 outbreak is heavily impacting economic activity, leading the Swiss government to take measures to help businesses deal with and mitigate the sizeable impact. will be updated on a frequent basis so that you can stay in tune with the latest developments.
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.