Financial Services Tax in Tax and Legal blog

Fall breeze & autumn leaves: IRS released new draft Forms W-8

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Nature equipped our trees with the astonishing ability to drop their summer leaves when fall approaches to get ready for a new start of our everlasting seasonal cycle. The US Internal Revenue Service (IRS) this year is in sync with nature and is ready to replace various W-Forms for the next season. The IRS published new draft Forms W-8BEN, W-8BEN-E, W-8IMY and W-8ECI between late August and early September 2021, as well as the corresponding draft instructions.

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Posted on 16/09/2021 | 0 Comments

Deloitte is Swiss Tax Firm of the Year and Swiss Transfer Pricing Firm of the Year for the 9th time

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The International Tax Review (ITR), is a world recognised authority and publisher for tax professionals in industry, government, private practice and research and have just awarded Deloitte Switzerland with the accolades of being the Swiss Tax Firm of the Year and the Swiss Transfer Pricing Firm of the Year for the 9th time.

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Posted on 14/09/2021 | 0 Comments

Partnership withholding regulations: IRS defers the applicability date for certain provisions to 1 January 2023

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After the publication of the final regulations under section 1446(f) of the US Internal Revenue Code in late 2020 (see prior blog post), the financial industry intensively lobbied for an extension of the applicability date.

On 24 August 2021, the Internal Revenue Service (IRS) announced in Notice 2021-51 that it intends to amend the regulations to defer the applicability date of certain provisions by one year to 1 January 2023.

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Posted on 25/08/2021 | 0 Comments

Financial Services Industry Tax Webinar on 2 June 2021: VAT updates, withholding tax reform & transfer pricing developments


We would like to invite you to our next Financial Services industry webinar on Wednesday, 2 June at 09.00am (CET) where we will discuss recent tax developments relevant to the Swiss FS industry.

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Posted on 12/05/2021 | 0 Comments

How tax authorities use the data received under the Automatic Exchange of Information (AEOI) – An Italian example


Tax authorities around the globe are making use of the financial account information they receive through the AEOI regime based on the OECD Common Reporting Standard (CRS); Italy is no exception. The Italian Tax Authorities (ITA) are using the gigabytes of AEOI data collected to confront certain taxpayers who have presumably omitted and/or only partially fulfilled their tax settlement and reporting obligations. Consequently, the ITA are issuing letters of compliance to certain taxpayers with respect to financial assets held abroad in 2017 (and any related income), which encourage them to take voluntary remediation action to meet their obligations. Notably these letters now specifically refer to assets held in Switzerland. The letters aim at highlighting discrepancies between the data taxpayers have filed in their tax return and the data the ITA received through the AEOI mechanism. Such discrepancies do not necessarily reflect taxpayer mistakes as there may well be differences between the AEOI data and the information captured on tax returns. That being said, recipients of compliance letters are strongly recommended to proactively engage with the ITA to clarify their situation, which may mitigate the risk of further inquiries.

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Posted on 10/05/2021 | 0 Comments

The ever-evolving role of an Automatic Exchange of Information (AEOI) responsible person - Join our live training on 3 March at 16.00 CET

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Both US FATCA and the OECD’s Common Reporting Standard (CRS) require Financial Institutions (FIs) to put in place processes, procedures and overall governance to enable accurate reporting of information about the FI’s account holders and/or controlling persons thereof, to certain tax authorities. These rules, which are commonly referred to as the Automatic Exchange of Information (AEOI), have become business as usual over the past six years. However, these rules are practically complex to implement and maintain, and can expose FIs to significant risks. Key challenges include manual processes, local expertise requirements, systems interfacing, documentation and data deficiencies, and requirements that are often unclear and continuously change. Jurisdictions around the globe are starting to take audit action.

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Posted on 18/02/2021 | 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

Big push from the OECD towards CRS compliance

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The OECD recently released two documents evidencing its perseverance in ensuring an effective implementation of and a level playing field with regard to its Common Reporting Standard (CRS) for the automatic exchange of financial account information:

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Posted on 15/12/2020 | 0 Comments

Global Tax and the impact of BEPS on financial services - Deloitte’s 2020 global BEPS survey

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Deloitte’s 2020 global survey on the OECD’s Base Erosion and Profit Shifting (BEPS) initiative shines a spotlight on the next wave of the Global Tax Reset. What are the key finding and impacts on the financial services industry?

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Posted on 28/10/2020 | 0 Comments

Financial Services Industry Tax Webinar on 19 November 2020: Current tax topics in the Financial Services industry

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We are delighted to invite you to join our Financial Services industry webinar on Thursday, 19 November 2020 at 10.00am (CET) to discuss current tax topics that may present opportunities or risks for businesses in the financial services industry.

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Posted on 22/10/2020 | 0 Comments