Financial Services Tax in Tax and Legal blog

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

New rules impacting foreign fund withholding tax exemption in Australia

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Under Australian domestic law, eligible foreign pension funds deriving Australian source interest and dividend income are eligible for Australian withholding tax exemptions. The Australian government introduced new laws in early 2019 to amend the rules in respect of Australian withholding tax exemptions for foreign pension funds.

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Posted on 8/10/2020 | 0 Comments

Are you relying on a consistent deferral of DAC6 reporting deadlines?

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The initial reporting of certain cross border arrangements under DAC6 was scheduled for the end of July 2020. Shortly before the DAC6 go-live date, the EU agreed on an optional six-month extension. Approximately one week after the EU agreement, some countries have communicated their position, others are silent, and at least one is not intending to provide an extension. We are here to help you keep an overview of the individual countries’ positions.

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Posted on 9/07/2020 | 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