Adoption of the TRAF by Swiss population
While Swiss people refused in February 2017 the last reform project regarding corporate taxation, the new AVS financing and taxation Federal reform project (TRAF) and its related Geneva Cantonal part have been accepted on May 19th 2019 by a new popular vote. This new reform allows Switzerland to comply with the international commitments and to preserve, […]
TRAF ordinances consultation
The following ordinances are relevant: 1) The new ordinance on the tax deduction for self-financing of legal entities; 2) The ordinance on the tax credit related to foreign taxes levied at source; 3) Ordinance 1 of the Federal Department of Finance (FDF) on the tax credit related to foreign taxes levied at source. The ordinance on the tax […]
Adoption of the Geneva legislation on the TRAF
The Geneva draft bills are following the adoption in September 2018 of the Federal Act on Tax Reform and AHV Financing (TRAF). One of the key measures of the reform is the amendment of the cantonal Act on taxation of legal entities (LIPM). The latter sets, among other measures, a unique corporate income tax rate at 13.99%, instead of […]
Implementation of the recommendations of the World Forum
The draft bill follows the review report issued by the World Forum on the Transparency and Exchange of Information for Tax Purposes of July 26, 2016. Despite the criticism formulated during the consultation process, the Federal Council decided to maintain the main points in order to avoid the risk for Switzerland to be placed by […]
Tax Reform and AHV Financing (TRAF)
On March 21, 2018, the Swiss Federal Council issued its dispatch on the Tax Proposal 17 (TP 17). This reform project was following the rejection of the Corporate Tax Reform III (CTR III) by the Swiss population on February 12, 2017. On September 28, 2018, the Swiss Parliament adopted the Federal Act on Tax Reform and AHV […]
Specific guide on ICOs in Geneva
On May 28, 2018, the Geneva authorities published a specific guide on Initial Coin Offerings (ICOs) in order to assist and qualify ICO projects in view of their establishment in Geneva. JNC Avocats participated to the drafting of such guide and is listed as legal expert in the ICO Expert Map. Link to the guide: https://www.ge.ch/document/premiere-mondiale-geneve-publie-guide-specifique-icos
Guiding principles of the Tax Proposal 17
Further to the consultation procedure, the Federal Council defined the guiding principles of the Tax Proposal 17 for the preparation of the draft bill by the Federal Department of Finance. Such draft bill shall be issued by end of March 2018. The parliamentary deliberations may then be concluded as early as the 2018 autumn session […]
Entering into force of the exchange of the country-by-country reports
With the Federal act on the international automatic exchange of country-by-country reports of multinationals of June 16, 2017 (AECCR), Switzerland intends to implement one of the international standards of the base erosion and profit shifting project (BEPS). Indeed, this project’s objective is to improve transparency with regard to the taxation of multinationals and prevent such […]
Impact of the AEOI on voluntary disclosures
Currently, any taxpayer may file a voluntary disclosure to the competent tax authorities with respect to assets which were not declared in previous tax returns. Under those circumstances, the relevant taxpayer is liable for the amount of evaded tax on a 10 years period, including default interests. However, he will be exempted from the payment […]
Formal consultation of the Tax Proposal 17
After having adopted the main parameters of the Tax Proposal 17 on June 9, 2017 (previously the “Corporate tax reform III or CTR III”), the Federal Council has, without further delay, initiated the consultation procedure during its meeting of September 6, 2017. A reform of the current corporate tax regime is considered as necessary and […]