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Switzerland’s Federal Council approved a law amending the Swiss tax code Wednesday. The law was adopted by the Swiss Parliament last June.
The Federal Act on the Tax Treatment of Financial Sanctions (FATTFS) implements several changes recommended by the OECD’s Financial Action Task Force on money laundering. Under the changes, bribes paid to private individuals will no longer be tax-deductible. This change brings uniformity to the treatment of bribes by tax and criminal law. Foreign punitive financial sanctions will be tax-deductible if they violate Swiss public policy or if the company is able to demonstrate that it took all reasonable steps to comply with the law. Domestic punitive financial sanctions will remain non tax-deductible. Lastly, any expenses that enable criminal offenses or are paid to induce someone else to commit the crime will no longer be tax-deductible.
The FATTFS will come into force on January 1, 2022.
Additionally, the Council approved amendments to the Ordinance on the International Automatic Exchange of Information in Tax Matters (AEOIO) and the Federal Act on the International Automatic Exchange of Information in Tax Matters (AEOIA). The changes to the AEOIA implement recommendations by the Global Forum on Transparency and Exchange of Information for Tax Purposes. The changes include the removal of a clause exempting condominium associations and adjust the due diligence requirements. Further, reporting Swiss financial institutions will be required to retain documents. The changes to the AEOIO will bring it into alignment with the changes to the AEOIA.
The changes to the AEOIO and AEOIA will come into force on January 1, 2021.
The post Switzerland Federal Council approves law amending tax code appeared first on JURIST - News - Legal News & Commentary.
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The Federal Act on the Tax Treatment of Financial Sanctions (FATTFS) implements several changes recommended by the OECD’s Financial Action Task Force on money laundering. Under the changes, bribes paid to private individuals will no longer be tax-deductible. This change brings uniformity to the treatment of bribes by tax and criminal law. Foreign punitive financial sanctions will be tax-deductible if they violate Swiss public policy or if the company is able to demonstrate that it took all reasonable steps to comply with the law. Domestic punitive financial sanctions will remain non tax-deductible. Lastly, any expenses that enable criminal offenses or are paid to induce someone else to commit the crime will no longer be tax-deductible.
The FATTFS will come into force on January 1, 2022.
Additionally, the Council approved amendments to the Ordinance on the International Automatic Exchange of Information in Tax Matters (AEOIO) and the Federal Act on the International Automatic Exchange of Information in Tax Matters (AEOIA). The changes to the AEOIA implement recommendations by the Global Forum on Transparency and Exchange of Information for Tax Purposes. The changes include the removal of a clause exempting condominium associations and adjust the due diligence requirements. Further, reporting Swiss financial institutions will be required to retain documents. The changes to the AEOIO will bring it into alignment with the changes to the AEOIA.
The changes to the AEOIO and AEOIA will come into force on January 1, 2021.
The post Switzerland Federal Council approves law amending tax code appeared first on JURIST - News - Legal News & Commentary.
Continue reading...
Note: We don't have any responsibilities about this news. Its been posted here by Feed Reader and we had no controls and checking on it. And because News posted here will be deleted automatically after 21 days, threads are closed so that no one spend time to post and discuss here. You can always check the source and discuss in their site.