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Swiss govt makes case for corporate tax reform

BASEL: The Swiss Federal Council has announced its support for the proposed changes to Switzerland’s corporate tax framework, known as Corporate Tax Reform III (CTR III), ahead of a referendum on the issue due to take place early next year. CTR III will abolish corporate tax arrangements that are no longer in keeping with international standards. These primarily relate to ... Read More »

Swiss FAC grants UBS access to files in French tax probe

BASEL: The Swiss federal administrative court (FAC) said on Wednesday Swiss bank UBS had been granted the right to inspect the files and receive information in a tax investigation by French tax authorities. The court decided to grant UBS “party status”, allowing it to access the files and be served with all final decisions by the Swiss federal tax administration ... Read More »

Switzerland removes interest on early tax payments

BASEL: Switzerland’s Federal Department of Finance (FDF) is to cut the compensatory interest rate for the early payment of direct federal taxes. According to the Swiss Federal Council, in recent years negative interest rates have prompted a growing number of taxpayers to voluntarily pay direct federal taxes before the payment deadline. In return they would receive compensatory interest at a ... Read More »

Swiss unblock $140m after Italy tax fraud acquittals

BASEL: Switzerland”s attorney general”s office said Sunday it had unblocked accounts holding some $140 million, which were frozen more than a decade ago to assist Italy in a tax fraud probe of the Mediaset broadcaster. A decision by Milan”s top appeals court earlier this month to overturn 18-month prison sentences handed to Mediaset chairman Fedele Confalonieri and its chief Pier ... Read More »

Swiss customs authorities slaps billionaire with $4m fine

BASEL: Swiss customs authorities have slapped a billionaire with a $4 million fine for failing to properly declare some 200 artworks imported into Switzerland, according to media reports confirmed by officials on Sunday. Swiss financier Urs Schwarzenbach has for years been bringing precious artworks by the likes of Yves Klein and Giovanno Segantini into Switzerland without declaring them to customs ... Read More »

Swiss govt may open doors for banks abroad

BASEL: The Swiss government will work to boost the competitiveness of the country’s financial sector against international rivals, it said on Thursday, striking a more supportive tone towards the industry. Home to banking and insurance giants UBS, Credit Suisse and Zurich Insurance, Switzerland is the world’s biggest centre for foreign wealth, with an estimated $2.3 trillion kept in the Alpine ... Read More »

Morgan Stanley profit jumps 61.7% in Switzerland

BASEL: Morgan Stanley reported a better-than-expected quarterly profit on Wednesday, boosted by a surge in bond trading that followed Britain’s surprise vote to leave the European Union and bouts of anxiety about monetary policy around the world. Earnings applicable to shareholders rose 61.7 percent to $1.52 billion from $939 million for the quarter ended Sept. 30, while earnings per shares ... Read More »

Swiss J&J revenues increase in 3Q

BASEL: Johnson & Johnson , the world’s largest maker of healthcare products, reported third-quarter revenue and profit just ahead of Wall Street estimates, fueled by strong sales in its prescription drugs business. J&J, the first major U.S. drugmaker to report quarterly results, said pharmaceutical drug sales jumped 9.2 percent to US$8.40 billion, buoyed by demand for its cancer medicines, Imbruvica ... Read More »

Swiss firm pays Sh17.7b excise tax

BASEL: A Swiss firm awarded the Sh17.7 billion excise tax system says it has not employed any Kenyan related to a Kenya Revenue Authority staff in their offices abroad. SICPA Security Solutions said it has a clear corporate code of conduct and recruitment policies that prevent it from known conflicts of interest. “SICPA has a clear corporate code of conduct ... Read More »

Swiss cross-border shopping declines in 2016

BASEL: Swiss cross-border shopping peaked in 2015 and local customs posts have seen a decline in VAT and duty collected since March. At the border in Kreuzlingen, near Lake Constance, VAT and import duty collected was down 10%. At the Lörrach bei Riehen crossing near Basel, receipts were down by 31%. The situation in Geneva is similar. SIX, the company ... Read More »

Switzerland’s biggest dairy company to counter stagnating sales

BASEL: Switzerland’s biggest dairy company is trying to counter stagnating sales in its home market by getting the Swiss to eat microwaveable fondue, prompting cheese purists to cry sacrilege. Emmi AG plans to introduce its All-in-One Fondü kit in its home market next year, Chief Executive Officer Urs Riedener said in an interview. The $15 set has been on sale ... Read More »

Swiss Datwyler Group completes acquisition of German company Ott

BASEL: Datwyler Group has completed the acquisition of German company Ott, which it said will add injection molding expertise with thermoplastics and liquid silicone to the group’s Sealing Solutions division. The previously announced transaction was finalized Sept. 30. The deal will strengthen and expand the Swiss group’s technology and product portfolio in the automotive and health care industry, according to ... Read More »

Switzerland’s bank to cover South African, Gulf stocks

BASEL: Switzerland’s second-biggest bank will cover some South African and Gulf stocks affected by the changes by using existing research staff elsewhere, two of the people said, asking not to be identified because the information is private. Credit Suisse equity analysts in other emerging markets may also be affected, one of the people said. Chief Executive Officer Tidjane Thiam said ... Read More »

Queensland’s Bank hopes for tax relief from Switzerland

BASEL: During his 20 years in banking, Bank of Queensland chief executive Jon Sutton has never witnessed a more competitive market for banking services. He says the recent spike in 12-month term deposit rates combined with the competition for retail and commercial borrowers has placed pressure on BoQ’s net interest margin. In the year to August 31, BoQ’s net interest ... Read More »

Switzerland, Sri Lanka sign immigration agreement

AMSTERDAM: Swiss Justice Minister Simonetta Sommaruga and Sri Lankan Interior Minister Seneviratne Bandara Nawinne have signed a bilateral immigration treaty in Colombo. It will cover, among other things, the repatriation of Sri Lankans who no longer fulfil the conditions for continued residence in Switzerland. In a statement on Tuesday, the justice ministry said the agreement with Sri Lanka established a ... Read More »

Switzerland to amend tax rules for banks

BASEL: Switzerland is to amend its “too big to fail” legislation to reduce the tax burden on certain banks. The Swiss Federal Council has asked the Federal Department of Finance to prepare a draft consultation paper on amending the participation deduction provisions in the TBTF legislation. It said that the proposed reform would “prevent the tax burden of the top ... Read More »

Swiss gov’t to amend tax burden for UBS

BASEL: Switzerland’s government on Friday tasked its finance ministry with limiting the tax burden on UBS and Credit Suisse as the nation’s two biggest banks issue bonds to meet new too-big-to-fail (TBTF) requirements. “The proposed solution would prevent the tax burden of the top holdings of systemically important banks from rising with the issuance of CoCos (Contingent Convertibles), write-off bonds ... Read More »

Weatherford International to pay $140m fine over accounting fraud in Switzerland

BASEL: The Securities and Exchange Commission hit Weatherford International with its biggest financial penalty of the year, alleging that deceptive accounting practices used by the oilfield services company to inflate profits extended beyond gross negligence to outright fraud. Weatherford, which has its main operations in Houston, agreed to pay $140 million to settle charges that it overstated its earnings by ... Read More »

Swiss watch industry outlook worsens 82%

BASEL: A consulting-firm study released Tuesday painted a bleak picture of the Swiss watch industry, with four-in-five executives saying they are pessimistic about the outlook for an industry that is as synonymous with the Alpine economy as chocolate, banking and skiing. “According to the vast majority of watch executives surveyed, the downward trend in the Swiss watch industry will continue ... Read More »

Swiss Federal Council to amend Withholding Tax Ordinance

BASEL: The Swiss Federal Council has proposed an amendment to the Withholding Tax Ordinance that it said will facilitate group financing. The Council said that groups established in Switzerland often carry out targeted financing activities abroad, thereby avoiding any withholding tax (WHT) that would be due on financing conducted via group companies established in Switzerland. It added that the Swiss ... Read More »