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Swiss Finance Dept proposes changes to withholding tax system

BERN: The Swiss Federal Finance Department launched an explanatory report and a proposed legislative bill concerning some important changes of the federal withholding tax system. At the core of the proposed reform is a system change of bond interest taxation from the present ‘debtor’ system to a ‘paying agent’ system, whereby the duty to withhold and pay tax from relevant ... Read More »

Switzerland launches 3-month consultation to implement tax agreements with other countries

ZURICH: The Swiss Government has launched a three-month consultation period on draft legislation that will pave the way for Switzerland to implement tax information sharing agreements with other countries. Finance minister Eveline Widmer-Schlumpf announced the schedule in Berne and explained in outline that the cabinet wants Switzerland to agree to a number of forms of information sharing. She said Switzerland ... Read More »

Swiss police burst int’l smuggling ring, nab 15 smugglers

ZURICH: Swiss police arrested 15 people and seized 55 kg of heroin in raids to smash an international network smuggling drugs from Turkey to the Alpine country, police said here the other day. Raids on 20 homes in the town of Zug, south of Zurich, also netted caches of money and weapons as well as a dozen cars, they said. ... Read More »

Switzerland, Italy agree to amend double tax agreement

BERN: Italy and Switzerland have agreed an amendment to their double tax agreement to enhance tax information exchange provisions. It is hoped that the agreement will be signed before the March 2 deadline set by Italy’s new voluntary disclosure program to enable Switzerland’s removal from Italy’s “black list.” After three years of talks, the conclusion of the agreement follows a ... Read More »

Swiss WorldCargo, Cargologic, SATS sign MoU to revamp cargo handling services

GENEVA: Swiss WorldCargo, the airfreight unit of Swiss International Air Lines, and its partner ground handling companies Cargologic and SATS signed a deal to revamp cargo handling services. Under the MoU, the three companies will collaborate and focus on quality, e-initiatives, temperature-controlled transport management and specialized handling solutions. The new alliance will collaborate in the fields of information technology, facility ... Read More »

Customs ruling lifts cold Pizza deliveries across Swiss border

BERN:  Double pepperonis and garlic bread get cold waiting at customs, complain Swiss pizza lovers hoping to take advantage of lower French and German prices A recent ruling by the Swiss authorities has highlighted one of Europe’s more bizarre border rituals: customs inspections of pizza deliveries. Swiss residents prefer to order their pizzas from across the border in Germany and ... Read More »

Solar plane to leave Switzerland for world’s radical round

BERN:  A solar plane was loaded onto a cargo carrier in Switzerland late heading for the Middle East from where it will attempt a revolutionary round-the-world trip. The air carrier transporting Solar Impulse 2 is due to leave early for Abu Dhabi, from where the long-winged plane will begin its record-making bid in March with the aim of completing the ... Read More »

Swiss police confiscate 55kg illicit heroin worth $10.35 million

ZURICH: Swiss police have seized 55 kg of heroin and nabbed 15 people in raids to smash an international network smuggling drugs from Turkey to the Alpine country, police said here the other day. Raids on 20 homes in the town of Zug, south of Zurich, also netted caches of money and weapons as well as a dozen cars, they ... Read More »

Illicit financial flow: Swiss Customs seizes €573 million in 2014 at German-Swiss border

ZURICH: Swiss Customs has seized illicit €573 million in the last year, the number of Germans smuggling money out of Switzerland rose dramatically. Customs officers on the German-Swiss border said they made a find in almost every third car they checked, here the other day. The limit for bringing undeclared cash across an EU border is €10,000 (12,200 francs), but ... Read More »

Swiss gold exports to China decline in Nov

ZURICH: Swiss gold exports to china fall to 34 tns in November, Switzerland exported 232.2 tonnes of gold in November, according to official Swiss Customs Administration statistics here the other day. Swiss statistics are a good indicator of the volume of metal being shipped into China, which does not publish official figures gold imports. “As expected, shipments from Switzerland to ... Read More »

Swiss drugmaker Roche says agree to buy Bina Technologies for undisclosed price

ZURICH: Swiss drugmaker Roche said it had agreed to buy privately held Bina Technologies for an undisclosed price. The deal comes on a day when Roche suffered a double blow, as two clinical studies of drugs for breast cancer and Alzheimer’s disease failed, sparking the biggest percentage fall in its stock in five years. On Thursday, Roche agreed to pay ... Read More »

Swiss gold exports to India to touch Rs 1tr mark

ZURICH: Switzerland and Indian authorities have serious concerns about their trading rout, which they might think used for the money laundering. Switzerland’s gold export to India has risen further and is fast approaching Rs one-trillion mark for the entire 2014. The Swiss gold exports to India stood at over 2.8 billion Swiss francs (over Rs 18,000 crore) in October, up ... Read More »

Swiss Court sentences Pierre Condamin-Gerbier in French tax fraud investigation

Geneva: Swiss Federal Court sentenced a man to two years, who accepted lying when he served as a key witness in a major French tax fraud investigation here the other day. Frenchman Pierre Condamin-Gerbier was sentenced by the Swiss Federal Criminal Court in Bellizone, in the southern canton of Ticino, after his defence and prosecutors struck a deal, the ATS ... Read More »

Swiss utility company Axpo to write down 1.5b francs on value of power plants

ZURICH: The crumble wholesale prices for electricity have forced us to write down 1.5 billion francs on the value of its power plants and energy supply contracts, Swiss utility company Axpo said on here the other day. This resulted in an operating loss for the financial year ending September 30th of 730 million francs ($744 million), compared to an operating ... Read More »

Swiss National Bank to charge banks 0.25 percent on deposits

ZURICH: The ruble crises and tumult situation in the global financial markets have force the Swiss National Bank to switch a negative deposit rate for some deposits, as it seeks to avoid excessive growth of the national currency. From January 2015 the Swiss National Bank will charge banks 0.25 percent on sight deposits exceeding a given exemption threshold set individually ... Read More »

Swiss franc hits 2-year low, SNB introduces negative interest rate of 0.25%

GENEVA: The Swiss franc hit its lowest against the dollar in more than two years, and touched a two-month trough against the euro, after the Swiss National Bank said it would introduce negative interest rates. The SNB said it would impose an interest rate of -0.25 percent on sight deposit account balances of over 10 million Swiss francs as it ... Read More »

Swiss National Bank imposes interest rate of minus 0.25% on deposits

ZURICH: Switzerland’s central bank on Thursday announced it was introducing negative interest rates, in a bid to stop the Swiss franc – a safe haven currency – from gaining further value. The Swiss National Bank is imposing an interest rate of minus-0.25 percent on bank deposits, with the aim of pushing the target range of a benchmark rate into negative ... Read More »

Swiss customs returns ancient 200BC statue to China

LONDON: A terracotta statue dating back to about 200 BC has been returned to the Chinese authorities after being intercepted by customs in Switzerland, the Swiss government said on Friday. The statue from the Han dynasty measures about 47 centimetres (18.5 inches) and is thought to be of a servant, the federal department of culture said in a statement.It was ... Read More »

Switzerland’s ABB, Hitachi tie up to market power transmission equipment

ZURICH: Japan’s Hitachi and Swiss engineering giant ABB will set up a joint venture to market power transmission equipment in Japan, said by the companies in joint statement. The deal would see Hitachi and ABB take a 51 percent and 49 percent stake in the new business, respectively, they said in a joint statement. “This is the first step of ... Read More »

Zurich trial starts against former Swiss banker

ZURICH: The Zurich trial has started against former Swiss banker for breaking Swiss bank secrecy laws by allegedly giving confidential data to WikiLeaks and German authorities. The trial of Rudolf Elmer, the former chief operating officer at the private bank Julius Baer’s subsidiary in the Cayman Islands, opened and was quickly suspended after he fainted in court. The 59-year-old had ... Read More »