Private Client 2018 7Th Edition
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Overview of the SWISS TAX SYSTEM
OVERVIEW OF THE SWISS TAX SYSTEM 10.1 Taxation of Corporate Taxpayers ...................................... 109 10.2 Tax Rate in an International Comparison ........................ 112 10 10.3 Taxation of Individual Taxpayers ..................................... 113 10.4 Withholding Tax ................................................................ 116 10.5 Value Added Tax................................................................ 117 10.6 Other Taxes........................................................................ 120 10.7 Double Tax Treaties .......................................................... 121 10.8 Corporate Tax Reform III .................................................. 121 10.9 Transfer Pricing Rules....................................................... 121 Image Tax return, stock image The Swiss tax system mirrors Switzerland’s federal struc- 10.1 TAXATION OF CORPORATE TAXPAYERS ture, which consists of 26 sovereign cantons with 2,352 10.1.1 Corporate Income Tax – Federal Level independent municipalities. Based on the constitution, all The Swiss federal government levies corporate income tax at a flat rate of 8.5% on profit after tax of corporations and cooperatives. cantons have full right of taxation except for those taxes For associations, foundations, and other legal entities as well as that are exclusively reserved for the federal government. As investment trusts, a flat rate of 4.25% applies. At the federal level, no capital tax is levied. a consequence, Switzerland has two levels of taxation: the -
Taxing Wealth: Evidence from Switzerland
NBER WORKING PAPER SERIES TAXING WEALTH: EVIDENCE FROM SWITZERLAND Marius Brülhart Jonathan Gruber Matthias Krapf Kurt Schmidheiny Working Paper 22376 http://www.nber.org/papers/w22376 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 June 2016 We are grateful to Jonathan Petkun for excellent research assistance, to Etienne Lehmann, Jim Poterba and seminar participants at Bristol, Geneva, Kentucky, MIT and Yale for helpful comments, to the tax administration of the canton of Bern for allowing us to use their micro data for the purpose of this research, to Raphaël Parchet and Stephan Fahrländer for sharing valuable complementary data and to Nina Munoz-Schmid and Roger Amman of the Swiss Federal Tax Administration for useful information. Financial support from the Swiss National Science Foundation (Sinergia grant 147668) is gratefully acknowledged. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. At least one co-author has disclosed a financial relationship of potential relevance for this research. Further information is available online at http://www.nber.org/papers/w22376.ack NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2016 by Marius Brülhart, Jonathan Gruber, Matthias Krapf, and Kurt Schmidheiny. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Taxing Wealth: Evidence from Switzerland Marius Brülhart, Jonathan Gruber, Matthias Krapf, and Kurt Schmidheiny NBER Working Paper No. -
ADECCO GROUP AG (Incorporated with Limited Liability in Switzerland) ADECCO INTERNATIONAL FINANCIAL SERVICES B.V
ADECCO GROUP AG (incorporated with limited liability in Switzerland) ADECCO INTERNATIONAL FINANCIAL SERVICES B.V. (incorporated with limited liability in The Netherlands) ADECCO FINANCIAL SERVICES (NORTH AMERICA), LLC (incorporated under the laws of the State of Delaware in the United States of America) EUR 3,500,000,000 Euro Medium Term Note Programme unconditionally and irrevocably guaranteed by ADECCO GROUP AG (incorporated with limited liability in Switzerland) Under this EUR 3,500,000,000 Euro Medium Term Note Programme (the Programme), Adecco Group AG (in its capacity as Issuer, Adecco, and in its capacity as guarantor of Notes issued by AIFS or AFS (each as defined below), the Guarantor), Adecco International Financial Services B.V. (AIFS) and Adecco Financial Services (North America), LLC (AFS and, together with Adecco and AIFS, the Issuers, and each an Issuer) may from time to time issue notes (the Notes) denominated in any currency agreed between the relevant Issuer and the relevant Dealer (as defined below). References in this Base Prospectus to the relevant Issuer shall, in relation to any issue or proposed issue of Notes, be references to whichever of Adecco, AIFS or AFS is specified as the Issuer of such Notes in the applicable final terms document (the Final Terms). The payments of all amounts due in respect of the Notes will be unconditionally and irrevocably guaranteed by the Guarantor (except where Adecco is the Issuer). The maximum aggregate nominal amount of all Notes from time to time outstanding under the Programme will not exceed EUR 3,500,000,000 (or its equivalent in other currencies calculated as described in the Programme Agreement described herein), subject to increase as described herein. -
RURBANCE Project Territorial System Factsheet
RURBANCE Project Territorial System Factsheet Territorial System Identification data Name: Zurich Main urban center: Zurich Country: Switzerland State / Region: Canton of Zurich Map 1: A Zurich – Metropolitan Area Zurich (Zurich and greater surroundings) RURBANCE Project Territorial System Factsheet Pilot Area for Rurbance-Project Line Zurich (A) - Gottardo – Milano (B) (planned «Gottardo»-study) Rural and urban regions on the «Gottardo»-route: City of Zurich, Cantons of Zurich, Zug (City of Zug), Schwyz (only inner part of the Canton, City of Schwyz), Uri (capital Altdorf), Ticino (Cities of Bellinzona, Lugano, Mendrisio/Chiasso) and City of Milano RURBANCE Project Territorial System Factsheet Territorial System Reference data City of Zurich (end 2011) Population City of Zurich 390’000 Area (km2): 92 Density: 4’240 p / km2 Cantons of Zurich, Uri, Schwyz, Zug and Ticino (pilot study-area «Gottardo»; end 2011) Population Area Density Number of km2 p / km2 Municipalities Canton Schwyz SZ 148’000 908 151 30 Canton Ticino TI 337’000 2’812 119 147 Canton Uri UR 35’000 1’077 32 20 Canton Zug ZG 115’000 239 481 11 Canton Zurich ZH 1’392’000 1’729 805 171 Pilot study-area «Gottardo» Population pilot area 2’027’000 6’764 296 379 % of Switzerland 25.5% 16.38 % Switzerland 7’953’000 41’285 193 *2‘408 * 1.1.2013 Spoken languages ZH, UR, SZ, ZG German TI Italian RURBANCE Project Territorial System Factsheet Land use (% in the TS, as for the CORINE Land Cover level 2 data 2006, in km2) SZ TI UR ZG ZH pilot area CH Urban fabric (1.1) 41.55 137.70 11.89 -
Reimbursement of Excessive Premiums
Federal Department of Home Affairs FDHA Federal Office of Public Health FOPH Health and Accident Insurance Division Federal Office of Public Health, Insurance Supervision Division, August 2018 Reimbursement of excessive premiums Article 17 of the Federal Act on the Oversight of Social Health Insurance (Health Insurance Oversight Act HIOA; SR 832.12) governs the reimbursement of excessive income from insurance premiums. In- surers can apply to the FOPH for permission to reimburse income from a particular canton if this signif- icantly exceeds the accumulated annual costs in that canton. During the 2017 financial year, three insurers applied to the FOPH for permission to reimburse excessive income from premiums in the cantons listed below: Genossenschaft Glarner Krankenversicherung in the canton of Glarus (GL) Kranken- und Unfallkasse Einsiedeln in the canton of Schwyz (SZ) Vivao Sympany AG in the cantons of Aargau (AG), Bern (BE), Basel-Landschaft (BL), Basel- Stadt (BS), Fribourg (FR), Lucerne (LU) and Solothurn (SO) In its ruling of 8 August 2018, the FOPH approved Genossenschaft Glarner Krankenversicherung’s ap- plication as follows: Canton of Glarus: Reimbursement of CHF 80.03 per insured person Everyone insured by Genossenschaft Glarner Krankenversicherung in the above-mentioned canton on 31 December 2017 will be reimbursed the relevant amount before the end of 2018. In its ruling of 8 August 2018, the FOPH approved Kranken- und Unfallkasse Einsiedeln’s application as follows: Canton of Schwyz: Reimbursement of CHF 130 per insured person Everyone insured by Kranken- und Unfallkasse Einsiedeln in the above-mentioned canton on 31 De- cember 2017 will be reimbursed the relevant amount before the end of 2018. -
How to Build and Integrate a District Heating Network - Success Story with Hurdles IEA Bioenergy - Baden, 20Th October 2017 Dr
How to build and integrate a district heating network - success story with hurdles IEA Bioenergy - Baden, 20th October 2017 Dr. Urs Rhyner 2 Programm 1. Motivation 2. AGRO Energie Schwyz AG 3. Biomass power plant 4. District heating 5. Economics 6. Heat accumulator 7. Agro Energie Rigi 8. Agro Energie Ausserschwyz 9. Non-technical barriers 3 Swiss Farm – Manure Production 4 Sustainability – think gobal, act local 5 Swiss heat production Wood – new record! District heating w/o wood Gas Oil Quelle: Prognos 2016 6 Agro Energie DH in the canton of Schwyz 7 Programm 1. Motivation 2. AGRO Energie Schwyz AG 3. Biomass power plant 4. District heating 5. Economics 6. Heat accumulator 7. Agro Energie Rigi 8. Agro Energie Ausserschwyz 9. Non-technical barriers 8 Who is Agro Energie Schwyz AG? AGRO Energie Schwyz AG provides heat and power to the region of Schwyz by using renewable and local resources in doing so fostering the region by increasing its independece, adding value, facilitating jobs and promoting sustainability. 9 Company ▪ 2006 founding of AGRO Energie Schwyz AG ▪ 2009 commissioning of the plant ▪ Founding shareholders semi-public: OAK, EBS, Genossame Schwyz private: Baptist Reichmuth, Georges Schelbert ▪ Shareholders since 2016: pension fund (Profond Vorsorgeeinrichtung), Genossame Schwyz, Baptist Reichmuth, Georges Schelbert 10 Programm 1. Motivation 2. AGRO Energie Schwyz AG 3. Biomass power plant 4. District heating 5. Economics 6. Heat accumulator 7. Agro Energie Rigi 8. Agro Energie Ausserschwyz 9. Non-technical barriers 11 Biomass -
Behavioral Responses to Wealth Taxes: Evidence from Switzerland*
Behavioral Responses to Wealth Taxes: Evidence from Switzerland* Marius Brülhart† Jonathan Gruber‡ Matthias Krapf§ University of Lausanne MIT University of Lausanne Kurt Schmidheiny¶ University of Basel October 10, 2019 Abstract We study how reported wealth responds to changes in wealth tax rates. Exploiting rich intra-national variation in Switzerland, the country with the highest revenue share of an- nual wealth taxation in the OECD, we find that a 1 percentage point drop in the wealth tax rate raises reported wealth by at least 43% after 6 years. Administrative tax records of two cantons with quasi-randomly assigned differential tax reforms suggest that 24% of the effect arise from taxpayer mobility and 20% from house price capitalization. Savings re- sponses appear unable to explain more than a small fraction of the remainder, suggesting sizable evasion responses in this setting with no third-party reporting of financial wealth. * Previous versions of this paper circulated under the titles ‘The Elasticity of Taxable Wealth: Evidence from Switzerland’ and ‘Taxing Wealth: Evidence from Switzerland’. This version is significantly extended in terms of both data and estimation methods. We are grateful to Jonathan Petkun for excellent research assistance, to Etienne Lehmann, Jim Poterba, Emmanuel Saez, and seminar participants at the Universities of Barcelona, Bristol, ETH Zurich, GATE Lyon, Geneva, Kentucky, Konstanz, Mannheim, MIT, Yale and numerous conferences for helpful comments, to the tax administrations of the cantons of Bern and Lucerne for allowing us to use anonymized micro data for the purpose of this research, to Raphaël Parchet, Stephan Fahrländer and the Lucerne statistical office (LUSTAT) for sharing valuable complementary data, and to Nina Munoz-Schmid and Roger Amman of the Swiss Federal Tax Administration for useful information. -
A09029279 V2.0 Cleanlevel 2 Prospectus Call Options
Credit Suisse International (registered as an unlimited liability company in England and Wales under No. 2500199) Principal Protected Securities and Non-Principal Protected Securities (Base Prospectus BPCSI-1) (Call Options and Put Options) Pursuant to the Structured Products Programme Under this Base Prospectus, Credit Suisse International (the “ Issuer ”) may issue Securities (“ Securities ”) on the terms set out herein and in the relevant Final Terms. This document constitutes a base prospectus (the “ Base Prospectus ”) prepared for the purposes of Article 5.4 of Directive 2003/71/EC (the “ Prospectus Directive ”). The Base Prospectus contains information relating to the Securities. The Base Prospectus shall be read in conjunction with the documents incorporated herein by reference (see the section entitled “Documents Incorporated by Reference”). This document has been filed with the Financial Services Authority in its capacity as competent authority under the UK Financial Services and Markets Act 2000 (the “ UK Listing Authority ”) for the purposes of the Prospectus Directive. The Issuer has requested the UK Listing Authority to provide the competent authorities for the purposes of the Prospectus Directive in Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, The Netherlands, Norway, Spain and Sweden with a certificate of approval in accordance with Article 18 of the Prospectus Directive attesting that this Base Prospectus has been drawn up in accordance with the Prospectus Directive. The final terms relevant to an issue of Securities will be set out in a final terms document (the “ Final Terms ”) which will be provided to investors and, in the case of issues for which a prospectus is required under the Prospectus Directive, filed with the Financial Services Authority and made available, free of charge, to the public at the registered office of the Issuer and at the offices of the relevant Distributors and Paying Agents. -
Swiss Money Secrets
Swiss Money Secrets Robert E. Bauman JD Jamie Vrijhof-Droese Banyan Hill Publishing P.O. Box 8378 Delray Beach, FL 33482 Tel.: 866-584-4096 Email: http://banyanhill.com/contact-us Website: http://banyanhill.com ISBN: 978-0-578-40809-5 Copyright (c) 2018 Sovereign Offshore Services LLC. All international and domestic rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying and recording or by any information storage or retrieval system without the written permission of the publisher, Banyan Hill Publishing. Protected by U.S. copyright laws, 17 U.S.C. 101 et seq., 18 U.S.C. 2319; Violations punishable by up to five year’s imprisonment and/ or $250,000 in fines. Notice: this publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold and distributed with the understanding that the authors, publisher and seller are not engaged in rendering legal, accounting or other professional advice or services. If legal or other expert assistance is required, the services of a competent professional adviser should be sought. The information and recommendations contained in this brochure have been compiled from sources considered reliable. Employees, officers and directors of Banyan Hill do not receive fees or commissions for any recommendations of services or products in this publication. Investment and other recommendations carry inherent risks. As no investment recommendation can be guaranteed, Banyan Hill takes no responsibility for any loss or inconvenience if one chooses to accept them. -
Unclassified ECO/WKP(99)14
Unclassified ECO/WKP(99)14 Organisation de Coopération et de Développement Economiques OLIS : 13-Aug-1999 Organisation for Economic Co-operation and Development Dist. : 23-Aug-1999 __________________________________________________________________________________________ English text only ECONOMICS DEPARTMENT Unclassified ECO/WKP(99)14 TAX REFORM IN SWITZERLAND ECONOMICS DEPARTMENT WORKING PAPERS N0. 222 by David Carey, Kathryn Gordon and Philippe Thalmann Most Economics Department Working Papers beginning with No. 144 are now available through OECD's Internet Web site at http://www.oecd.org/eco/eco. English text only English text 80554 Document complet disponible sur OLIS dans son format d'origine Complete document available on OLIS in its original format ECO/WKP(99)14 ABSTRACT/RÉSUMÉ There have been a number of tax reforms in Switzerland in recent years aimed at enhancing economic efficiency and equity. This paper sets these reforms in the context of the forces shaping tax policy in Switzerland and the main features of the Swiss tax system and suggests areas where further reforms could be beneficial. These include applying more equal tax treatment to different forms of savings, moving to a flat-rate tax on corporate profits in all cantons and making greater use of environmental taxes. It is recognised that Switzerland’s highly decentralised federal structure and system of direct democracy can slow reforms, although these features also increase the legitimacy of reforms, reducing the risk of policy reversals. JEL classification: H2 Keywords: taxation; Switzerland *** Ces dernières années, un certain nombre de réformes fiscales ont été mises en place en Suisse afin d’améliorer l’efficience économique et l’équité. -
ET 11-Versie 4.Qxp:ET
Articles Switzerland/European Union Marcel R. Jung* The Switzerland-EC Agreement on the Free Movement of Persons: Measures Equivalent to Those in the EC Treaty – A Swiss Income Tax Perspective 1. Introduction1 Contents 1. Introduction Switzerland is one of the most European of states. It has 2. Switzerland and the Community four national languages, is a federation of 26 separate 3. Swiss Income Tax Law cantons, with 27 different tax acts, and the foreign popu- 3.1. Harmonized tax law lation represents approximately 20% of the total. 3.2. Social security system 3.3. Residence taxation Switzerland is integrated into Europe not only geo- 3.3.1. Unlimited tax liability graphically and culturally, but also economically and 3.3.2. Prohibition of inter-cantonal double taxation legally. Around 400,000 Swiss nationals reside in the 3.3.3. Allowances for personal and family European Union. More than 900,000 EU/European Free circumstances Trade Association (EFTA) nationals live in Switzerland, 3.3.4. Allowances for professional expenses 3.4. Source taxation around 680,000 of whom hold a permanent residence 3.4.1. Resident foreign employees with no permit and approximately 170,000 a temporary resi- permanent residence permit dence permit. Roughly 180,000 EU/EFTA nationals are 3.4.2. Non-resident individuals and legal entities cross-border workers, most of whom are employed, with 3.4.3. Joint liability a few self-employed.2 3.4.4. Equal treatment and non-discrimination 3.4.4.1. Equal treatment under the Federal Switzerland applied for membership of the European Constitution Union in 1992, but as a result of two negative public ref- 3.4.4.2. -
Real Estate Agencies in the Canton of Schwyz Members of the Swiss Association of Real Estate Professionals Based in the Canton O
Department for Economic Affairs Office for Economy Economic Development Bahnhofstrasse 15 P.O. Box 1187 CH-6431 Schwyz Telefon +41 41 819 16 34 Telefax +41 41 819 16 19 www.schwyz-economy.ch Real Estate Agencies in the Canton of Schwyz Members of the Swiss Association of Real Estate Professionals based in the Canton of Schwyz (SVIT, sections Central Switzerland and Zurich) Section Central Switzerland Administra Immobilien AG CH-8840 Einsiedeln Tel. +41 55 418 38 18 Roger Kälin Allmeindstrasse 17 [email protected] Postfach 146 www.administra.ch ANMAT ImmoTreuhand AG CH-6403 Küssnacht am Rigi Tel. +41 41 819 80 40 Konrad Annen Bahnhofstrasse 57 [email protected] Postfach 478 www.anmat.ch arag Immobilien-Treuhand AG CH-6430 Schwyz Tel. +41 41 818 50 00 Silvio Camenzind Schmittenmattstrasse 3 [email protected] www.arag-immobilien.ch AUREUS Immobilien AG CH-6403 Küssnacht am Rigi Tel. +41 41 855 22 00 Roland Zulauf Chlausjägergasse 10 [email protected] www.aureusimmobilien.ch HomeLeader AG CH-8807 Freienbach Tel: +41 55 420 33 33 Simon Bräm Kantonsstrasse 157 [email protected] www.homeleader.ch Immobilia Liegenschaften AG CH-8840 Einsiedeln Tel. +41 55 418 38 38 Blöchliger Erich Kornhausstrasse 25 [email protected] Postfach 246 www.immobilia-ag.ch Küttel Immobilien-Treuhand AG CH-6442 Gersau Tel. +41 41 829 05 05 Küttel Esther Gschwendstrasse 5a [email protected] www.k-immobilien.ch Roliega AG CH-8834 Schindellegi Tel. +41 44 787 33 66 Grab Walter Chaltenbodenstrasse 16 [email protected] Postfach 156 www.roliega.ch Sanjo Management AG CH-8852 Altendorf Tel.