Federal Council wishes to facilitate accumulation of capital by TBTF banks in terms of tax law
Today, the Federal Council instructed the Federal Department of Finance (FDF) to prepare a draft consultation paper on amending the participation deduction in connection with the too big to fail (TBTF) legislation. The tax burden from certain financial instruments should be reduced so that the capital accumulation of TBTF banks is not adversely affected.
Federal Council wants to facilitate group financing in Switzerland
Today, the Federal Council initiated the consultation procedure on an amendment to the Withholding Tax Ordinance. The proposal should strengthen financing activities of groups in Switzerland.
Fines and bribes paid to private individuals should not be tax-deductible
Companies should not be able to deduct fines and other punitive financial sanctions from taxes. The Federal Council initiated the consultation on a corresponding bill today. The Luginbühl motion entitled “Tax deductibility of fines” (14.3450) should be implemented with the proposal.
Tax administrative assistance: detailed rules on costs established in ordinance
During its meeting today, the Federal Council adopted a revision of the Tax Administrative Assistance Ordinance. The new provision defines in greater detail the possibility of passing on the costs of international administrative assistance to the person or financial institution concerned, as provided for in the Act.
Federal Council adopts dispatch on amending the Withholding Tax Act
The Federal Council wants to maintain the withholding tax exemptions for certain financial instruments of Swiss banks and introduce new ones. In so doing, it intends to strengthen the systemic stability of Switzerland’s financial centre. During its meeting today, it adopted the dispatch on amending the Withholding Tax Act.
Federal Council rejects the popular initiative “Yes to the protection of privacy”
The Federal Council is recommending that the popular initiative “Yes to the protection of privacy” be rejected and approved the corresponding dispatch for the attention of Parliament during its meeting today. The initiative interferes significantly in tax and prosecution procedures and, as a result, would endanger the accurate levying of federal, cantonal and communal taxes. In addition, the initiative could have a negative impact on the fight against money laundering and terrorist financing.