This document summarizes key aspects of foundations in Switzerland. It discusses the organization of foundations, including required governing bodies. It also outlines the tax treatment of foundations and donors. Additionally, the document addresses anti-money laundering regulations for foundations and issues to consider regarding source of funds and allocation of funds. Finally, it briefly discusses the role foundations can play for family businesses.
Zugimpex presentation about swiss company formation 2018 limassolHannes Schwarz
Zugimpex shows that it is still attractive to own a Swiss company, if you can use the image, have contact to local customers or benefit from legal advantages.
The Brexit transition period ends on 31 December 2020. If you want to keep servicing your customers, you need to prepare for the period post-Brexit. In this presentation, I highlight the possibilities from a Dutch perspective. Please contact me by sending me a message through my LinkedIn page should you need any advice or assistance.
Future of treaty formed holding companies and preferential Harm J. Oortwijn
This document discusses the future of treaty-based holding structures and preferential tax regimes in light of base erosion and profit shifting (BEPS) measures. It outlines how Action 6 aims to prevent treaty shopping through limitation on benefits rules and principal purpose tests. The EU Parent Subsidiary Directive and upcoming Anti-Tax Avoidance Directive also include general anti-avoidance rules targeting artificial arrangements. Action 5 addresses harmful preferential tax regimes by requiring substantial activities in the jurisdiction. The document then discusses exit charges related to business restructuring and unwinding existing structures to make them compliant with BEPS and anti-avoidance rules. It emphasizes analyzing functions, assets and risks to determine appropriate exit charges at arm's length.
Dutch tax saving possibilities for Ukrainian MNC’s. Juan TeltingICF Legal Service
Голландские компании в налоговом планировании. Как это работает. Организация substance (реального присутствия) в Нидерландах. Использование нидерландских компаний в международной торговле.
Juan Telting (STP Tax Lawyers. Netherlands)
Taxation Comparison Between The United Kingdom and LithuaniaEvaldas Čerkesas
This document summarizes corporate and personal taxation systems in the United Kingdom and Lithuania. For corporate taxation, the UK has a main rate of 19% while Lithuania's general rate is 15%. Personal income tax rates are progressive in the UK from 20-40% while Lithuania has a flat 15% rate. Both countries exempt capital gains meeting certain conditions. VAT standard rates are 20% in the UK and 21% in Lithuania. Neither country has a net wealth tax.
Substance as an important element of tax planning and global trends in exchange of information.
CONTENT
-Information exchange: general facts.
-AEOI: brief chronology.
-AEOI: general ideas.
-AEOI: scheme.
-AEOI: specifics.
-Practical example: Cyprus.
-What is “substance” and where does it come from?
-Today`s substance requirements.
-Actions and measures, indicating “substance”.
-Issues to be considered during the obtainment of Cyprus tax residency certificate.
-Questions asked by tax authorities investigating into substance over form.
Guide for a successful establishment in Spain from ChinaAGM Abogados
This document provides a summary of the key steps and considerations for establishing a business in Spain from China, including:
- The most common corporate structures are public and private limited companies, which have minimum capital requirements of €60,000 and €3,000 respectively.
- The process to establish a subsidiary involves requesting a company name, drafting statutes, obtaining tax IDs, signing documents before a notary, and registering with commercial and tax authorities.
- Spain has a favorable tax regime and double taxation agreements with China and Hong Kong to avoid double taxation. Main taxes are corporate tax of 15-30% and VAT of 21%.
- Requirements for a residence permit include proof of funds, health insurance,
This document summarizes the key topics covered in an international taxation course, including:
1) Defining tax residence and the tests used to determine a corporate residence, including place of control and incorporation.
2) The OECD model tax convention and its role in establishing international standards for preventing double taxation.
3) Withholding taxes and how countries tax income earned within their borders by foreign individuals and corporations.
4) Methods for relieving double taxation through exemption, tax credit, and deduction in double taxation treaties.
Zugimpex presentation about swiss company formation 2018 limassolHannes Schwarz
Zugimpex shows that it is still attractive to own a Swiss company, if you can use the image, have contact to local customers or benefit from legal advantages.
The Brexit transition period ends on 31 December 2020. If you want to keep servicing your customers, you need to prepare for the period post-Brexit. In this presentation, I highlight the possibilities from a Dutch perspective. Please contact me by sending me a message through my LinkedIn page should you need any advice or assistance.
Future of treaty formed holding companies and preferential Harm J. Oortwijn
This document discusses the future of treaty-based holding structures and preferential tax regimes in light of base erosion and profit shifting (BEPS) measures. It outlines how Action 6 aims to prevent treaty shopping through limitation on benefits rules and principal purpose tests. The EU Parent Subsidiary Directive and upcoming Anti-Tax Avoidance Directive also include general anti-avoidance rules targeting artificial arrangements. Action 5 addresses harmful preferential tax regimes by requiring substantial activities in the jurisdiction. The document then discusses exit charges related to business restructuring and unwinding existing structures to make them compliant with BEPS and anti-avoidance rules. It emphasizes analyzing functions, assets and risks to determine appropriate exit charges at arm's length.
Dutch tax saving possibilities for Ukrainian MNC’s. Juan TeltingICF Legal Service
Голландские компании в налоговом планировании. Как это работает. Организация substance (реального присутствия) в Нидерландах. Использование нидерландских компаний в международной торговле.
Juan Telting (STP Tax Lawyers. Netherlands)
Taxation Comparison Between The United Kingdom and LithuaniaEvaldas Čerkesas
This document summarizes corporate and personal taxation systems in the United Kingdom and Lithuania. For corporate taxation, the UK has a main rate of 19% while Lithuania's general rate is 15%. Personal income tax rates are progressive in the UK from 20-40% while Lithuania has a flat 15% rate. Both countries exempt capital gains meeting certain conditions. VAT standard rates are 20% in the UK and 21% in Lithuania. Neither country has a net wealth tax.
Substance as an important element of tax planning and global trends in exchange of information.
CONTENT
-Information exchange: general facts.
-AEOI: brief chronology.
-AEOI: general ideas.
-AEOI: scheme.
-AEOI: specifics.
-Practical example: Cyprus.
-What is “substance” and where does it come from?
-Today`s substance requirements.
-Actions and measures, indicating “substance”.
-Issues to be considered during the obtainment of Cyprus tax residency certificate.
-Questions asked by tax authorities investigating into substance over form.
Guide for a successful establishment in Spain from ChinaAGM Abogados
This document provides a summary of the key steps and considerations for establishing a business in Spain from China, including:
- The most common corporate structures are public and private limited companies, which have minimum capital requirements of €60,000 and €3,000 respectively.
- The process to establish a subsidiary involves requesting a company name, drafting statutes, obtaining tax IDs, signing documents before a notary, and registering with commercial and tax authorities.
- Spain has a favorable tax regime and double taxation agreements with China and Hong Kong to avoid double taxation. Main taxes are corporate tax of 15-30% and VAT of 21%.
- Requirements for a residence permit include proof of funds, health insurance,
This document summarizes the key topics covered in an international taxation course, including:
1) Defining tax residence and the tests used to determine a corporate residence, including place of control and incorporation.
2) The OECD model tax convention and its role in establishing international standards for preventing double taxation.
3) Withholding taxes and how countries tax income earned within their borders by foreign individuals and corporations.
4) Methods for relieving double taxation through exemption, tax credit, and deduction in double taxation treaties.
Webinar Slides Romania Withholding TaxLascau Iulia
The document discusses Romania's withholding tax on revenues earned by non-residents, including what incomes are subject to the tax, exemptions, conditions for applying double taxation treaties to lower rates, requirements for registering contracts with non-residents, and taxation of permanent establishments in Romania.
FOURTH ANTI MONEY LAUNDERING DIRECTIVE (EU) 2015/849’’Eurofast
4th AML Directive enacted on 25.06.2015
Key changes:
1. Beneficial Ownership
2. Coverage of the gambling sector and tax crimes
3. Definition of Politically Exposed Persons (PEPs)
4. The risk based approach
5. Cash payments
6. Sanctions
7. Third country equivalence
A corporate group exists when there is a relationship of subordination (control) between companies, along with a shared purpose and management determined by the parent company. The controlling company must register the corporate group within 30 business days with the Commercial Registry. Failure to register on time can result in sanctions from the Superintendence of Companies of up to 200 minimum legal monthly salaries. An affiliate is directly controlled by a parent company, while a subsidiary is controlled by subordinated companies of the parent.
The document summarizes Malta's Individual Investor Programme (IIP), which offers citizenship of Malta, an EU member state, in exchange for an economic contribution. The IIP requires applicants to contribute between €650,000-€750,000, purchase or lease a property in Malta, make an investment of €150,000 for 5 years, have health insurance, and reside in Malta for 1 year. It involves thorough due diligence and background checks. Successful applicants and their families are granted Maltese citizenship, allowing for visa-free travel in Europe and other benefits. Malta is described as a stable, safe country that does not restrict dual citizenship and has strategic location and air links.
This document summarizes different types of taxes in the United Kingdom, including direct and indirect taxes. Direct taxes include income tax, corporation tax, inheritance tax, and capital gains tax. Indirect taxes include value added tax (VAT), stamp duty, stamp duty land tax, and customs duty. It provides brief definitions and details for each of these taxes.
In associations with Croner Taxwise, the conference will provide a general tax update whilst also focussing on some more specific areas which appear to be causing problems for our consultancy clients.
Topics covered;
• Topical tax issues
• Requirement to Correct for offshore income and assets
• What should your Tax Fee Protection Insurance provider do for your practice?
• R & D tax relief claims
• VAT update including, land and property, possible Brexit landscape and disputes & resolutions
Doing Business In Spain 2012 Borrador Modificado.Pptelenaramirezib
This document summarizes key information for doing business in Spain, including:
1. The main types of legal entities are corporations (S.A.), limited liability companies (S.L.), sole proprietorships, and branches of foreign companies.
2. Accounting and auditing requirements include maintaining statutory accounting books and depositing annual accounts and auditors' reports with the commercial registry.
3. Corporate income tax is 30% with reductions for small companies, while personal income tax ranges from 24.75-56% depending on taxable income. Losses can be carried forward for 18 years.
This document provides information about Form 720 filing requirements in Spain. Form 720 must be filed by Spanish tax residents to report assets held abroad if the value of bank accounts, investments, or real estate exceeds 50,000 euros. It outlines what assets must be reported, including bank accounts, stocks, insurance policies, and real estate. Failure to file or filing incomplete or inaccurate information can result in fines of up to 150% of unreported asset values. The deadline to file Form 720 is March 31, 2014.
The Legal 500 and The In-House Lawyer Comparative Legal Guide Ireland: Privat...Matheson Law Firm
Private Client Partner, John Gill and Private Client Solicitor, Maeve Lochrie provide an overview to private client law in Ireland. The chapter covers taxes, succession laws, wills, trusts and their structures.
Hendrik Putman, partner at the law firm Mythra, explained how cryptocurrencies in Belgian are (likely to be) taxed.
- what are the potential bases for taxation?
- what are indicators of "professional income"?
- what are indicators of "miscellaneous income"?
- is allocating the assets to (not ) for-profit corporations a good idea?
- how does the bitcoin tool (https://mythra.be/bitcoin/) work ?
- when is it reasonable to go for a tax ruling?
- when is it reasonable to go for a tax documentation preparation?
The context was the second (2019) edition of the Computational Law and Blockchain Festival (#CLBFest), Brussels' node.
Slovakia's corporate tax system levies a 22% tax rate on resident companies worldwide income and nonresident companies' Slovak-source income. Tax losses can be carried forward for four years. Personal income tax applies progressive rates up to 25% to residents worldwide and nonresidents' Slovak income. Value-added tax of 20% applies to goods and services, with reduced rates possible.
Agenda
-Introduction to the Global Standard for Automatic Exchange of Financial Account Information - Commont Reporting Standards (CRS)
-Current Status of Commitments by 96 nations worldwide
-Lifting of bank secrecy and significant technical parametres of the CRS
-How to open bank accounts in alternative jurisdictions; Montenegro, Serbia, Bosnia and Georgia
Shen Yongqi Chief Economist, Beijing Local Taxation Bureau asia business wee...Asia Matters
"Beijing: Doing Business in a Global Megacity" / "Relevant Tax Policies For Foreign Investment" Shen Yongqi, Chief Economist, Beijing Local Taxation Bureau, speaking on 4 June at Dublin Beijing Business Summit during Asia Business Week Dublin 2014
Bufete Escura is a respected law firm in Barcelona that provides legal services to both Spanish and global companies. The nine-lawyer firm prides itself on its personalized and proactive approach. This document provides an overview of investments and trade in Spain, including the country's legal system, types of business entities like public limited companies and limited liability companies, tax system, labor regulations, and civil legal proceedings. It summarizes the key steps and considerations for foreign companies looking to invest and establish operations in Spain.
Julie Murphy O'Connor and Gearoid Carey provide an overview on Enforcement of Foreign Judgments in Ireland in the 2018 edition of Getting the Deal Through.
CFC Rules in Ukraine: Legislative Changes (EBA-Asters Legal School)Asters
The document summarizes recent changes to Ukraine's controlled foreign corporation (CFC) rules and beneficial ownership concepts. It discusses how countries are taking a more sophisticated approach and requiring more economic substance to claim tax treaty benefits. Recent court cases in Russia examined the concept of beneficial ownership and actual recipient of income. The document also outlines amendments made to Ukraine's double tax treaty with Cyprus, including reduced withholding tax rates on dividends, interest, and royalties but also expanding capital gains tax in some cases.
This document provides a summary of 21 things an expat should know about living and working in the Netherlands. It discusses practical matters such as obtaining the necessary permits, the Dutch tax system with income taxed in three boxes, social security requirements, registering as a resident, obtaining health insurance and opening a bank account. It also covers topics like public transportation, importing household goods, obtaining a driver's license and qualifying for the 30% ruling tax benefit for highly skilled expat employees. The document is intended to give general information to help expats with their move and stay in the Netherlands.
Legislation update and current structure developmentsInfotropic Media
This document provides an update on legislation and developments in the Netherlands as of June 2013. It summarizes:
1) Recent legislation changes as of January 2013 regarding interest deductions and anti-abuse rules.
2) Amendments to the Dutch Cooperative structure as of January 2012 to prevent artificial constructions and ensure real economic activity.
3) Narrowing the scope of substantial ownership regulations starting in 2012.
4) Requirements for substance in Dutch structures to avoid reclassification.
5) Other Dutch tax advantages such as participation exemption, tax treaties, and rulings.
6) Proposed changes to tax arrangements with Curacao starting in 2014, including new dividend withholding rates
Cyprus National Report - IFA 2019 London Congress Subject 2: Investment FundsChristos Theophilou
The 2019 IFA Report on ‘Investment funds’ aims not only to bring us up-to-date on the definition of investment funds, and compare and analyse the domestic taxation treatment of investment funds and the fund investors in the different jurisdictions but also seeks to discuss certain cross-border taxation aspects, both in a treaty and a nontreaty environment.
The discussion of the subject is on widely held investment funds, sometimes coined as ‘mainstream investment funds’, such as open-ended mutual funds, closed-end funds or exchange-traded funds (ETFs). The Report also analyses the taxation of alternative investment funds, in particular hedge funds, private equity funds (including infrastructure funds and venture capital funds) and other privately placed fund structures, such as institutional single investor funds, real estate funds, in particular Real Estate Investment Trusts (REITs) and their investors.
Moreover, the Reports also analyses the tax treatment of investors investing in the various types of domestic or foreign investment funds. Finally, the Report also discusses the domestic tax treatment of investment managers. This will include a discussion of the taxation of the management fees and performance fees.
Presentation delivered during my visiting Professorship in Vaduz in June 2019. I discussed the latest development of the Italian "Growth Decree" and the consolidated anti avoidance provisions in force.
This document summarizes the current Swiss regulatory environment for not-for-profit organizations. It discusses recent developments in tax exemption laws, case law on tax exemption revocation, VAT reform increasing registration thresholds, changes to deducting input VAT, and disclosure of board member compensation. It also covers regulations around money laundering, classification of NPOs for tax information exchange, and implications of the EU's General Data Protection Regulation for Swiss NPOs.
This document provides an overview of doing business in Spain. It discusses various business entities like corporations, partnerships, sole proprietorships and branches. It covers accounting and audit requirements, as well as finance and investment topics such as exchange controls, banking, incentives and restrictions. Key points include minimum capital requirements to form corporations, joint venture options, filing annual financial reports, and freely repatriating profits without exchange controls.
Webinar Slides Romania Withholding TaxLascau Iulia
The document discusses Romania's withholding tax on revenues earned by non-residents, including what incomes are subject to the tax, exemptions, conditions for applying double taxation treaties to lower rates, requirements for registering contracts with non-residents, and taxation of permanent establishments in Romania.
FOURTH ANTI MONEY LAUNDERING DIRECTIVE (EU) 2015/849’’Eurofast
4th AML Directive enacted on 25.06.2015
Key changes:
1. Beneficial Ownership
2. Coverage of the gambling sector and tax crimes
3. Definition of Politically Exposed Persons (PEPs)
4. The risk based approach
5. Cash payments
6. Sanctions
7. Third country equivalence
A corporate group exists when there is a relationship of subordination (control) between companies, along with a shared purpose and management determined by the parent company. The controlling company must register the corporate group within 30 business days with the Commercial Registry. Failure to register on time can result in sanctions from the Superintendence of Companies of up to 200 minimum legal monthly salaries. An affiliate is directly controlled by a parent company, while a subsidiary is controlled by subordinated companies of the parent.
The document summarizes Malta's Individual Investor Programme (IIP), which offers citizenship of Malta, an EU member state, in exchange for an economic contribution. The IIP requires applicants to contribute between €650,000-€750,000, purchase or lease a property in Malta, make an investment of €150,000 for 5 years, have health insurance, and reside in Malta for 1 year. It involves thorough due diligence and background checks. Successful applicants and their families are granted Maltese citizenship, allowing for visa-free travel in Europe and other benefits. Malta is described as a stable, safe country that does not restrict dual citizenship and has strategic location and air links.
This document summarizes different types of taxes in the United Kingdom, including direct and indirect taxes. Direct taxes include income tax, corporation tax, inheritance tax, and capital gains tax. Indirect taxes include value added tax (VAT), stamp duty, stamp duty land tax, and customs duty. It provides brief definitions and details for each of these taxes.
In associations with Croner Taxwise, the conference will provide a general tax update whilst also focussing on some more specific areas which appear to be causing problems for our consultancy clients.
Topics covered;
• Topical tax issues
• Requirement to Correct for offshore income and assets
• What should your Tax Fee Protection Insurance provider do for your practice?
• R & D tax relief claims
• VAT update including, land and property, possible Brexit landscape and disputes & resolutions
Doing Business In Spain 2012 Borrador Modificado.Pptelenaramirezib
This document summarizes key information for doing business in Spain, including:
1. The main types of legal entities are corporations (S.A.), limited liability companies (S.L.), sole proprietorships, and branches of foreign companies.
2. Accounting and auditing requirements include maintaining statutory accounting books and depositing annual accounts and auditors' reports with the commercial registry.
3. Corporate income tax is 30% with reductions for small companies, while personal income tax ranges from 24.75-56% depending on taxable income. Losses can be carried forward for 18 years.
This document provides information about Form 720 filing requirements in Spain. Form 720 must be filed by Spanish tax residents to report assets held abroad if the value of bank accounts, investments, or real estate exceeds 50,000 euros. It outlines what assets must be reported, including bank accounts, stocks, insurance policies, and real estate. Failure to file or filing incomplete or inaccurate information can result in fines of up to 150% of unreported asset values. The deadline to file Form 720 is March 31, 2014.
The Legal 500 and The In-House Lawyer Comparative Legal Guide Ireland: Privat...Matheson Law Firm
Private Client Partner, John Gill and Private Client Solicitor, Maeve Lochrie provide an overview to private client law in Ireland. The chapter covers taxes, succession laws, wills, trusts and their structures.
Hendrik Putman, partner at the law firm Mythra, explained how cryptocurrencies in Belgian are (likely to be) taxed.
- what are the potential bases for taxation?
- what are indicators of "professional income"?
- what are indicators of "miscellaneous income"?
- is allocating the assets to (not ) for-profit corporations a good idea?
- how does the bitcoin tool (https://mythra.be/bitcoin/) work ?
- when is it reasonable to go for a tax ruling?
- when is it reasonable to go for a tax documentation preparation?
The context was the second (2019) edition of the Computational Law and Blockchain Festival (#CLBFest), Brussels' node.
Slovakia's corporate tax system levies a 22% tax rate on resident companies worldwide income and nonresident companies' Slovak-source income. Tax losses can be carried forward for four years. Personal income tax applies progressive rates up to 25% to residents worldwide and nonresidents' Slovak income. Value-added tax of 20% applies to goods and services, with reduced rates possible.
Agenda
-Introduction to the Global Standard for Automatic Exchange of Financial Account Information - Commont Reporting Standards (CRS)
-Current Status of Commitments by 96 nations worldwide
-Lifting of bank secrecy and significant technical parametres of the CRS
-How to open bank accounts in alternative jurisdictions; Montenegro, Serbia, Bosnia and Georgia
Shen Yongqi Chief Economist, Beijing Local Taxation Bureau asia business wee...Asia Matters
"Beijing: Doing Business in a Global Megacity" / "Relevant Tax Policies For Foreign Investment" Shen Yongqi, Chief Economist, Beijing Local Taxation Bureau, speaking on 4 June at Dublin Beijing Business Summit during Asia Business Week Dublin 2014
Bufete Escura is a respected law firm in Barcelona that provides legal services to both Spanish and global companies. The nine-lawyer firm prides itself on its personalized and proactive approach. This document provides an overview of investments and trade in Spain, including the country's legal system, types of business entities like public limited companies and limited liability companies, tax system, labor regulations, and civil legal proceedings. It summarizes the key steps and considerations for foreign companies looking to invest and establish operations in Spain.
Julie Murphy O'Connor and Gearoid Carey provide an overview on Enforcement of Foreign Judgments in Ireland in the 2018 edition of Getting the Deal Through.
CFC Rules in Ukraine: Legislative Changes (EBA-Asters Legal School)Asters
The document summarizes recent changes to Ukraine's controlled foreign corporation (CFC) rules and beneficial ownership concepts. It discusses how countries are taking a more sophisticated approach and requiring more economic substance to claim tax treaty benefits. Recent court cases in Russia examined the concept of beneficial ownership and actual recipient of income. The document also outlines amendments made to Ukraine's double tax treaty with Cyprus, including reduced withholding tax rates on dividends, interest, and royalties but also expanding capital gains tax in some cases.
This document provides a summary of 21 things an expat should know about living and working in the Netherlands. It discusses practical matters such as obtaining the necessary permits, the Dutch tax system with income taxed in three boxes, social security requirements, registering as a resident, obtaining health insurance and opening a bank account. It also covers topics like public transportation, importing household goods, obtaining a driver's license and qualifying for the 30% ruling tax benefit for highly skilled expat employees. The document is intended to give general information to help expats with their move and stay in the Netherlands.
Legislation update and current structure developmentsInfotropic Media
This document provides an update on legislation and developments in the Netherlands as of June 2013. It summarizes:
1) Recent legislation changes as of January 2013 regarding interest deductions and anti-abuse rules.
2) Amendments to the Dutch Cooperative structure as of January 2012 to prevent artificial constructions and ensure real economic activity.
3) Narrowing the scope of substantial ownership regulations starting in 2012.
4) Requirements for substance in Dutch structures to avoid reclassification.
5) Other Dutch tax advantages such as participation exemption, tax treaties, and rulings.
6) Proposed changes to tax arrangements with Curacao starting in 2014, including new dividend withholding rates
Cyprus National Report - IFA 2019 London Congress Subject 2: Investment FundsChristos Theophilou
The 2019 IFA Report on ‘Investment funds’ aims not only to bring us up-to-date on the definition of investment funds, and compare and analyse the domestic taxation treatment of investment funds and the fund investors in the different jurisdictions but also seeks to discuss certain cross-border taxation aspects, both in a treaty and a nontreaty environment.
The discussion of the subject is on widely held investment funds, sometimes coined as ‘mainstream investment funds’, such as open-ended mutual funds, closed-end funds or exchange-traded funds (ETFs). The Report also analyses the taxation of alternative investment funds, in particular hedge funds, private equity funds (including infrastructure funds and venture capital funds) and other privately placed fund structures, such as institutional single investor funds, real estate funds, in particular Real Estate Investment Trusts (REITs) and their investors.
Moreover, the Reports also analyses the tax treatment of investors investing in the various types of domestic or foreign investment funds. Finally, the Report also discusses the domestic tax treatment of investment managers. This will include a discussion of the taxation of the management fees and performance fees.
Presentation delivered during my visiting Professorship in Vaduz in June 2019. I discussed the latest development of the Italian "Growth Decree" and the consolidated anti avoidance provisions in force.
This document summarizes the current Swiss regulatory environment for not-for-profit organizations. It discusses recent developments in tax exemption laws, case law on tax exemption revocation, VAT reform increasing registration thresholds, changes to deducting input VAT, and disclosure of board member compensation. It also covers regulations around money laundering, classification of NPOs for tax information exchange, and implications of the EU's General Data Protection Regulation for Swiss NPOs.
This document provides an overview of doing business in Spain. It discusses various business entities like corporations, partnerships, sole proprietorships and branches. It covers accounting and audit requirements, as well as finance and investment topics such as exchange controls, banking, incentives and restrictions. Key points include minimum capital requirements to form corporations, joint venture options, filing annual financial reports, and freely repatriating profits without exchange controls.
Brought to you by Fideso Tax & Law Marbella. Spain is to launch a set of new rules to facilitate the creation of new companies and provide a comprehensive response to the self-employed and SMEs.
The government stressed that this is a key reform for economic reactivation and job creation.
http://fideso.com/tax-advice/
Investments and Trade in Spain - October 2015TAG Alliances
Bufete Escura is one of the most well known and respected Law firms in Barcelona. A client centered service, coupled with high quality ethical standards form the basis of our mission. Our longstanding service ethic has resulted in us becoming the reference Law firm for a wide range of business associations who trust our firm as the Law firm they recommend to their associates. Bufete Escura delivers legal services to a great number of global companies, who trust in us to supervise and advise their subsidiaries due to our specialist knowledge of the regulatory and business framework both in Catalonia and throughout Spain. We must emphasize our special relationship with Italian companies based or willing to be based in the Barcelona area, given that we have several collaboration agreements signed with different Italian Chambers of Commerce.
This document provides an overview of taxation aspects for investing in Austria. It covers taxation for corporations, permanent establishments, and natural persons. For corporations, it discusses company formation, taxation of corporate income, operating expenses, international tax aspects, tax concessions, VAT, and other taxes. Company formation for GmbH and AG structures is explained. Taxation of corporate income includes the standard 25% corporate income tax rate. Permanent establishments are also subject to corporate income tax. Natural persons are taxed on employment, self-employment, investment income, and real estate, with rates up to 55%. Deductions and allowances are available.
This document provides an overview of Business France, the French government agency supporting international business development. It discusses France's ongoing business reforms, including tax cuts and increased flexibility. Support for businesses in France is also outlined, such as interest-free loans, grants and tax exemptions available from the central government, local authorities, and agencies like BpiFrance. Specific support available in the Pays-de-la-Loire region is also mentioned.
This document discusses where to keep cash if one were to inherit £100,000. It notes keeping it at home has advantages of easy access but disadvantages of risk of theft, loss, or aimless spending. A safer option is a savings institution like a bank or building society. These offer various deposit and savings accounts that pay interest. The interest income is taxed, with a personal savings allowance exempting the first £1,000-£500 of interest depending on tax bracket. Cash deposits provide benefits like interest, protection up to £75,000, and liquidity, but also risks like institution collapse, inflation eroding returns, interest/exchange rate changes.
INVERSIONES Y NEGOCIOS EN ESPAÑA
ESCURA tiene una larga tradición en la prestación de servicios a empresas extranjeras en España, apoyándolas en la defensa de sus asuntos, así como en la creación de filiales y sucursales.
En este sentido tenemos constituidos varios Desk, es decir, departamentos especializados por países.
Muchos clientes nos hacen llegar sus necesidades de servicios, habiendo detectado que muchas empresas necesitan un acompañamiento inicial para su implantación en España.
Conscientes de esta necesidad, hemos creado el International Service Hub (ISH).
El ISH agrupa un conjunto de servicios que requieren las empresas muy especialmente en su fase inicial de implantación. Servicios que van de disponer de unas oficinas y un domicilio, hasta recibir servicios de asesoramientoen todas las áreas que sean requeridas.
La guía "Investments & Trade in Spain" introduce el conocimiento a los inversores sobre las particularidades jurídicas, fiscales y laborales, de España y por extensión de Cataluña, siendo ésta la mejor región para invertir al sur de Europa, con un contenido focalizado en:
- Información General del País.
- Sistema Legal.
- Sistema Fiscal.
- Regulación Laboral.
- Sistema de procedimientos civiles.
- Legislación Contable.
This document discusses Spain's Modelo 720, an annual tax return required for Spanish tax residents with assets abroad over €50,000. It covers who must file, how to determine tax residency, what assets must be reported in each block, penalties for noncompliance, and recent changes. Specifically, the European Commission found Spain's penalties for late filing to be disproportionate, and a new ruling says late filers who voluntarily report and pay taxes owed will face a 15-20% surcharge rather than the usual 150% penalty.
This document provides an overview of doing business in Spain. It discusses Spain's government and constitution, the domestic market, economy, foreign trade, financial institutions, and stock market. It also outlines the various ways to set up a business in Spain, including through a Sociedad Anónima (SA) company, which is commonly used by medium to large corporations. Key requirements for establishing an SA include a minimum share capital, rules for cash vs non-cash contributions, board of director/administrator requirements, and registration with a public notary.
This document summarizes a presentation on recent charity law and regulation updates in the UK. It covers changes to the Charity Commission's powers and guidance, the new Charities Act 2016, amendments to fundraising and data protection laws, and the introduction of Common Reporting Standards for tax compliance. The presentation provided an overview of key legal developments and compliance considerations for UK charities.
This document summarizes a presentation on money market fund taxation. It discusses various tax issues including investor taxation across different jurisdictions, fund taxation, and investment taxation. Specific topics covered include the EU financial transaction tax, automatic exchange of information programs like FATCA and CRS, and the OECD's base erosion and profit shifting project. The presentation notes the complex tax compliance obligations facing money market funds and the importance of minimizing taxation at the portfolio level.
This document summarizes a presentation on money market fund taxation. It discusses various tax issues including investor taxation across different jurisdictions, fund taxation, and investment taxation. Specific topics covered include the EU financial transaction tax, automatic exchange of information programs like FATCA and CRS, and the OECD's base erosion and profit shifting project. The presentation notes the complex tax compliance burden facing money market funds and the need for funds to minimize taxation at the portfolio level.
סופי מצגות ג'נבה וציריך - 25-25 בנובמבר 2014artzihiba
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The document discusses the Dutch foundation, with an emphasis on the Stak foundation. Some key points:
1) A Stak foundation is a Dutch foundation that holds assets or shares as the legal owner while certificate holders have the economic interest.
2) It provides separation of legal and economic ownership for purposes like asset protection or keeping certificate holders out of shareholder meetings.
3) For tax purposes, a Stak foundation is considered "transparent" and holding investments is not seen as a business activity, so the Stak itself is not taxed.
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Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
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1. Bridging the Expectation Gap between the
private and not-for-profit sector
Foundations in Switzerland
Julie Wynne
Partner, Froriep
6 February 2018 | Page 1
3. I. INTRODUCTION
13,172 charitable foundations registered in Switzerland as of end 2016, more than 50% of
them have been established in the past 20 years. 349 new foundations established in 2016
A foundation is established by the endowment of assets for a particular purpose (art. 80ff
CC):
the intention to establish a foundation
a purpose
assets
an organization.
Established by public deed or testamentary provision
The foundation has no members.
Great flexibility for the organization of the foundation in the Articles of Association and
internal regulations
1 March 2018 | Page 3
5. II. ORGANISATION
Swiss foundations law allows for great flexibility in respect of organization
Freedom to determine the purpose of the foundation: public benefit, solely private or mixed
purpose
Organizational rules provided for in the Foundation's Articles of Association.
Two compulsory bodies: (i) the Foundation Board and (ii) the auditors.
1 March 2018 | Page 5
6. II. ORGANISATION
a. Foundation Board
Governing body of the foundation, which manages its activities and affairs
Minimum of three Board members
At least one Board member must be Swiss or EU/EFTA national and domiciled in
Switzerland.
Initial Foundation Board usually appointed by the founder
By-laws can also provide that third-party institutions have the power to appoint one or more
Board members.
Ad hoc committees / advisory boards / executive bodies can be established
1 March 2018 | Page 6
7. II. ORGANISATION
b. Auditors
Accounts should be prepared according to commercial standards (balance sheet; profit &
loss accounts) and submitted annually to the Supervisory Authority.
General obligation to appoint an independent auditor for a limited audit, unless:
Ordinary full audit required if the Foundation exceeds two of the following values in
two consecutive business years:
total assets of CHF 10 million;
revenue of CHF 20 million;
an annual average of 50 full-time fee-earners
Opting-out with the approval of the Supervisory Authority when:
the foundation does not solicit public funding and
its total balance sheet for two successive years amounts to less than CHF
200,000.
1 March 2018 | Page 7
8. II. ORGANISATION
c. Supervision
Placed under the supervision of Swiss public authorities which can be federal or cantonal
depending on the nature and the scope of the Foundation’s purpose:
Cantonal Supervisory Authority for foundations with activities on a local and
cantonal level
Federal Supervisory Authority for foundations with activities on a national or
international level
Ecclesiastical and family foundations are not subject to supervision
The Supervisory Authority
acts at its own initiative or further to a complaint
monitors the Foundation to ensure that it carries out its activities in accordance
with its purpose, the will of the founder and complies with the law
reviews the audited annual accounts and the annual report of the Foundation
can sanction any committed misconduct.
1 March 2018 | Page 8
9. II. ORGANISATION AND PURPOSE
d. Liabilities
Foundation: As a legal person, the foundation is liable towards third
parties with its own assets.
Foundation Board:
The Board members are liable internally (towards the foundation). So if the foundation
suffers any damages, it can sue the Board members if they have breached any of their
due diligence duties or made any unlawful acts;
The Board members and other officers are also personally liable towards third parties
for their wrongful acts.
1 March 2018 | Page 9
10. III. TAX TREATMENT
a. General
Same taxation as corporations.
Corporate income tax is levied on the federal, cantonal and municipal level at a variable
rate depending on taxable income, the maximum tax rate on profit being, in Geneva, of
about 22%.
Capital tax is levied on the cantonal and municipal level at variable rate depending on
taxable capital, the maximum tax rate being, in Geneva, of about 0.95%.
Subject to VAT
VAT exemption is not possible.
If the foundation benefits from tax exemption
the minimum annual turnover that gives rise to VAT is CHF 150,000.
below this amount a not-for-profit foundation is not subject to VAT.
1 March 2018 | Page 10
11. III. TAX TREATMENT
b. Tax exemption
Charitable foundations can apply for tax exemption based on their public interest purpose.
Conditions for the tax exemption:
The foundation must serve a public interest purpose, e.g. charitable, humanitarian,
healthcare, ecological, educational, scientific and cultural purposes. The number of
beneficiaries of must not be limited.
It must actually carry out its public interest purpose.
It must not have an economic purpose. However the foundation may have commercial
activities as long as they are secondary to the activities for the public benefit and any
revenue therefrom shall be used to serve the public benefit purpose of the foundation.
The members of the Foundation Board shall as a rule not be compensated.
In the case of the foundation being dissolved, the assets should be allotted to a not-for-
profit entity pursuing similar public interest purposes and benefiting from the tax
exemption.
The assets cannot be returned to the founders, nor be used to their own profit.
1 March 2018 | Page 11
12. III. TAX TREATMENT
c. Donors
Contributions from foreign tax residents are not subject to Swiss gift tax but to the taxes in
their country of residence.
Transnational Giving Europe (http://www.transnationalgiving.eu): European network
which offers the possibility for a foreign donor to benefit from tax deductibility for a gift
to a Swiss foundation.
Lifetime gifts made by individuals to tax-exempt organisations with seat in Switzerland are
deductible from the income up to 20% of the income less the statutory deductions (on a
federal level and on the cantonal level in Geneva). The same applies to gifts made by legal
entities to charities.
Testamentary gifts are not subject to estate taxes if made to charities with seat in
Switzerland and which have been granted with a tax exemption due to their public purpose.
1 March 2018 | Page 12
13. IV. ANTI-MONEY LAUNDERING REGULATIONS
a. Article 305bis para 1 of the Criminal Code
As of 1 January 2016, new Article 305bis para. 1 of the Criminal Code: “ Whoever carries
out an act that is aimed at frustrating the identification of the origin, the tracing or the
confiscation of assets which he knows or must assume originate from a felony, or
aggravated tax misdemanour is liable to a custodial sentence of up to three years or to a
monetary “penalty.”
Qualified tax evasion and tax fraud will constitute a predicate offence to money laundering if
the annual amount of evaded taxes is in excess of CHF 300,000. Money laundering will
become open to prosecution in Switzerland even if the predicate offence was committed
abroad.
No direct application of the Anti-Money Laundering Act to foundations or to their corporate
bodies as they are not financial intermediaries (Art. 2 AMLA).
1 March 2018 | Page 13
14. IV. ANTI-MONEY LAUNDERING REGULATIONS
b. Issues
Two issues to consider:
Source of funds: founder / individuals / legal entities (see SwissFoundations Rec.
n°23)
Allocation of funds: Beneficiaries located in Switzerland / Beneficiaries located abroad
Efforts from the Board should be restricted to what is reasonable, even if this leads to a
position in which it cannot achieve absolute certainty.
Above and beyond the statutory compliance, the Board must also focus its examination on
whether the origin is ethically problematic. It is recommended to establish guidelines for the
treatment of assets from ethically dubious sources which specify whether such assets
should be accepted and how and for what purpose they should be used in cases of
acceptance.
1 March 2018 | Page 14
15. IV. ANTI-MONEY LAUNDERING REGULATIONS
c. Source of funds
Source of funds
Donations with unclear or anonymous source of funds (doubts on the
beneficial owner). Duty of the Board to clarify the origin of large contributions.
Donations of assets which were potentially undeclared. The Board has no
obligation to examine whether donated assets have already been taxed and also
has no duty to refuse assets that it knows to be untaxed.
Donations coming from a potential criminal offense. The Board shall refuse
any contribution coming from a criminat origin.
1 March 2018 | Page 15
16. IV. ANTI-MONEY LAUNDERING REGULATIONS
d. Allocation of funds
Analysis of the risks: money laundering, terrorism financing, breach of economic
sanctions
Identification of indicia:
Incomplete or contradictory information on the beneficial owners,
Payments in cash,
Significant payments on the bank accounts of the management of the NGO,
Frequent cash payments in high risk countries
Recommendations:
Clear identification of the beneficiaries
Monitoring of donations and reporting
Use of banking payment and avoiding financial intermediaries and money-
transmitters
See example of Voluntary best practices for U.S.-based charities
1 March 2018 | Page 16
17. V. FAMILY BUSINESSES AND THE ROLE OF FOUNDATIONS
Family businesses = a family owns a significant share and can influence important
decisions, particularly the election of the chairman and CEO.
As family businesses expand from their entrepreneurial beginnings, they face unique
performance and governance challenges:
The generations that follow the founder, for example, may insist on running the
company even though they are not suited for the job.
And as the number of family shareholders increase exponentially generation by
generation, with few actually working in the business, the commitment to carry on as
owners can’t be taken for granted.
Less than 30% of family businesses survive into the third generation of family
ownership.
1 March 2018 | Page 17
18. V. FAMILY BUSINESSES AND THE ROLE OF FOUNDATIONS
Company affiliated foundations are neither regulated nor mentioned in the Swiss foundation
law but are a common feature in practice.
Three types:
Directly supporting foundations (Unternehmensträgerstiftung): they conduct a
commercial, manufacturing or other business in the pursuit of an economic or non-
economic purpose and are therefore directly the responsible body of the enterprise
itself (e.g. schools, foster homes);
Holding foundations (Holdingstiftung): foundations holding a significant share in a
corporation which operates a commercial business;
Corporate foundations (Unternehmensstiftung): foundation established by a company
to support its philanthropic activities. It derives the majority of its income from that
company.
1 March 2018 | Page 18
20. JULIE WYNNE
Julie advises parties on Swiss and international estate planning. She also provides advice
in the field of wills, probate and estate administration, application of international
succession laws, including international inheritance and tax issues
Julie advises non-profit organisations, B Corps and social enterprises for their set-up and
tax issues and assists them with mergers, reorganisations, joint ventures and other forms
of collaborative working, as well as constitutional reviews.
In addition, she regularly provides advices on grant-making, fundraising, intellectual
property, corporate philanthropy and governance.
Julie is a Board member of the European Social Enterprise Law Association and of B Lab
(Switzerland).
She is a member of the Legal Advisory Board of Sustainable Finance Geneva and of the
STEP Philanthropy Advisors SIG Steering Committee.
Julie is specialised in all aspects of international estate
planning and non-profit organisations.
jwynne@froriep.ch | Geneva Office | +41 22 839 63 00
1 March 2018 | Page 20
21. CHARITY AND SOCIAL ENTERPRISE
We act for a diverse range of charities, not-for-profit
organisations and social enterprises.
1 March 2018 | Page 21
Philanthropy and social enterprise require detailed knowledge of a wide
range of legal disciplines including private client, commercial, corporate
and tax law as well as social finance. We take pride in being able to
offer the full service. With in-depth experience and expertise in these
fields and awareness of the very latest developments in the sector, our clients, donors and social
entrepreneurs, benefit from a realistic and pragmatic approach to problem-solving in this dynamic
environment.
Not-for-profit organisations and social enterprises can adopt a variety of legal structures (associations,
foundations, cooperatives, corporations). We are experienced in all of these structures and so are well able
to advise on the principles applying to each. We can carefully guide you through the formation process and
the establishment of good governance policies and practices. We also help boards understand their
fiduciary obligations and industry best practices so they can provide meaningful oversight to their
organizations.
Our Charity & Social enterprise team assists clients on a wide range of operational matters, such as
effective governance, mergers, fundraising, intellectual property, joint-ventures, as well as on all aspects of
charitable giving.
We have expertise in advising charities in an international context which includes charities undertaking
cross-border activities and foreign charities who wish to have a charitable branch in Switzerland.