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.
Italian VAT System - TRA Convention 2017 - Corrado CassinisBeatrice Masserini
The document provides an overview of Italy's Value Added Tax (VAT) system. It discusses that VAT is a general tax on consumption levied on the sale of goods and services. Rates range from 4% to 22%. Key points include:
- VAT applies to sales of goods, provision of services, and imports, with some exemptions.
- Businesses must register for a VAT number before operating in Italy.
- Foreign companies can register via a VAT representative or direct identification.
- The time of supply and payment of VAT depends on if it is for goods, services, or real estate.
- Territoriality rules determine if VAT is due in Italy for certain cross-border transactions.
International Indirect Tax - Global VAT/GST update (June 2018)Alex Baulf
High level slides from Grant Thornton's VAT Club seminar in London held in June 2018.
Topics covered include:
ECJ decision - C-580/16 Hans Bühler - Triangulation
Netherlands - VAT rate change
Russia - VAT rate change
Bahamas - VAT rate change
Angola - New VAT system
Liberia - New VAT system
Costa Rica - New VAT system
Costa Rica - e-invoicing requirements
Hungary - Electronic Invoicing
Italy - Mandatory e-invoicing
Australia - GST on hotel accommodation
Poland - VAT split payments
Spain - First penalties in relation to SII
Greece - SAF-T & E-Invoicing?
Argentina - VAT on digital services
Columbia VAT on digital services
Canada - Quebec: New QST obligations for non-resident suppliers of digital services
USA: Wayfair – the Decision
India - “Happy Birthday GST" - what's next
New Zealand - Low value consignment relief
Malaysia - GST to 0% and transition to SST
United Arab Emirates - Exchange Rates for VAT purposes
Kuwait - VAT postponed until 2021?
GCC - Bahrain, Oman, Qatar VAT implementation latest
Italian VAT System - TRA Convention 2017 - Beatrice MasseriniBeatrice Masserini
The document discusses recent reforms to Italy's VAT system, including:
- The introduction of quarterly VAT disclosure and the "Spesometro" starting in 2017, replacing annual VAT disclosure. This aims to reduce tax evasion by requiring more frequent reporting of invoices.
- Extending the split payment system to more companies from July 2017 onward in an effort to combat VAT fraud.
- Reverse charge mechanisms introduced in 2013 and expanded in 2015-2016 to additional service sectors to address collection evasion.
- Increased penalties for failing to submit tax disclosures or submitting incomplete or inaccurate information.
- A tax credit of €100 for businesses required to do double quarterly reporting, to offset costs
Grant Thornton Vietnam Tax Newsletter - August 2016Alex Baulf
In this Newsletter, Grant Thornton Vietnam would like to highlight the following updates relating to taxation and customs:
1. Guidance from the Ministry of Finance on VAT refund and penalty for late tax payment from 1st July 2016
2. Procedures for payment to State Budget for tax liability and domestic revenue from 1st August 2016 onwards
3. Sponsorship expenditure to Clients shall not be regarded as tax deductible expenses
4. House lease expense of individuals
5. Sponsorship cost of Master’s Degree programs for employees shall be regarded as tax deductible expenses for CIT purpose
6. Approval on "Bilateral agreement and documentation to implement the Foreign Account Tax Compliance Act between Vietnam and the United States"
7. Procedures on cancellation, liquidation and tax refund for defective goods of foreign invested enterprises
8. Procedures on adjustment to the duration of processing contract
9. Trading of goods of Exporting-Processing Enterprises
This newsletter is for reference purposes only. Grant Thornton Vietnam holds no responsibility for mistakes therein, as well as damages caused by the use of information from this newsletter without official advisory opinions from Grant Thornton Vietnam before practice.
Should you need to use information from this newsletter or support from Grant Thornton Vietnam, please contact our professional consultants.
Circular Letter n. 1/2014
Deadlines timesheet 2014
Milan, 08/01/2014
We are sending you the deadline timesheet for the tax fulfilments for 2014. The deadlines indicated in the chart below mainly refer to those taxpayers whose fiscal year is coincident with the solar year.
We will take care of pointing out possible modifications of these deadlines due to amending measures that might be approved on a future date.
Through the Fiscal Bulletin sent on September 4, 2017, we announced the introduction of the VAT split payment mechanism by Government Ordinance No. 23/2017. After the Ordinance passed the Parliament approval through a law and the Approval Law was published in the Official Gazette, the VAT split payment mechanism has undergone major changes – in a positive way for most taxpayers.
China: Tax Bulletin-Latest update on VAT RegulationsAlex Baulf
Subsequent to Grant Thornton China's last update in July 2017, this VAT Alert summarizes some of the further significant changes on VAT regulations for your reference.
- Revision of the “Provisional Regulations of the People's Republic of China on Value-added Tax” (Referred to as “VAT regulation revision 2017“)
- Clarification on Input VAT Issues
- VAT regulations on specified financial products
- Changes on VAT invoices
- Simplified tax administration on registration of general VAT payers
Italian VAT System - TRA Convention 2017 - Corrado CassinisBeatrice Masserini
The document provides an overview of Italy's Value Added Tax (VAT) system. It discusses that VAT is a general tax on consumption levied on the sale of goods and services. Rates range from 4% to 22%. Key points include:
- VAT applies to sales of goods, provision of services, and imports, with some exemptions.
- Businesses must register for a VAT number before operating in Italy.
- Foreign companies can register via a VAT representative or direct identification.
- The time of supply and payment of VAT depends on if it is for goods, services, or real estate.
- Territoriality rules determine if VAT is due in Italy for certain cross-border transactions.
International Indirect Tax - Global VAT/GST update (June 2018)Alex Baulf
High level slides from Grant Thornton's VAT Club seminar in London held in June 2018.
Topics covered include:
ECJ decision - C-580/16 Hans Bühler - Triangulation
Netherlands - VAT rate change
Russia - VAT rate change
Bahamas - VAT rate change
Angola - New VAT system
Liberia - New VAT system
Costa Rica - New VAT system
Costa Rica - e-invoicing requirements
Hungary - Electronic Invoicing
Italy - Mandatory e-invoicing
Australia - GST on hotel accommodation
Poland - VAT split payments
Spain - First penalties in relation to SII
Greece - SAF-T & E-Invoicing?
Argentina - VAT on digital services
Columbia VAT on digital services
Canada - Quebec: New QST obligations for non-resident suppliers of digital services
USA: Wayfair – the Decision
India - “Happy Birthday GST" - what's next
New Zealand - Low value consignment relief
Malaysia - GST to 0% and transition to SST
United Arab Emirates - Exchange Rates for VAT purposes
Kuwait - VAT postponed until 2021?
GCC - Bahrain, Oman, Qatar VAT implementation latest
Italian VAT System - TRA Convention 2017 - Beatrice MasseriniBeatrice Masserini
The document discusses recent reforms to Italy's VAT system, including:
- The introduction of quarterly VAT disclosure and the "Spesometro" starting in 2017, replacing annual VAT disclosure. This aims to reduce tax evasion by requiring more frequent reporting of invoices.
- Extending the split payment system to more companies from July 2017 onward in an effort to combat VAT fraud.
- Reverse charge mechanisms introduced in 2013 and expanded in 2015-2016 to additional service sectors to address collection evasion.
- Increased penalties for failing to submit tax disclosures or submitting incomplete or inaccurate information.
- A tax credit of €100 for businesses required to do double quarterly reporting, to offset costs
Grant Thornton Vietnam Tax Newsletter - August 2016Alex Baulf
In this Newsletter, Grant Thornton Vietnam would like to highlight the following updates relating to taxation and customs:
1. Guidance from the Ministry of Finance on VAT refund and penalty for late tax payment from 1st July 2016
2. Procedures for payment to State Budget for tax liability and domestic revenue from 1st August 2016 onwards
3. Sponsorship expenditure to Clients shall not be regarded as tax deductible expenses
4. House lease expense of individuals
5. Sponsorship cost of Master’s Degree programs for employees shall be regarded as tax deductible expenses for CIT purpose
6. Approval on "Bilateral agreement and documentation to implement the Foreign Account Tax Compliance Act between Vietnam and the United States"
7. Procedures on cancellation, liquidation and tax refund for defective goods of foreign invested enterprises
8. Procedures on adjustment to the duration of processing contract
9. Trading of goods of Exporting-Processing Enterprises
This newsletter is for reference purposes only. Grant Thornton Vietnam holds no responsibility for mistakes therein, as well as damages caused by the use of information from this newsletter without official advisory opinions from Grant Thornton Vietnam before practice.
Should you need to use information from this newsletter or support from Grant Thornton Vietnam, please contact our professional consultants.
Circular Letter n. 1/2014
Deadlines timesheet 2014
Milan, 08/01/2014
We are sending you the deadline timesheet for the tax fulfilments for 2014. The deadlines indicated in the chart below mainly refer to those taxpayers whose fiscal year is coincident with the solar year.
We will take care of pointing out possible modifications of these deadlines due to amending measures that might be approved on a future date.
Through the Fiscal Bulletin sent on September 4, 2017, we announced the introduction of the VAT split payment mechanism by Government Ordinance No. 23/2017. After the Ordinance passed the Parliament approval through a law and the Approval Law was published in the Official Gazette, the VAT split payment mechanism has undergone major changes – in a positive way for most taxpayers.
China: Tax Bulletin-Latest update on VAT RegulationsAlex Baulf
Subsequent to Grant Thornton China's last update in July 2017, this VAT Alert summarizes some of the further significant changes on VAT regulations for your reference.
- Revision of the “Provisional Regulations of the People's Republic of China on Value-added Tax” (Referred to as “VAT regulation revision 2017“)
- Clarification on Input VAT Issues
- VAT regulations on specified financial products
- Changes on VAT invoices
- Simplified tax administration on registration of general VAT payers
According to the in-depth analysis, the VsV Bill results in a win-win situation for both the government and the Taxpayer. While the VsV Bill will help in reducing the overall litigations as of date, it is equally important for the government to also chalk out a plan to reduce future litigations. See More :https://www2.deloitte.com/in/en/services/tax.html
Changes in Polish corporate income tax 2020PwC Polska
Changes in Polish corporate income tax 2020. On 23rd of September our experts: Marcin Jaworski and Michał Jagielski summarized biggest corporate income tax challenges and opportunities for 2020.
More info: https://pwc.to/2lkTbOj
This document provides summaries of 9 tax case digests from Philippine tax law. The summaries highlight the key facts, issues and rulings of each case. Some common themes that emerge are:
1) Taxes are considered the lifeblood of the government and exemptions are strictly construed.
2) Government errors by tax officials do not prevent tax collection, as the government cannot be estopped in tax matters.
3) Tax assessments are presumed correct and the taxpayer bears the burden of proving otherwise.
4) Equitable arguments cannot override clear tax statutes, and tax refunds must be based on the law rather than notions of fairness.
Planned changes to Polish corporate income tax (CIT) law in 2021 include:
1) Taxation of limited partnerships and taxation of limited partners similar to shareholders of capital companies.
2) Introduction of "Estonian CIT" which allows companies to not pay tax until profits are distributed and provides other benefits to promote investment.
3) Changes to the definition of "real estate company" and new mechanisms for taxing sales of shares in real estate companies.
4) Additional reporting requirements and public disclosure of tax data for some real estate companies.
HB 1544 proposes significant tax reforms that would modify the way individuals and corporations are taxed in Puerto Rico. Key provisions include reducing individual income tax rates and increasing the standard deduction. It would also reduce corporate income tax rates in a gradual manner over five years. However, the income tax rate reductions are contingent on meeting certain revenue targets. If enacted, these reforms would take effect for tax years beginning after 2018. The bill is currently undergoing legislative review with the goal of being passed by June 2018.
With VAT implementation taking effect in under six months, the Ministry of Finance have now provided further clarification of the rules which will be imposed in respect of VAT within the UAE, furthermore we have seen updates across Saudi Arabia recently, with announcements being made in respect of the registration process. This short alert from Grant Thornton UAE summarises the recent clarifications which the UAE have announced, alongside the registration elements required within Saudi Arabia.
This document summarizes key information about Estonia's tax system and structure. It provides details on Estonia's population, GDP, currency, and economic growth forecasts. The main principles of Estonia's tax system are outlined, including a flat income tax rate since 1994. The major taxes are direct taxes like personal income tax at 21% and corporate income tax, as well as indirect taxes including VAT at 20% and various excise duties. Revenue from major taxes from 1994 to 2015 is shown.
Flanders Investment & Trade (FIT) is a government agency that supports companies from abroad setting up in Flanders.
This brochure offers potential investors an overview on how to set up their business in Flanders.
Find our experienced staff in your country, FIT has about 70 regional offices worldwide.
Or contact FIT HQ +32 2 504 87 11, invest@fitagency.be
http://www.investinflanders.be
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
The document summarizes Estonia's tax system and structure. It outlines the main principles of the Estonian tax system including a simple, stable system with broad tax bases and low rates. The tax system consists of direct taxes such as personal income tax, corporate income tax, and social tax, as well as indirect taxes like VAT and excise duties. Personal income tax rates are a flat 20% while corporate income tax is charged at 20% on distributed profits and 14% on regularly distributed profits.
The Legal 500 and The In-House Lawyer Comparative Legal Guide Ireland: TaxMatheson Law Firm
Tax partner, Joe Duffy and Tax associate Tomás Bailey author the In-House Lawyer Comparative Legal Guide Ireland: Tax. This Q&A provides an overview to tax laws and regulations that may occur in Ireland.
The Puerto Rico Treasury Department has extended the automatic extension period for filing 2017 tax returns from three months to six months. This applies to individual taxpayers, regular corporations, limited liability companies, and conduit entities. To be eligible for the six-month extension, taxpayers must request an automatic extension by the original tax return filing deadline. While extensions are granted for filing, they do not extend the deadline for paying any taxes owed. The Puerto Rico Treasury Department will also forgive late payment surcharges and penalties for failing to pay estimated taxes if certain requirements are met.
Alison Vine, Director at Deloitte, gives practical and concise update on all the latest tax and NIC developments, topical tax issues, planning you will need to be aware of, and the impact of these changes on your clients and your business.
The document summarizes Egypt's performance and reforms related to the World Bank's Doing Business 2020 report. It notes that Egypt advanced 19 ranks globally in establishing companies to rank 90th. This was due to investment ministry efforts simplifying procedures and applying legislative and digital reforms. Egypt also improved rankings related to electricity access, protecting small investors, tax reimbursement, and was among the top 25 countries for number of reforms implemented. The reforms look to improve Egypt's investment climate as part of economic reforms agreed with the IMF in exchange for loans to revive Egypt's economy.
The document discusses Ukraine's systems of taxation, including the general system and simplified system. The general system includes income tax for individuals (15-17% of income) and legal entities (16-18% of profits), VAT (17%), and a single social contribution for individuals (34.7% of profits) and legal entities (36.76-49.7% of payroll). The simplified system includes four groups of single tax payers taxed at different rates depending on factors like income, employees, and activities. In conclusion, Ukraine's tax system has drawbacks like its fiscal direction lacking regulatory functions and a complicated VAT return process contributing to shadow economic activity.
Serbia: Tax Alert - Amendments of Serbian Tax Laws (Dec 2017)Alex Baulf
On 14 December 2017, the Serbian Parliament adopted amendments to the VAT Law, which were published in the Official Gazette of the Republic of Serbia No.113/2017.
The adopted amendments will go into force on January 1 2018, with exception of certain provisions for which it is particularly emphasized.
On 14 December 2017, the Serbian Parliament adopted amendments to the Corporate Income Tax Law, which were published in the Official Gazette of the Republic of Serbia No.113/2017.
The adopted amendments will go into force on January 1 2018, with exception of provisions regulating withholding taxation. The majority of provisions shall be applied starting from the filing of tax return for 2018.
Please see a high level overview of these changes in the Tax Alert from Grant Thornton Serbia.
It has been 18 months since the introduction of the clause on settling doubts to the benefit of tax payers. Its aim was to change the approach of tax authorities towards companies and citizens. Unfortunately, it turned out that the clause has not been applied.
Poland is located in Central Europe and borders several countries. Its capital is Warsaw and its official language is Polish. There are various taxes in Poland's taxation system, including corporate income tax of 19%, personal income tax with rates from 18-32%, VAT with standard and reduced rates, transaction tax on certain civil law transactions, and real estate tax. Foreign investors can acquire Polish real estate by asset deal or share deal and must follow various rules depending on their country of origin.
PDF Update on Tax and Gift Aid Kate Sayer, Sayer VincentCFG
This document provides an overview and update on tax and gift aid rules from HMRC. Key points include:
1) Most companies must now file corporation tax returns online using iXBRL formatting, with exemptions for small charities.
2) The annual gift aid donor benefit limit will increase to £2,500 from April 2011.
3) From April 2013, charities can claim gift aid on up to £5,000 of small donations without declarations if registered with HMRC for 3+ years.
4) The substantial donor rules will be phased out and replaced with new "tainted donation" rules to determine if a donation loses tax relief.
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.
Fiscal bulletin Țuca Zbârcea & Asociații - Corporate income tax, the Microent...Țuca Zbârcea & Asociații
The Emergency Ordinance No. 25/2018 for amending and completing certain normative acts, as well as for approving fiscal-budgetary measures ("OUG 25/2018") was published in the Official Gazette No. 291/30.03.2018, thus amending the provisions of Law No. 227/2015 regarding the Fiscal Code (the "Fiscal Code").
According to the in-depth analysis, the VsV Bill results in a win-win situation for both the government and the Taxpayer. While the VsV Bill will help in reducing the overall litigations as of date, it is equally important for the government to also chalk out a plan to reduce future litigations. See More :https://www2.deloitte.com/in/en/services/tax.html
Changes in Polish corporate income tax 2020PwC Polska
Changes in Polish corporate income tax 2020. On 23rd of September our experts: Marcin Jaworski and Michał Jagielski summarized biggest corporate income tax challenges and opportunities for 2020.
More info: https://pwc.to/2lkTbOj
This document provides summaries of 9 tax case digests from Philippine tax law. The summaries highlight the key facts, issues and rulings of each case. Some common themes that emerge are:
1) Taxes are considered the lifeblood of the government and exemptions are strictly construed.
2) Government errors by tax officials do not prevent tax collection, as the government cannot be estopped in tax matters.
3) Tax assessments are presumed correct and the taxpayer bears the burden of proving otherwise.
4) Equitable arguments cannot override clear tax statutes, and tax refunds must be based on the law rather than notions of fairness.
Planned changes to Polish corporate income tax (CIT) law in 2021 include:
1) Taxation of limited partnerships and taxation of limited partners similar to shareholders of capital companies.
2) Introduction of "Estonian CIT" which allows companies to not pay tax until profits are distributed and provides other benefits to promote investment.
3) Changes to the definition of "real estate company" and new mechanisms for taxing sales of shares in real estate companies.
4) Additional reporting requirements and public disclosure of tax data for some real estate companies.
HB 1544 proposes significant tax reforms that would modify the way individuals and corporations are taxed in Puerto Rico. Key provisions include reducing individual income tax rates and increasing the standard deduction. It would also reduce corporate income tax rates in a gradual manner over five years. However, the income tax rate reductions are contingent on meeting certain revenue targets. If enacted, these reforms would take effect for tax years beginning after 2018. The bill is currently undergoing legislative review with the goal of being passed by June 2018.
With VAT implementation taking effect in under six months, the Ministry of Finance have now provided further clarification of the rules which will be imposed in respect of VAT within the UAE, furthermore we have seen updates across Saudi Arabia recently, with announcements being made in respect of the registration process. This short alert from Grant Thornton UAE summarises the recent clarifications which the UAE have announced, alongside the registration elements required within Saudi Arabia.
This document summarizes key information about Estonia's tax system and structure. It provides details on Estonia's population, GDP, currency, and economic growth forecasts. The main principles of Estonia's tax system are outlined, including a flat income tax rate since 1994. The major taxes are direct taxes like personal income tax at 21% and corporate income tax, as well as indirect taxes including VAT at 20% and various excise duties. Revenue from major taxes from 1994 to 2015 is shown.
Flanders Investment & Trade (FIT) is a government agency that supports companies from abroad setting up in Flanders.
This brochure offers potential investors an overview on how to set up their business in Flanders.
Find our experienced staff in your country, FIT has about 70 regional offices worldwide.
Or contact FIT HQ +32 2 504 87 11, invest@fitagency.be
http://www.investinflanders.be
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
The document summarizes Estonia's tax system and structure. It outlines the main principles of the Estonian tax system including a simple, stable system with broad tax bases and low rates. The tax system consists of direct taxes such as personal income tax, corporate income tax, and social tax, as well as indirect taxes like VAT and excise duties. Personal income tax rates are a flat 20% while corporate income tax is charged at 20% on distributed profits and 14% on regularly distributed profits.
The Legal 500 and The In-House Lawyer Comparative Legal Guide Ireland: TaxMatheson Law Firm
Tax partner, Joe Duffy and Tax associate Tomás Bailey author the In-House Lawyer Comparative Legal Guide Ireland: Tax. This Q&A provides an overview to tax laws and regulations that may occur in Ireland.
The Puerto Rico Treasury Department has extended the automatic extension period for filing 2017 tax returns from three months to six months. This applies to individual taxpayers, regular corporations, limited liability companies, and conduit entities. To be eligible for the six-month extension, taxpayers must request an automatic extension by the original tax return filing deadline. While extensions are granted for filing, they do not extend the deadline for paying any taxes owed. The Puerto Rico Treasury Department will also forgive late payment surcharges and penalties for failing to pay estimated taxes if certain requirements are met.
Alison Vine, Director at Deloitte, gives practical and concise update on all the latest tax and NIC developments, topical tax issues, planning you will need to be aware of, and the impact of these changes on your clients and your business.
The document summarizes Egypt's performance and reforms related to the World Bank's Doing Business 2020 report. It notes that Egypt advanced 19 ranks globally in establishing companies to rank 90th. This was due to investment ministry efforts simplifying procedures and applying legislative and digital reforms. Egypt also improved rankings related to electricity access, protecting small investors, tax reimbursement, and was among the top 25 countries for number of reforms implemented. The reforms look to improve Egypt's investment climate as part of economic reforms agreed with the IMF in exchange for loans to revive Egypt's economy.
The document discusses Ukraine's systems of taxation, including the general system and simplified system. The general system includes income tax for individuals (15-17% of income) and legal entities (16-18% of profits), VAT (17%), and a single social contribution for individuals (34.7% of profits) and legal entities (36.76-49.7% of payroll). The simplified system includes four groups of single tax payers taxed at different rates depending on factors like income, employees, and activities. In conclusion, Ukraine's tax system has drawbacks like its fiscal direction lacking regulatory functions and a complicated VAT return process contributing to shadow economic activity.
Serbia: Tax Alert - Amendments of Serbian Tax Laws (Dec 2017)Alex Baulf
On 14 December 2017, the Serbian Parliament adopted amendments to the VAT Law, which were published in the Official Gazette of the Republic of Serbia No.113/2017.
The adopted amendments will go into force on January 1 2018, with exception of certain provisions for which it is particularly emphasized.
On 14 December 2017, the Serbian Parliament adopted amendments to the Corporate Income Tax Law, which were published in the Official Gazette of the Republic of Serbia No.113/2017.
The adopted amendments will go into force on January 1 2018, with exception of provisions regulating withholding taxation. The majority of provisions shall be applied starting from the filing of tax return for 2018.
Please see a high level overview of these changes in the Tax Alert from Grant Thornton Serbia.
It has been 18 months since the introduction of the clause on settling doubts to the benefit of tax payers. Its aim was to change the approach of tax authorities towards companies and citizens. Unfortunately, it turned out that the clause has not been applied.
Poland is located in Central Europe and borders several countries. Its capital is Warsaw and its official language is Polish. There are various taxes in Poland's taxation system, including corporate income tax of 19%, personal income tax with rates from 18-32%, VAT with standard and reduced rates, transaction tax on certain civil law transactions, and real estate tax. Foreign investors can acquire Polish real estate by asset deal or share deal and must follow various rules depending on their country of origin.
PDF Update on Tax and Gift Aid Kate Sayer, Sayer VincentCFG
This document provides an overview and update on tax and gift aid rules from HMRC. Key points include:
1) Most companies must now file corporation tax returns online using iXBRL formatting, with exemptions for small charities.
2) The annual gift aid donor benefit limit will increase to £2,500 from April 2011.
3) From April 2013, charities can claim gift aid on up to £5,000 of small donations without declarations if registered with HMRC for 3+ years.
4) The substantial donor rules will be phased out and replaced with new "tainted donation" rules to determine if a donation loses tax relief.
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.
Fiscal bulletin Țuca Zbârcea & Asociații - Corporate income tax, the Microent...Țuca Zbârcea & Asociații
The Emergency Ordinance No. 25/2018 for amending and completing certain normative acts, as well as for approving fiscal-budgetary measures ("OUG 25/2018") was published in the Official Gazette No. 291/30.03.2018, thus amending the provisions of Law No. 227/2015 regarding the Fiscal Code (the "Fiscal Code").
HWC competence brochure - Tax & Accounting in UkraineSven Henniger
Specific of the Ukrainian Market
Accounting in Ukraine
Main Taxes in Ukraine
Start-Up Cost
International Payments
Payments in Foreign Currency
Corporate Profit Tax
Value Added Tax
Personal Income Tax
Unified Social Security Contribution
Military Tax
Simplified Taxation System (Single Tax)
Cash Payments
Foreign Currency Transaction
Licensing
Transfer Pricing
Personnel Administration
Options to Finance Ukrainian Subsidiaries
*10.2015
On 2 December 2016 the Law Decree 22 October 2016 n. 193 (“Tax decree”) completed its legislative process with the publication in the Official Gazette of the consolidated text, post amendments, occurred at the time of the conversion into Law. Some of the adopted measures are a way to implement the new strategy of the Tax Administration to prevent tax evasion and to reduce the VAT gap. Most of the measures have the aim to modernize the way in which taxable persons accomplish VAT fulfillments, so that these latter can be more effective, leveraging on an intense use of electronic means. Grant Thornton Italy summarize in this VAT Alert, the main changes on VAT rules deriving from the final text of the new provisions.
This document summarizes the following:
1) It introduces the monthly publication "International Tax News" which provides updates and analysis on international tax developments authored by PwC specialists.
2) It highlights several key international tax law changes and proposals in countries such as Cyprus, Brazil, Switzerland, the UK, Canada, Hong Kong, Italy and more.
3) It specifically outlines proposed changes in Cyprus regarding the introduction of a notional interest deduction on new corporate equity and proposals for tax neutral treatment of foreign exchange differences.
The Standard Audit File for Tax is a complex collection of electronic data that entrepreneurs will be obliged to send to the tax authorities. The types of Standard Audit File for Tax (SAF-T) that have been published show not only the structure and expected content of the files, but also their format. The regulations introduced by the Act of 10th September 2015 on amending the Tax Ordinance Act (Dz.U.z 2015r. poz.1649) oblige tax-payers to submit their tax books and accounting documents in the form of Standard Audit File for Tax (SAF-Ts).
1. China will adopt the OECD's Automatic Exchange of Financial Account Information standard to enhance international tax cooperation and transparency.
2. Under this standard, Chinese financial institutions will identify accounts held by non-residents, collect and report account information to Chinese tax authorities, which will automatically exchange this information with tax authorities in other countries.
3. The consultation paper provides details on the due diligence procedures financial institutions must follow to identify reportable accounts, the timeline for implementation, and the types of financial account information that will be reported and exchanged.
issue 4/2014 of Indirect Tax News.
This newsletter informs readers about issues of practical importance in the field of VAT and similar indirect taxes, such as GST. Experts from all over the world provide first-hand information on recent developments in legislation, jurisdiction and tax authorities’ opinions and Directives.
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.
The document discusses various concepts related to taxation in India. It defines key terms like previous year, assessment year, co-operative society, circular, notification, amendment, and official gazette. It also provides data on direct and indirect tax collections from 2009-2010 to 2015-2016. Finally, it explains the nature of different taxes like income tax, wealth tax, service tax, excise duty, customs duty and sales tax (VAT) and who bears the burden of direct and indirect taxes.
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.
The Dutch State Secretary of the Ministry of Finance announced a legislative proposal aimed to subject profit distributions by Dutch Coops to dividend withholding tax.
PUBLIC FINANCES, THE GOVERNMENT MAKES THE NECESSARY ADJUSTMENTStelosaes
On 11 April the Council of Ministers approved the 2017 Economic and Financial Planning Document (DEF). The Government has also tabled a Decree Law, the mini budget, to align the public finances; it includes a series of financial measures for a total of 3.4 billion euro (0.2% of GDP). And now the highlights of the mini Spring budget.
This document summarizes the key topics from an agenda on small and medium enterprise tax issues in Cambodia:
- It outlines the definitions and requirements for small and medium taxpayers, including the simplified accounting format for small taxpayers.
- New laws and regulations that provide tax incentives for qualifying small and medium enterprises operating in priority sectors are summarized, including periods of tax exemption on profit tax.
- Issues faced by small and medium taxpayers relating to registration, audits, equity injections, and non-tax obligations are briefly discussed.
- The presentation calls for equal enforcement of tax laws across all businesses and sectors in Cambodia.
The document discusses clarifications provided around India's Black Money Act through a set of Frequently Asked Questions. The Act provides a one-time window for those with undisclosed foreign assets to declare them by paying 60% tax and penalty to avoid prosecution. Only immunity from offenses under Income Tax, Wealth Tax, FEMA, Companies Act, and Customs Act is provided. Declarations do not provide immunity from other Acts like Wildlife Protection Act if the assets were acquired illegally. Immunity is also not provided under the Prevention of Money Laundering Act as that offense requires an underlying scheduled offense to have occurred.
The document discusses clarifications provided around India's Black Money Act through a set of Frequently Asked Questions. The Act provides a one-time window for those with undisclosed foreign assets to declare them by paying 60% tax and penalty to avoid prosecution under the Act. However, immunity only applies to 5 specific Acts and not others. While firms and companies can declare undisclosed foreign assets, immunity from prosecution is only granted to directors for offenses under the 5 Acts.
What are the new VAT administrative penaltiesAhmedTalaat127
The Federal Tax Authority (FTA) shared a public clarification on 28th April 2021 about the amendments for provisions under the Cabinet Decision No 40 of 2017 for administrative penalties. VAT penalties include administrative penalties, which mean the monetary fines imposed on a person or an entity by the FTA for breaching the provisions in the Tax Law of UAE. Penalties can easily be avoided by taking the necessary precautions for non-compliance while filing the VAT report. Businesses have more time to review their data and submit an accurate VAT filing and can benefit from up to 70% waiver for their unpaid penalties if they meet the criteria.
Similar to ICAEW Switzerland - Impact Investing event - Schellenberg Bernard Vischer (20)
The document outlines the Solar Entrepreneurs Network for Decentralized Energy Access (SENDEA). SENDEA was founded in 2004 by Harald Schützeichel and aims to provide sustainable and affordable energy access while creating jobs and supporting small and medium enterprises. It operates in countries such as Ethiopia, Kenya, Uganda, Cambodia, and the Philippines by implementing solar village projects, health stations, solar irrigation, and training local entrepreneurs through its academy program. The program provides on-the-job training, builds reputation for small businesses, creates reference projects, and facilitates future business deals in project areas.
ICAEW Switzerland - Impact Investing event - ICRC Juan Luis Coderque Galligo ...Tim Moss
The document describes a Humanitarian Impact Bond (HIB) created by the International Committee of the Red Cross (ICRC) to support the construction and operation of three new physical rehabilitation centers in Africa over five years. Under the HIB, outcome funders will provide conditional funding to the ICRC based on the achievement of predefined outcomes related to staff efficiency ratios. Social investors provide upfront capital to finance the project, with potential returns tied to outcome achievement. An external verifier will assess outcomes to determine payments to investors and the ICRC at the end of year five.
The document discusses efforts to address diagnostic and treatment deficits for fungal diseases globally through the Global Action Fund for Fungal Infections (GAFFI). GAFFI aims to greatly reduce illness and death from fungal diseases worldwide by ensuring universal access to diagnostics and antifungal treatments by 2025. It outlines the large burden of fungal diseases, which affect over 1 billion people. GAFFI is working to measure disease impact, improve education, and advocate for expanded access to diagnosis and treatment in low- and middle-income countries through demonstration projects in Guatemala and Kenya.
1. Product development partnerships (PDPs) bridge the gap between industry and patients to develop diagnostic solutions for diseases that lack profitable treatments by collaborating with public and private partners.
2. 21 of the 28 diseases that primarily impact developing countries lack essential diagnostic tools, and companies have little incentive to invest in research and development without potential for profits.
3. PDPs can accelerate the development and access to diagnostics more quickly and cost-effectively than either the public or private sector alone by leveraging contributions from various partners.
Blockchain and distributed ledger technology (DLT) can help address trust issues in business networks. Blockchain provides a decentralized peer-to-peer network with a shared, distributed ledger that allows all participants to see a single system of record. It records all transactions across the business network, shares the ledger among participants, and replicates it so each participant has their own copy while maintaining privacy. This can enable use cases like maintaining shared reference data, tracking provenance in supply chains, creating immutable financial records for auditing, and facilitating faster letter of credit transactions with reduced costs and risk. DLTs like Hyperledger and Corda implement features of blockchains but without requiring a native digital asset.
This document discusses how blockchain and distributed ledgers can transform financial services. It provides an overview of blockchain technology including its history from ancient codes of law to Bitcoin and Satoshi Nakamoto. It describes blockchain essentials like the topology of blocks in a blockchain and smart contracts. The document also notes some risks and challenges of blockchain as well as the need for collaboration among financial institutions to realize its potential for transforming the industry.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
2. Current Swiss regulatory environment of not-for-profit organizations 7 February 2018 Page 2/18
Table of Contents
1. Tax exemption – Recent legal developments
2. Tax exemption – Case law
3. VAT Reform
4. VAT – Federal Tax Administration’s practice
5. Remuneration of board members
6. AMLA and FATF-Act
7. CRS – classification of NPOs under Swiss law
8. Data protection – GDPR
9. GDPR’s implications for Swiss NPOs and upcoming reform in
Switzerland
3. Current Swiss regulatory environment of not-for-profit organizations 7 February 2018 Page 3/18
1. Tax exemption - Recent legal
developments
> Federal Act of March 20, 2015 introducing new Article 66a of the Federal Act
on the Federal Direct Tax (“LIFD”) and Article 26a of the Federal Act on
Harmonisation of Direct Taxes (“LHID”):
> Since January 1, 2018, legal persons that pursue ideal purposes are exempt from
profit tax provided that their profit does not exceed CHF 20’000.- (at federal level;
amount determined by the cantons at cantonal level) and is exclusively and
irrevocably dedicated to such ideal goals.
> “Ideal purpose”:
• non-economic purpose (however, economic purpose is admissible to qualify for the
exemption if of secondary importance);
• does not equate to the notion of “public interest” required for the ordinary tax
exemption (see Art. 56 lit. g LIFD and 23 lit. f LHID).
> For donors: voluntary contributions are deductible only if made to entities benefiting
from the ordinary tax exemption (Art. 33a and 59 lit. c LIFD; Art. 9 s. 2 lit. i LHID) ax
exemption
4. Current Swiss regulatory environment of not-for-profit organizations 7 February 2018 Page 4/18
2. Tax exemption – Case law
> Swiss Federal Supreme Court decision of March 21, 2017 (2C_835/2016)
> Facts:
• Not-for-profit tax exempt association whose purpose was to provide financial
support to individuals in economic distress.
• Revocation of the tax exemption by the tax authorities of the Canton of Thurgau
following distributions made to Israeli Jewish charities pursuing the same aim.
> The Swiss Federal Supreme Court confirmed the revocation of the association’s tax-
exempt status:
• as the funds were affected to the members of institutions and members of the same
religious community, they did not benefit an open circle of recipients → the
association did not satisfy the general public interest requirement;
• the association did not evidence that the funds actually reached its intended
beneficiaries and were not retained by the recipient charities → actual pursuit of
the public interest purpose not demonstrated.
5. Current Swiss regulatory environment of not-for-profit organizations 7 February 2018 Page 5/18
3. VAT Reform
> In force since January 1, 2018.
> Implications for NPOs:
> Foreign and Swiss based NPOs shall register for Swiss VAT purposes from the first
franc of turnover in Switzerland, where their worldwide taxable turnover - and not only
the Swiss turnover, as hitherto - exceeds CHF 150’000.- (Art. 10 s. 2 lit. c of the
Federal VAT Act, “VAT Act”). At or below this threshold, possibility to opt for voluntary
VAT registration for VAT recovery purposes, provided the NPO carries out
entrepreneurial activities.
> Foundations and associations which have a particularly close economic, contractual
or personal relationship with a supplier/ recipient of supplies are now regarded as
closely related persons (art. 3 lit. h VAT Act) → VAT tax base for the supply of goods/
services from or to such persons follows the arm's length principle (Art. 24 s. 2 VAT
Act).
> Contributions by patrons to NPOs are deemed to be donations – and, therefore,
non taxable for VAT purposes (Art. 18 s. 2 lit. d VAT Act) – if the concerned NPO
voluntarily grants its patrons advantages in terms of its articles provided it informs the
patron that they have no right to be granted such advantages (Art. 3 lit. i VAT Act).
6. Current Swiss regulatory environment of not-for-profit organizations 7 February 2018 Page 6/18
4. VAT - Federal Tax Administration’s practice
> Change of practice:
> Reminder: the input VAT tax can only be recovered if incurred in relation to
entrepreneurial activities (as opposed to non-entrepreneurial activities).
> Since January 1, 2017, the FTA no longer applies its 25/75% practice on input tax
recovery where a NPO has both entrepreneurial and non-entrepreneurial activities:
the input tax shall now be allocated based on the actual type of activities
> Info VAT 02, 1.1 and 7; Info VAT 09, 1.4.2.4 and 11.5, available at
https://www.estv.admin.ch/estv/fr/home/mehrwertsteuer/fachinformationen/publikation
en/mwstg-ab-2010/archiv-mwst-info.html#734199002
7. Current Swiss regulatory environment of not-for-profit organizations 7 February 2018 Page 7/18
5. Remuneration of board members
> Altruistic activity is still generally required for NPOs to benefit from the tax-
exemption (Swiss Tax Conference’s information of 18.01.2008, para. 10)→As
a rule, no compensation for board members. Nevertheless:
> expenses incurred in the performance of their duties may be reimbursed;
> attendance fees, if modest, are permissible;
> tasks or mandates exceeding the board members’ usual functions may be
remunerated.
> Criticisms:
> Swiss Foundation Code 2015, Recommendation 7:“ If foundation board members
waive their entitlements to remuneration, this shall not be at the cost of
professionalism”.
> Luginbühl’s parliamentary initiative 14.470 “Further strengthening the Swiss location
for foundations”, pending before the National Council: the adequate remuneration of
the board members complies with the Swiss Civil Code and should not result in the
refusal or loss of the foundation’s tax-exempt status.
8. Current Swiss regulatory environment of not-for-profit organizations 7 February 2018 Page 8/18
5. Remuneration of board members
> Swiss GAAP FER 21 “Accounting for charitable NPOs” (as amended and in
force since January 1, 2016) requires to disclose in the notes to the annual
financial statements the following information:
> total of the remuneration paid to board members and to members of the executive
management;
> mandates to board members (to be recorded as transactions with related parties).
> ZEWO Standards:
> Swiss GAAP FER 21 +
> remuneration paid to the Chairperson to be shown separately (ZEWO Norm 8.7);
> individual payments to board members and executive director to be disclosed
separately to ZEWO (ZEWO Norm 8.9).
9. Current Swiss regulatory environment of not-for-profit organizations 7 February 2018 Page 9/18
6. AMLA and FATF-Act
> As a reminder, the Anti-money Laundering Act (“AMLA”) does not apply to:
> Foundations’ board members who act on an honorary basis since they do not act on a
professional basis (see Art. 2 s. 3 AMLA)
> Foundations which pursue political, religious, scientific, artistic, charitable, social or
similar purposes are not regarded as financial intermediaries (see Art. 6 s. 3 lit. a of
the Anti-money Laundering Ordinance, “AMLO”).
> However, the “foundation board refuses to accept assets that it knows breach
national legislation or international treaties. This applies in particular to assets
with a connection to terrorism, money laundering, corruption and other criminal
offences” (Swiss Foundation Code 2015, Recommendation 23).
10. Current Swiss regulatory environment of not-for-profit organizations 7 February 2018 Page 10/18
6. AMLA and FATF-Act
> Federal Act for Implementing the Revised FATF Recommendations
("FATF Act") having introduced, as of January 1, 2016, the qualified tax
fraud as a new predicate offence to money laundering:
> According to Art. 305bis para. 1bis of the revised Swiss Criminal Code (“SCC”), both
of the following conditions need to be met in order to be in presence of a qualified tax
offence:
• a tax fraud within the meaning of Art. 186 LIFD or Art. 59 s. 1 LHID has been
committed;
• the amount of tax evaded exceeds CHF 300’000.- per tax period.
> A tax fraud can only be committed in relation to:
• Income tax and wealth tax (natural persons);
• Profit tax and capital tax (legal entities);
• Tax on real estate gains (natural persons and legal entities).
11. Current Swiss regulatory environment of not-for-profit organizations 7 February 2018 Page 11/18
6. AMLA and FATF-Act
> This "tax fraud" punishes the mere use of forged, falsified or incorrect document, and
not the action of forging, falsifying or making incorrect a document. The offence is
perfected by the mere transmission of the forged, falsified, or incorrect document to the
relevant tax authorities.
> The tax fraud is not committed by the use of any forged, falsified or incorrect
document. Rather, the document must be a qualified document which satisfies a
heightened standard of reliability, such as financial statements, accounts, salary
certificates or forms A (declaration of beneficial ownership). A tax return is not
considered a qualified document.
12. Current Swiss regulatory environment of not-for-profit organizations 7 February 2018 Page 12/18
7. CRS – classification of NPOs under Swiss
law
> According to the Federal Act on the Automatic Exchange of Information in Tax
Matters (“AEOI Act”), a NPO either qualifies as a “financial institution” (“FI”)
or as a “non-financial entity” (“NFE”).
> A FI is defined as a “custodial institution”, a “depositary institution”, an
“investment entity” (“IE”) or a “specified insurance company”.
> A NPO falls under the definition of an IE if (i) more than 50% of its gross
income is derived from financial assets and (ii) is managed by another FI under
a discretionary investment mandate. If this is the case:
> According to the Ordinance on the Automatic Exchange of Information in Tax
Matters (“AEOI-O”):
> Nonprofit associations that are established and organized in Switzerland are treated
as non reporting FIs (Art. 5 AEOI-O) → No reporting obligations
13. Current Swiss regulatory environment of not-for-profit organizations 7 February 2018 Page 13/18
7. CRS – classification of NPOs under Swiss
law
> Foundations that are established and organized in Switzerland are treated as non
reporting FIs (Art. 6 AEOI-O) if they: (i) pursue a public interest purpose and
exclusively and irrevocably use any profits towards such purpose or if they (ii) pursue
a non-commercial purpose and exclusively and irrevocably use any profits, which
must be less than or equal to CHF 20’000, toward such purpose → No reporting
obligations.
> If the NPO does not qualify as an FI, it will then qualify as a NFE.
> According the Swiss Guidelines on the automatic exchange of information,
such NFE will qualify as an active NFE, if the following cumulative conditions
are met:
> it is exclusively established and operated for religious, charitable, scientific, artistic,
cultural, sports or educational purposes;
> it is exempt from income tax;
14. Current Swiss regulatory environment of not-for-profit organizations 7 February 2018 Page 14/18
7. CRS – classification of NPOs under Swiss
law
> it has no shareholders/members having ownership or user rights to the income/
assets;
> it may not distribute the income/ assets to a private person or a non-profit Entity,
except when carrying out the charitable activity of the NFE, and paying an adequate
remuneration for services rendered or as a market-value payment for an asset
acquired from the NFE;
> it shall distribute all of its assets to a governmental entity or other NPO in the event of
a reorganisation or dissolution.
> If the NPO qualifies as an active NFE, no reporting obligations.
> If the NPO does not qualify as an active NFE, it will be regarded as a passive
NFE → the NPO will have to identify and report its “controlling persons”.
15. Current Swiss regulatory environment of not-for-profit organizations 7 February 2018 Page 15/18
8. Data protection - GDPR
> On May 25, 2018, the EU General Data Protection Regulation 2016/679
(“GDPR”) will enter into force.
> Objectives:
> to harmonise the data privacy laws of the Member States;
> to give individuals within the EU more control over their personal data;
> to increase the accountability of organisations processing personal data of EU
individuals;
> to strengthen the role of data protection authorities.
> GDPR will apply to the processing of personal data of data subjects in the EU
> in the context of the activities of an establishment of a controller/processor in the EU,
regardless of whether the processing takes place in the EU or not (Art. 3 s. 1 GDPR);
or
> by a controller or a processor outside the EU where the processing activities are
related to: (a) the offering of goods or services (no payment required) to the data
subjects or (b) to the monitoring of their behaviour (Art. 3 s. 2 GDPR).
16. Current Swiss regulatory environment of not-for-profit organizations 7 February 2018 Page 16/18
8. Data protection - GDPR
Principles (Art. 5 GDPR) For controllers/processors For data subjects
Lawfulness, fairness and
transparency
Obligation to obtain consent/ to
prove exemption
Right to be informed, right to
access, right to data portability
Purpose limitation Right to be forgotten
Data minimisation Obligation to ensure privacy by
design and by default
Right to restriction of processing
Accuracy Obligation to process to periodic
reviews
Right to rectification
Storage limitation Right to object
Integrity and
confidentiality
Obligation to notify data breach
within 72 hours to regulator
Right to be informed w/o undue
delay
Accountability Obligations to maintain records of
processing activities;to appoint a
data protection officer and, if note
established in the EU, a
representative
Right not to be subject to a
decision based solely on
automated processing, including
profiling
17. Current Swiss regulatory environment of not-for-profit organizations 7 February 2018 Page 17/18
9. GDPR’s implications for Swiss NPOs and
upcoming reform in Switzerland
> NPOs will fall within GDPR’s territorial scope and have to comply with its requirements if:
> they process personal data of EU individuals (donors, beneficiaries, job applicants,
etc.); and
> have an establishment in the EU (→ for Swiss based NPOs, beware if data
processing is outsourced to EU service provider); or
> process the data in connection with the offering of goods or services to such
individuals (→ beware if Swiss based NPO carries out entrepreneurial activities)/
monitor their behaviour (e.g. cookies).
> On September 15, 2017, the Swiss Federal Council issued a draft legislation
for the revision of the Federal Act on Data Protection (“DPA”). The proposed
reform is largely in line with the EU legislation and may enter into force by
the end of 2018 (Message du Conseil fédéral du 15.9.2017 concernant la loi fédérale
sur la protection des données etsur la modification d’autres lois fédérales, FF 2017
6783).
18. Current Swiss regulatory environment of not-for-profit organizations 7 February 2018 Page 18/18
Bernard Vischer
bernard.vischer@swlegal.ch
Schellenberg Wittmer Ltd / Attorneys at Law
15bis, rue des Alpes / P.O. Box 2088 / 1211 Geneva 1 / Switzerland
T +41 22 707 8000 / F +41 22 707 8001
www.swlegal.ch
Thank you for your attention.
GENEVA / ZURICH / SINGAPORE