REGCO / QI, Tax Compliance /
The “Tax Cuts and Jobs Act” is a comprehensive reform to the U.S. tax code that took effect on 1 January 2018. From the perspective of Swiss financial institutions participating in the QI regime, two important changes to withholding rates should be noted: the U.S. backup withholding rate, generally applicable to U.S. persons who have […]
REGCO / QI, Tax Compliance /
On December 22, 2017, the IRS released a new Form 1042 and instructions thereto. The biggest changes affect QIs that act as QDDs: The new section 4 of the form must be completed if the QI has made payments subject to Form 1042 reporting in its QDD capacity (i.e., U.S. source income). Section 3 has […]
REGCO / AEI/CRS, Tax Compliance /
Recent high profile leaks such as the release of the ‘Panama’ and ‘Paradise’ papers by the ICIJ have opened the discussion on the reality and methods used by taxpayers to hide their identity and assets from tax authorities through the use of offshore structures. The adoption and implementation of the OECD’s Common Reporting Standard (CRS) […]
REGCO / AEI/CRS, Tax Compliance /
In December 2017, the OECD announced additional bilateral exchange relationships for the automatic exchange of information, bringing the total to over 2600 across the globe, up from 2000 relationships four months ago. At present, over 100 jurisdictions have publicly committed to implement the CRS. Roughly half of these jurisdictions have started the exchange of CRS information […]
REGCO / AEI/CRS, Tax Compliance /
On December 27, 2017, the Swiss government updated its list of reportable jurisdictions, i.e., states and territories with which Switzerland has agreed to implement the automatic exchange of information in tax matters (AEI). The list now contains the EU-28 and 52 other reportable jurisdictions, including New Zealand and Saudi Arabia, for which there was initial […]
REGCO / AEI/CRS, Tax Compliance /
Das unterzeichnete AIA Abkommen zwischen der Schweiz und Neuseeland ist zur Zeit im Parlament blockiert. Sollte der Nationalrat auch in einer zweiten Beratung das Geschäft nicht gutheissen, findet vorerst kein automatischer Informationsaustausch zwischen der Schweiz und Neuseeland statt. Wie es dazu kam, erklärt das Nachrichtenportal Swissinfo.ch
REGCO / FATCA, Tax Compliance /
Forbes contributor Robert Goulder speculating about a repeal of FATCA: «There’s one thing [Sen. Rand] Paul hates even worse than tax treaties and TIEAs, and that’s FATCA. His opposition to it runs so deep that he personally sued the government in federal court to nullify it. […] I keep waiting for the announcement that Paul […]