Fidinam & Partners Newsletter is out today!
In this issue:
Switzerland: tax changes due to tax reform with international relevance
The Corporate tax reform (TRAF) came into force on 1 January 2020 and is of particular importance at international level. In particular, the aim was to eliminate the disparity in treatment of companies’ immigration to Switzerland, since before the entry into force of the TRAF, a company under foreign law could be taxed with an exit tax by the transferring country and could be denied the possibility by Switzerland to adjust the tax-determining values during immigration, thus facing possible double taxation (taxation from the outgoing country as an exit tax and in Switzerland at the time of the implementation
of the hidden reserves).
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Switzerland: entry into force of the cantonal tax reform
On 19 May 2019, the Swiss went to the polls to vote on the Federal Act on Tax Reform and Financing of the AHV (TRAF).
The vote was welcomed by more than 66% of the voters. On 4 November 2019, the amendment to the tax law was approved by the Grand Council but a “Red and Green” front promoted the referendum with a deadline for the collection for signatures at the beginning of January.
With the failure of the referendum, the Cantonal measures of implementation of the TRAF took effect and came into force from 1 January 2020. The following are the real changes that are taking place.
Discover all the changes
United Arab Emirates: introduction of legislation on economic substance and exit from the European union’s black list
On 30 April 2019 the United Arab Emirates (UAE) approved Resolution No. 31 introducing into the tax legislation the provisions on economic substance (Economic Substance Regulations) of activities based in the UAE. This legislation applies to all individuals and legal entities, holders of a licence issued by one of the relevant UAE authorities, who obtain their income from carrying out one or more relevant activities in one or more of the following areas: banking, insurance,
fund management, shipping, lease-finance, distribution and service centres, headquarters and/or investment holding companies, exploitation of intellectual property.
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Argentina: new emergency and social solidarity law approved
Law 27.541 “Ley de Solidaridad Social y Reactivación Productiva en el marco de la Emergencia Pública” has been in force since 23 December 2019, introducing a package of emergency fiscal measures to help the country recover from the current economic crisis. The law includes changes in relation to income tax rates and withholding tax on dividends; adjusting inflation for tax purposes; regularisation of tax liabilities for the property tax of micro and small businesses; export
duties; and a new tax applicable to foreign currency acquisition and purchases made by Argentine residents using foreign
currency.
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Fidinam & Partners
Fidinam & Partners, a Fidinam Group company, offers tax and international consulting services in multiple jurisdictions. The in-depth knowledge of domestic and international taxation, allows us to assist our clients with the preparation of opinions and feasibility studies, the preparation of tax returns and related forms, up to a possible tax litigation. Fidinam & Partners also offers the constitution and domiciliation of companies or other legal entities.
Contact Fidinam & Partners
Fidinam & Partners Newsletter
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