Sigma Management - Switzerland

Switzerland Plans Business Support Package

The Admin — Fri, 26 Aug 2011 08:47:08 GMT

Determined to mitigate the effects of the rapid rise of the Swiss franc, to support the Swiss economy and to strengthen Switzerland as an industrial centre, the Swiss Federal Council recently announced plans to swiftly introduce a CHF2bn (EUR1.8bn) package of measures targeting affected businesses.

Eager to prevent rising unemployment and to avoid an exodus of businesses abroad, the Swiss federal administration confirmed Federal Council plans to submit to parliament in the autumn a series of concrete measures designed to support companies affected by the strength of the franc, providing for a temporary reduction of costs, for a strengthening of innovation, and for improved economic framework conditions in Switzerland.

Measures to support export and tourism, as well as research and innovation and consumers and infrastructure are currently being examined and will rapidly be implemented, the administration revealed.

The proposals include plans to temporarily exempt or to reduce social security contributions for those companies most affected by the crisis, expected to reduce the burden on companies by around CHF1.3bn. According to the federal administration, the Federal Department of Finance has also been tasked with proposing a revision of the Confederation’s existing law on cartels.

Dwindling investor confidence in other currencies, prompted by concerns over the eurozone debt crisis and by signs of a slowdown in the US, has led to massive increases in the Swiss franc, a 'safe haven' currency, over the past few weeks. The appreciation in the franc has particularly affected the competitiveness of businesses in Switzerland, faced with lower margins, particularly businesses selling their products abroad.

According to the Swiss federal administration, the Federal Council aims to provide for the necessary resources to implement the measures within the framework of an ad hoc 2011 supplementary budget. Part of the funds will probably be deferred until next year, the administration pointed out.

(Source: Tax-news.com)

Social media data used as evidence in tax investigations

The Admin — Wed, 18 May 2011 10:53:00 GMT

Check out this article from our colleague, Matt Walters:

I used to be the first to admit my hostility to social media sites and the sharing of personal information online: with profiles on Facebook and LinkedIn, both personal and professional sides of my life are out there, and I'm known to be quite cautious about keeping them separate.

With LinkedIn's growth over the last few years, however, I have been forced to swallow my pride and admit that my profile there has generated business for Capital and allowed me to stay in touch with interesting contacts. I have therefore willingly invested more time in my profile and in keeping an eye on the news feed to see who's doing what and where.

And apparently I'm not the only one.

It has recently emerged that the German Finanzamt has also been using social media sites as a source of information for ongoing investigations, looking keenly at contractors' status, occupation and location for information that may deviate from the 'official' version reported on tax returns and residency statements. Often, discrepancies between this official version and the 'friends-only' information published on social sites can be a useful tool for authorities suspicious of a contractor's honesty.

This really shouldn't come as a surprise. In Switzerland it's not unusual for the authorities to contact landlords to confirm whether an individual truly lives at their address, and in the UK anything from phone records to travel tickets are routinely used in residency cases. The use of this new resource should simply be seen as an extension of this practice: any available means will be used to verify the information provided by taxpayers and challenge those who decide not to be truthful in their dealings with the tax authority.

This also serves as a reminder that the default settings on most social media websites are very open: if you are not willing to share any aspect of what you have published with people you don't know you should look to go through your settings and make sure that these match your expectations.

Finally, allow me to restate the obvious: tax is complicated. Rules, interpretations and priorities change from country to country. Before you make a move to a foreign country, you should always seek professional advice from a local expert and ensure that your strategy makes sense in light of local legislation.

- Matt Walters

If you would like to discuss European taxation matters, please feel free to contact us.

If you would like to connect with me on LinkedIn, please get in touch and mention this article.

Changes in Swiss work permit requirements

sigma — Thu, 21 Apr 2011 13:38:37 GMT

The Swiss authorities have recently confirmed to all Swiss agencies that, from 1st May 2011, nationals of the "EU-8" member states will be able to work in Switzerland under the same conditions as nationals of other EU countries.

Nationals of these countries (Poland, Czech Republic, Hungary, Slovakia, Lithuania, Latvia, Slovenia and Estonia) had previously been subject to restrictions when attempting to integrate the Swiss labour market. They now enjoy the same status as nationals of EU member states (Germany, Austria, Belgium, Denmark, Spain, France, Finland, Great Britain, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Sweden, Cyprus and Malta).

It is important to note, however, that nationals of the two most recent EU countries (Bulgaria and Romania) are still subject to restrictions, and may not enter Switzerland for work purposes without a work visa.

If you have any questions about working in Switzerland or hiring foreign nationals to work in Switzerland on a contract basis, please contact us directly.

Office opening times this Christmas

sigma — Tue, 14 Dec 2010 08:40:00 GMT

Sigma's office hours over the Christmas period will be as follows:

Monday 20th to Wednesday 23rd: Normal opening hours

Thursday 23rd: Open from 8.30am to 12.30pm CET.

Friday 24th to Friday 31st: Closed.

Monday 3rd: Open as usual from 8.30am.

We would like to take this opportunity to thank our customers and partners for a great 2010, and wish a very happy Christmas to all.

Forms and Documents

The Admin — Thu, 03 Jun 2010 09:33:00 GMT

Here you can find some of the common forms and documents that our customers require

SIGMA Personal Expense Claim Form	Download as PDF	Download as Word Document
SIGMA Client Expense Claim Form	Download as PDF	Download as Word Document
SIGMA Timesheet	Download as PDF	Download as Word Document
Form P85	Download as PDF
Leaving the United Kingdom. This is the form you need to send in to inform HMRC that you are leaving the UK.
HMRC6	Download as PDF
Residence, Domicile and the Remittance Basis. This HMRC document gives guidelines on UK tax residency, among other topics.
Claim form for family allowance	Download as PDF
This is the form you need to fill out to claim family allowances (allocations familiales/Kindergeld) from the Swiss authorities.

Switzerland - Germany: Double Taxation Agreement

sigma — Thu, 01 Apr 2010 14:59:51 GMT

A revised double taxation agreement (DTA) between Switzerland and Germany has been initialled by the Swiss Federal Councillor Hans-Rudolf Merz and the German Finance Minister Wolfgang Schäuble in Berlin. This DTA will provide administrative assistance in tax matters in accordance with the Organisation for Economic Cooperation and Development’s standard.

Switzerland has also been able to negotiate various benefits for the country as a business location noting that the text of the DTA will be published once the agreement has been signed.

Mr. Hans-Rudolf Merz and Mr. Wolfgang Schäuble also discussed the issue of the use of purchased bank client data by the German tax authorities. A bilateral working group was mandated by the ministers in order to clarify unresolved financial and tax issues for the signing of the DTA.

The working group will clarify the following issues:

Possibilites for arranging the taxation of German resident's untaxed assets that are invested in Swiss financial institutions;
Ensuring the taxation - in the form of a final withholding tax - of the ongoing investment income from assets that are invested in Swiss financial institutions by German residents, as well as the transfer of such assets, particularly by way of inheritance or endowment;
Market access; based on the solutions proposed by the relevant supervisory authorities, examining extended market access for Swiss banks in Germany;
Accompanying work associated with the signature of the Protocol of Amendment to the bilateral double taxation agreement, including matters regarding the handling of the purchase of bank data and comprehensive information for Switzerland on this issue.

Germany has acknowledged that Switzerland will not provide administrative assistance on the subject of purchased bank data.

Contact Us

The Admin — Thu, 14 May 2009 16:13:00 GMT

Thank you for contacting Sigma Management.

One of our staff will be in contact with you shortly.

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The Admin — Wed, 13 May 2009 16:35:19 GMT

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Terms of Use

The Admin — Wed, 13 May 2009 15:19:00 GMT

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