The tax treaty between Switzerland and Austria entered into effect on 1 January 2013 and the corresponding treaty between Liechtenstein and Austria entered into effect one year later. These treaties provide for the taxation and reporting of current investment income by banks in Switzerland and Liechtenstein to Austria.
News have spread that the banks in Greece were closed today and Greece has imposed capital controls to prevent a financial chaos…Economists describe scenarios in which the drachma is reintroduced, and then inflated…
The dispatch of the CTR III represents the next step in one of Switzerland’s most important legislative projects of the next few years. The measures proposed go in the right direction, but shall be further amended to sustainably secure the competitiveness of Switzerland. KPMG held a webcast explaining the proposed measures and their implications.
Today, the Federal Council adopted the dispatch on the Corporate Tax Reform Act III. The reform aims to strengthen Switzerland as a business location, focusing on innovation, value creation and jobs. The proposed measures are compatible with the current international standards and will increase legal and planning certainty for companies.
An Indian Tax Tribunal has recently held that a taxpayer – making payments to recipients that did not have a PAN (Permanent Account Number) – correctly applied the withholding tax rate according to the double taxation treaties but not as per domestic law. However, PAN regulations are still in force.