Multinational companies (MNCs) are under an ever increasing pressure from their stakeholders and from the markets to provide for growth prospects which are at the same time competitive and sustainable. One of the key success factors in this regards is choosing the right location for the right activities.
On July 21 2014, the Swiss National Bank (SNB) and the People’s Bank of China (PBC) have signed a bilateral swap agreement. This swap agreement is an important step towards a renminbi trading hub in Switzerland.
On 10 July 2014, the new Government of India, represented by the Finance Minister, Mr. Arun Jaitley, announced the Union Budget 2014. While there were no major announcements, the budget’s focus is to provide more tax certainty and to reduce litigation.
Currently, telecommunications and broadcasting companies as well as providers of electronic services to consumers (B2C) are at a disadvantage when it comes to VAT if they are established outside the EU (e.g., in Switzerland). As from 1 January 2015, this will no longer be the case.
KPMG has surveyed the assumptions used by Swiss companies to measure their defined benefit pension liabilities under IFRS and US GAAP. The survey indicates that the IFRS/US GAAP funding level of a typical plan might have improved by around 5-10% over FY2013.