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.
Another Webcast held by senior members from the OECD’s Center for Tax Policy and Administration (CTPA) on 26 May 2014 on the BEPS project provided for a good update on the status with seven out of the total 15 actions defined.