Protocol to the Swiss-U.S. Double Tax Treaty – latest developments

Further to our Newsletter of 10 July 2019 (see attached), Switzerland and the U.S. have exchanged the instruments of ratification of the Protocol to the Swiss-U.S. Double Tax Treaty (DTT), which has entered into force with effect from 20 September 2019. This has the following key implications for Swiss Financial Institutions (SFI).

Protocol to the Swiss-U.S. Double Tax Treaty

After being blocked for a decade, the 2009 Protocol to amend the Swiss-U.S. Double Tax Treaty (“Treaty”) is likely to be subject to a vote in the U.S. Senate during August. Read about the key consequences for Swiss Financial Institutions (“SFI”) in this article.
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New AEOI reportable jurisdictions for Switzerland

Switzerland plans to add 19 new jurisdictions to its list of reportable jurisdictions for AEoI purposes, with first reporting in 2021.

Are Swiss banks compliant with the QI Regime?

Find out the key findings from KPMG's recent survey of banks in Switzerland concerning the Qualified Intermediary (QI) regime for the withholding of US taxes.

UK capital gains tax expanded to non-UK residents

From April 2019, non-UK residents will be subject to UK tax on gains arising from direct or indirect disposals of all types of UK land & real estate, and interests in UK property holding entities.
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First AEoI audits by Swiss Federal Tax Administration

The Swiss Federal Tax Administration is planning to perform audits in the field of Automatic Exchange of Information across Swiss financial institutions