Recently The Swiss Financial Market Supervisory Authority FINMA introduced a new regulation act under which is implementing the Financial Services Act FinSA and the Financial Institutions Act FinIA. Additionally, it is also issuing a new FINMA Financial Institutions Ordinance. They are supposed to enter into force on 1 January 2021.
From January 1, 2020. The Swiss Financial Institutions Act (FinIA) and the Swiss Financial Services Act (FinSA) entered into force, updating the regulatory regime for trustees working in Switzerland. This means that all independent portfolio managers (PMs) and trustees subject to supervision under FinIA will have to be supervised by a Supervised organisations (SO) authorised by FINMA and get licensed by FINMA before they can be able to carry out their activities as financial intermediaries in Switzerland.
The calculation of the tax rates in Switzerland is based on the net income of the taxpayer. Like in most other European countries, there are several tax deductions that can be made when a tax declaration is filed in Switzerland. These will reduce the taxable income and consequently the value of tax that needs to be paid diminishes significantly.
The Swiss government has gone the extra mile in leveraging low corporate tax rates as a competitive advantage. In Switzerland, corporate tax rates vary depending on the canton where you are operating your business.
The Swiss banking sector is key in strengthening the swiss economy. Switzerland is well known for its diversified financial services, privacy and sophistication. Swiss banks are actively engaged in a range of activities, in relation with both the private and commercial domain. At present, Switzerland is one of the leading countries in private banking.
The economic stability of Switzerland is one of the most known facts about the country. Due to its taxation system, geographic and political position, low inflation, low unemployment rate as well as its competitive business environment, Switzerland has become a preferred destination for investors.
But in order to ensure the best development of a foreign capital company, quality accounting and bookkeeping services are required.
