Switzerland

The tax agreements of Switzerland and Liechtenstein 

What is it all about?

 

Switzerland has completed groundbreaking agreements with the United Kingdom and Austria which provide proper taxation of assets held in Switzerland by investors taxable in this countries, without invading their financial privacy.

 

 

 

Liechtenstein has also concluded a tax agreement with Austria. The aim of this agreement includes the taxation of previously untaxed assets and also ensuring the taxation of future investment income and capital gains.

 

 

What are the basic elements of the new tax agreements?

Please klick to open table as PDF.

(Please click to open the table as PDF)

 

Furthermore, Austrian clients may possibly still file a voluntary disclosure and for UK clients, a regularisation under the “Liechtenstein Disclosure Facility” (“LDF“) remains possible.  

 

On the right you find a tool to calculate the one-off payment for the regularisation of the past.

 

With respect to the mentioned basic elements all the agreements contain similar rules. In respect to important details the agreements differ due to the different tax systems. Further information to specific aspects of the UK Agreement you find on the site “Tax agreement with the United Kingdom”.

 

What are your challenges?

The tax agreements with Austria and the United Kingdom entered into force on 1 January 2013. As from this date, the investment income and capital gains of Austrian and UK clients of Swiss banks are either subject to the final withholding tax or voluntary disclosure. The banks must ensure that the tax agreements are correctly implemented.

 

In particular, it has to be verified that the final withholding tax is correctly calculated.

How can KPMG support you?

KPMG can support both, banks as well as bank clients, with the various issues; in particular with the implementation of the agreements. Selected experts from our experienced banking team are available to support you particularly through the following services:

 

  • (In-House) Training of bank employees/ Information of bank clients 
  • Voluntary disclosure (Austrian and German clients / Liechtenstein Disclosure Facility (LDF) 
  • Support in connection with amendments on IT infrastructure
  • Preparation of tax reporting and the reporting under the tax agreements
  • Review tools for correct application of the treaties ("certification")
  • Calculation of the final withholding tax

Heiko Kubaile

Heiko Kubaile

Partner, Head of German Tax & Legal Center

+41 58 249 35 10

Jürg Birri

Jürg Birri

Partner, Head of Legal German Switzerland

+41 58 249 35 48

Your tax burden?

Your tax burden?

Calculate the one-off payment for the regularization of the past with our Online Tools:

 

Effective voluntary disclosure amnesty - an easy way?

KPMG can assist you with the many issues concerning the voluntary disclosure amnesty.

German Tax & Legal Center (GTLC)

Teaser
The German-Swiss economic area harbors fiscal and legal opportunities and risks, for companies as well as for private individuals. With its GTLC, KPMG offers qualified tax advisory services - for both countries from a single source.