Uk Swiss Rubik Agreement

The withholding agreement between Switzerland and the United Kingdom came into force on 1 January 2013. It has enabled the regularisation of assets held in Switzerland by British taxpayers and the taxation of the income from these assets on the basis of the Federal Council`s financial integrity strategy. Under the agreement, British taxpayers had the option of either paying the source tax levied directly from their accounts and transmitted anonymously to the British public authorities, or opting for voluntary disclosure. However, with the introduction of automatic exchange of information between Switzerland and the EU from 1 January 2017, which affects the 28 Member States and Gibraltar, this model loses its raison d`existence. For more information, see the agreements on the automatic exchange of information in the UK. In the absence of trade agreements, companies must act quickly to meet the new export requirements they will face from 1 January 202111 Switzerland has also concluded a withholding tax agreement with Austria, which will end when the transition to automatic exchange of information with the EU. The two countries signed an agreement to this effect on 11 November 2016. The tax cooperation agreement between the Uk and the Swiss Confederation expired on 31 December 2016. It originally came into force on January 1, 2013. This protocol highlighted the relationship between the agreement and the EU austerity agreement (EEA) with Switzerland – if a person concerned has been subject to withholding tax under the EEA, an additional 13% “final tax payment” must be paid to obtain tax assistance in accordance with the terms of the agreement. This had the same effect as the 48% withholding tax, levied in accordance with the original provisions of the agreement. In particular, the termination agreement governs the transfer of the last tax amounts and the transmission of the latest voluntary declarations to the UK tax authorities.

The provisions of the withholding agreement continue to apply to all legal facts and rights that occurred during its validity. This publication can be accessed at www.gov.uk/government/publications/uk-swiss-confederation-taxation-co-operation-agreement/uk-swiss-confederation-taxation-tax-co-operation-agreement see Finance Act 2013 for details of the contract transfer basis in Switzerland. On 14 November 2016, HM Revenue and Customs Permanent Secretary and Executive Chairman Edward Troup and the Swiss Ambassador to the United Kingdom, Dominik Furgler, signed an agreement ending the tax cooperation agreement between Great Britain and Switzerland. Bern, 14.11.2016 – The withholding agreement between Switzerland and the United Kingdom is terminated on 1 January 2017.

Rate This Album

1 Star2 Stars3 Stars4 Stars5 Stars6 Stars7 Stars8 Stars9 Stars10 Stars (No Ratings Yet)
Loading...

Comments are closed.