TAXEDO LLP

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  • German Finance Minister Wolfgang Schaeuble is working on closing a tax loophole whereby German firms use so-called “patent box” tax breaks available abroad on profits generated from patented research to minimize tax bills, according to a magazine report. Business weekly Wirtschaftwoche said a potential new restriction on the practice, similar to one in place in […]

  • Swiss banking giant UBS has made a 1.1-billion-euro ($1.4 billion) bail payment for allegedly helping rich French clients to hide money in Switzerland, a lawyer for the firm said Tuesday. The payment “has been made, subject to the legal recourse open to UBS,” said the lawyer, Denis Chemla. The bank was charged with tax fraud in […]

  • Switzerland proposed tax changes that it hopes will resolve a dispute with the European Union over preferential rates offered to multinationals while retaining the country’s appeal as business location. Switzerland will follow 11 EU nations in introducing royalty boxes, which allow lower taxation on revenue from intangible assets such as patents, Finance Minister Eveline Widmer-Schlumpf […]

  • Switzerland unveiled proposals on Monday to scrap certain tax breaks for foreign multinational companies but also recommended measures to ensure the country remains an attractive place to invest. Switzerland allows its cantons, or states, to compete for multinationals’ business by taxing their foreign profits at a lower rate than domestic earnings, a practice known as “ring […]

  • The “Made in …” labeling goes back to the Merchandise Act of the British House of Commons dating 1887 was to protect the British population from cheap, low-quality goods, in particular from Germany. The warning notice however has become a hallmark of quality and the EU Parliament is considering to make a “Made In …” […]

  • The decision by the world’s biggest countries to overhaul the international tax rules have grave consequences for Ireland. The changes proposed by the Organisation for Economic Cooperation and Development (OECD) yesterday inevitably mean an end to tax-avoidance schemes such as the so-called ‘Double Irish’, which enables foreign companies to channel profits though their operations here […]

  • Dealers say art sales have fallen because of Mexico’s new anti-money-laundering law. It requires buyers’ personal information be reported. The anti-money-laundering law, passed in 2012, has two core objectives: limiting the use of cash and requiring businesses to give more information to the government about their customers. The rules apply to a wide range of […]

  • Digital currencies such as bitcoin do not currently pose a material risk to monetary or financial stability in the UK, according to a report published by the Bank of England. “While that could, in theory, change if sterling were abandoned in favour of an alternative currency for a significant fraction of the economy, such a […]

  • The Swiss Federal Council has clarified that fines are not a business-related expense and are therefore not tax deductible. It is stipulated in Swiss tax law that neither private individuals nor companies may deduct tax fines from their assessable income. However, the tax treatment of other fines, financial administrative sanctions, and profit disgorgement sanctions is […]

  • WHATEVER the outcome of the Scottish independence vote on Thursday, one result is guaranteed – Holyrood will have hugely increased tax-raising powers. And such a move could potentially unleash even more destructive powers to destroy what remains of the 307-year old Act of Union. Income tax looks set to arouse the strongest feelings, with Holyrood […]

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