UK based high earning individuals are reportedly leaving the country in droves in response to recently implemented tax rules, but international companies are returning their headquarters to London. The UK’s HM Revenue and Customs (HMRC) is set to lose an approximate GBP 500 million annually in tax revenues, after numerous high-income earners left the country to escape their high personal tax rates. According to new research published by the consultancy firm Kinetic Partners, nearly one quarter of the UK’s hedge fund managers have ... Read More

The UK HM Revenue and Customs has begun a using a list of stolen Swiss bank information in their campaign against tax evasion by clients holding undeclared Swiss banks accounts. Some UK taxpayers have reportedly received letters from the HM Revenue and Customs (HMRC) advising them that they are suspected of holding undeclared bank accounts in the Swiss division of the Hong Kong and Shanghai Banking Corporation (HSBC) bank and that an investigation will soon begin into their tax affairs. The letters explain ... Read More

The Federal Council (FC) of Switzerland has instructed the Swiss Federal Department of Finance (FDF) to create three new pieces of legislation regarding salary schemes and compensation practices, targeting primarily inappropriate pay packages in financial institutions. In a meeting held on April 28th the FC issued a directive to the FDF to create drafts for three new laws concerning the regulation and taxation of compensation issued in Switzerland. With the current international focus on financial sector salaries and bonuses, Switzerland has already begun ... Read More

The Swiss Government is currently investigating the possibility of implementing new tax measures for banks, levied on risk and excessive employee-bonus payments. A Swiss Parliamentary committee is currently examining proposals on how to lower risk-taking and add extra stability to the nation’s banking sector. The committee is due to submit a final report with its recommendations before April 23rd. While most measures discussed within the report are expect to be revealed only upon its final release, two possible taxation measures have been announced ... Read More

Switzerland has weathered the international financial and economic crisis well compared to other developed economies, due to the Swiss Governments appropriate expansionary policies, strong public finances, and financial regulatory regimes. As part of its annual member-state review, the International Monetary Fund (IMF) has released a report evaluating and praising the actions taken during the financial crisis by the Swiss Financial Market Supervisory Authority (FINMA) and the Swiss National Bank (SNB) as appropriate, and regards the economic performance of the country as good with ... Read More