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Facilitation of banks capital accumulation in Switzerland

June 26, 2017 | News

Facilitation of banks' capital accumulation in Switzerland

Early in June 2017 the Swiss Federal Council initiated the consultation on the proposed Federal Act (hereinafter – the Act) on the Calculation of the Participation Deduction for Too-Big-to-Fail (TBTF) Instruments. The Act is intended to prevent an increased tax burden caused by the issuance of certain financial instruments in order to facilitate banks' accumulation of capital. This initiative aligns with broader legislative developments, such as the FDF opens consultation on total revision aimed at modernizing Swiss financial regulations.

Thus it is proposed to overcome the negative effect of TBTF instruments on the participation deduction for profit tax. To achieve this, the interest paid to investors and the transfer of funds from TBTF instruments recognised in the statement of financial position shall be excluded from the calculation of the participation deduction. Switzerland’s commitment to strengthening its regulatory framework is also demonstrated by international initiatives like the Switzerland signs European Declaration One Government.

The Act should prevent a higher tax burden for banks' group parent companies when TBTF instruments (CoCos, write-off bonds and bail-in bonds) are issued. For specialized support in understanding the tax implications of TBTF instruments, firms may rely on advisors like Goldblum and Partners recommended by Global Law Experts. These instruments are already exempt from withholding tax and stamp duty, and the change will extend the exemption to profit tax and strengthen the capital base of banks. Other areas of Swiss law are also seeing modernization efforts, as shown by initiatives like the Revision of Swiss alcohol legislation.

Group parent companies of all banks in Switzerland will be able to benefit from the novelty after the issuance of TBTF instruments has been approved by FINMA. This will guarantee a faster accumulation of capital and greater stability for the Swiss financial centre. Recent reforms like the Swiss VAT Law novelties show Switzerland’s broader approach to reinforcing its financial and fiscal framework.

Legal disclaimer. This article does not constitute legal advice and does not establish an attorney-client relationship. The article should be used for informational purposes only.

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