The case
Today, the Federal Council was informed of the recommendation of the Advisory Council concerning a reform of the withholding tax.
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The commentary
It proposes the reform of withholding tax on bonds and money market papers: domestic institutional investors and foreign investors shall be exempt. The withholding tax is to be newly designed as paying agency tax and applied to all natural persons resident in Switzerland. The tax should be designed to minimize the administrative costs and to reduce the liability risks for financial institutions. According to the Advisory Council the reform could significantly strengthen both the Swiss capital market and Switzerland as a business location without any major tax losses or a restriction of bank secrecy.
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