The Swiss Federal Tax Administration (SFTA) has published the list of exchange rates of foreign currencies and cryptocurrencies as per December 31, 2020. The exchange rates are used to determine the tax values of foreign currencies and cryptocurrencies in CHF which individuals have to declare in their private tax declarations for net wealth tax purposes.
Updates Legal & Tax
At its meeting on October 14, 2020, the Federal Council decided not to extend the temporary measures to prevent corona-related bankruptcies. The measures of the Covid-19 Ordinance on Insolvency Law of April 16, 2020 were limited to six months and continue to apply until October 19, 2020. For legal entities and their responsible persons that are subject to a legal obligation to notify in the event of capital loss and over-indebtedness, this also means a return to the regular legal obligations to notify in the event of capital loss and over-indebtedness.
With this decision, the Federal Supreme Court clarified the question whether an unsuccessful proceeding for setting aside the objection also justifies the non-disclosure of debt collection to third parties based on Art. 8 para. 3 lit. d of the Swiss Debt Enforcement and Bankruptcy Act. The Federal Supreme Court denies this. Even after an unsuccessful application for the objection to be set aside, the debt enforcement request would still be disclosed to third parties. If the (alleged) debtor nevertheless wishes to prevent disclosure of the debt collection to third parties, he can and must take action himself and bring an action against the (alleged) creditor for cancellation of the debt collection request or demonstration of non-existence of the claim.
In these extraordinary COVID-19 times, many people are forced to deal with illness or even death. Accordingly, precaution seems more important than ever and the question of what happens or should happen to one's assets in the event of death is omnipresent. Certain legal precautions can be taken in such cases to safeguard one's will as comprehensively as possible. The following article provides an overview of the legal possibilities.
Legal entities and partnerships ceasing their business activities should be formally liquidated sooner or later. The required proceedings and tax consequences in Switzerland are summarised in this newsletter.
In the case of a self-employed mother the Swiss Federal Supreme Court rejects an operating allowance similar to the one paid to women and men in service. This unequal treatment is due to physical differences between men and women and is therefore not discriminating. In the opinion of the Swiss Federal Supreme Court, the legislator must take action and enact the legal basis to pay an operating allowance to self-employed mothers as well.
In an officially published decision, the Federal Supreme Court has confirmed that the cantons can decide on the requirements for home schooling as long as this ensures that there is sufficient primary education. No entitlement to home schooling can be derived from the Federal Constitution. The complainant therefore failed with her request. In the light of this current case law, the regulations on home schooling in the Canton of Zug appear to be in conformity with the Constitution.
The Zurich Higher Court ruled that the removal of the non-competition clause due to termination by the employer also removes the obligation to pay compensation for the non-competition clause.
Due to the Coronavirus situation the tax authorities of the Canton of Zug have taken various measures to support the…
Pursuant to the decree, the Federal Council has announced the start of the Easter judicial vacations in civil and administrative…
Bearer shares are only permissible if a company is listed on a stock exchange or has structured the bearer shares as intermediated securities. If this is not the case, bearer shares must be converted into registered shares by 30 April 2021 at the latest. The conversion requires notarization by a notary public.
In collaboration with our colleagues in the EU we have filed an EU Growth Prospectus for the public sale of participation certificates by a Swiss Startup in the Crypto Valley.
The Canton of Zug informed in a press release of 3 September 2020 that the payment of taxes with cryptocurrencies will be accepted from February 2021 onwards. The payment will be possible with the cryptocurrencies Bitcoin (BTC) and Ether. Both companies and individuals can benefit from the new payment method.
You are welcome to read our article in the magazine Fokus Rechtsguide 2020 on post-contractual non-competition clauses.
We are delighted to have been ranked in the top category of law firms in Switzerland for tax and employment law in 2020.
Reichlin Hess is also actively contributing to the hotline for Zug SMEs launched by the Lawyers' Association of the Canton of Zug. Our specialists in employment, tenancy and corporate law will be available to Zug SMEs on Friday, April 3, 2020 and Monday, April 6, 2020 via the hotline 0800 525 010.
Reichlin Hess represented a client (employer) in the super provisional execution of a non-competition clause foreseen in an employment agreement. In a partial approval of the request, the employee was prohibited by the competent court from using documents of the former employer and from contacting its customers and suppliers. This result is pleasing for the client, as it allows its legitimate interests of confidentiality to be safeguarded.
Our Swiss legal and tax specialists successfully assisted in a cross-border merger from Switzerland to Austria.
Since January 1, 2020, Simon Fricker is supporting the team of Reichlin Hess. With this appointment Reichlin Hess continues to grow in the areas of employment law and litigation.
We are proud to have supported MachinaWare AG through a successful seed financing round of CHF 1 million. As a promising blockchain startup in the Crypto Valley, MachinaWare AG will now be able to accelerate development and growth for the official launch in 2020.