One-off payment tax – efficient formula definition with abaCal

What is it about?

The Swiss Confederation has signed Taxation Cooperation Agreements with the United Kingdom of Great Britain and Northern Ireland (UK), Germany and Austria.

This allows Swiss bank clients, who are residents of those countries, to legalize their assets held at Swiss banks while still having their privacy respected. More tax treaties are conceivable, first negotiations with Italy have already taken place.

With abaCal the calculation of the one-off payment, retroactively legalizing all funds, can be solved efficiently.

What are the challenges?

On 1st of January 2013, the tax treaties will become operative at the earliest and the one-off payment will then be charged on 31st of May 2013. Concerned bank customers in the UK, Germany and Austria, their tax advisers as well as the Swiss banks, should already initiate first preparatory measures. This includes the use of a transparent tool to calculate the possible tax.

How can abaCal support you on this matter?

With abaCal the following functions are available:

  • Updated formula for each tax treaty from the public  abaCal formula library
  • Traceability of the formula (calculation code is shown)
  • Online simulation mode on the abaCal platform which is also available on your smart phone
  • Ability to customize the formula in a protected environment (private abaCal formula library)
  • Exchange of personal formula with other users on the abaCal exchange platform
  • Capability to integrate the formula in your existing application (in-house banking application, Excel, etc.) on request
  • Quick and low-cost adjustment of the formula in the event of a new tax treaty either in the public formula library or on your own private formula library
  • Technical support by the abaCal team

 

Links / Further readings:

www.news.admin.ch/NSBSubscriber/message/attachments/26526.pdf
www.news.admin.ch/NSBSubscriber/message/attachments/26559.pdf
www.hmrc.gov.uk/taxtreaties/swiss-uk-letters.pdf

  • Integrate abaCal into your business

    Posted on Monday, November 12 th, 2012

    Today’s IT infrastructure is getting more and more complex. Every business is expected to operate IT services in a wide variety of fields: from Websites, to mobile Apps to in-house applications. These services are often developed by different specialists, which makes the development and maintenanc...

    Read more..
  • One-off payment tax – efficient formula definition with abaCal

    Posted on Wednesday, June 06 th, 2012

    What is it about? The Swiss Confederation has signed Taxation Cooperation Agreements with the United Kingdom of Great Britain and Northern Ireland (UK), Germany and Austria. This allows Swiss bank clients, who are residents of those countries, to legalize their assets held at Swiss banks while still...

    Read more..