The Swiss system of stock exchange supervision is based on the principle of self-regulation. The Stock Exchange Act is a framework law that provides a high degree of flexibility. Regulatory functions in a number of areas of exchange activity are delegated to self-regulatory organizations, thanks to which the authorized stock exchanges have gained significant powers. Swiss law distinguishes between national joint stock companies
General supervision of domestic stock exchanges mainly concerns the granting of licenses and the interpretation of business rules. It also includes continuous monitoring through audits. In accordance with the Swiss financial regulation powers granted to the stock exchange, its activities must be organized in such a way as to ensure the proper performance of operational, administrative and control functions. This includes the proper organization of trades, the listing of securities, the regulation of the admission to trades of companies engaged in activities with securities, the procedure for contesting trades, as well as the direct and effective monitoring of trades.
Regulation and supervision of securities payment and settlement systems is carried out jointly by the Office with the Swiss National Bank. In accordance with the current legislation
supervision is carried out over the most important systems of payments and settlements for securities from the point of view of the stability of the financial system. At the same time, the National Bank of Switzerland is responsible for supervision, and the Authority carries out prudential supervision of the system operator, which guarantees full regulatory control and supervision by authorized Swiss public authorities.
The Swiss National Bank is the central bank. On October 6, 1905, the Federal Law on the National Bank of Switzerland was adopted, and it began its work on June 20, 1907. The name of the bank in the official languages of Switzerland: German. – Schweizerische Nationalbank, fr. – Banque Nationale Suisse, Italian. – Banca Nazionale Svizzera, Romansh. – Banca Naziunala Svizra. According to the Swiss National Bank Act, it is a joint-stock company with a special status.
Not less than two-thirds of the net profit of the Swiss National Bank goes to the cantons.
The main functions of the National Bank of Switzerland are to conduct monetary policy in the interests of the country and to promote price stability, taking into account the needs of economic development.
Implementation of these functions is carried out by promoting the stability of the financial system, ensuring the liquidity of the Swiss franc on the money market, issuing and distributing cash, facilitating and ensuring the functioning of payment systems, managing foreign exchange reserves, participating in international monetary and financial cooperation and providing banking services to the Confederation.
As a main rule, cantons offer competitive corporate income tax (CIT) rates for cantonal and communal taxes. Depending on the specific cantonal and municipal tax location, the usual general (federal, cantonal and communal) CIT rates applied to profit before tax range from 11.9% to 21.6%.
Many cantons offer tax incentives for newly established companies or for investment in expansion, such as tax holidays, significant tax incentives for cantonal and communal tax purposes for up to ten years. In some regions of economic development and regional centers, tax holidays are provided for CIT subject to certain conditions.
Many cantons previously offered preferential regimes of corporate taxation (holding companies, domiciled, mixed trading firms). With the entry into force of TRAF, preferential cantonal tax regimes have been abolished. The cantons have special rules for the transition from a preferential tax regime to ordinary taxation.
Now a patent box has been introduced at the level of cantons and municipalities, which reduces the CPT on the income from the corresponding patents. The share of income from patents and similar rights, to the extent that it is based on qualifying R&D expenses in Switzerland, is exempted from VAT up to a maximum of 90% (depending on the cantonal implementation). To get into the patent box, previously incurred R&D expenses incurred in connection with the development of the relevant patents must be taxed at the applicable CIT rate depending on the location of the company in Swiss. The size of the patent box benefits varies from canton to canton.la
The one-time tax base is counted on the basis of the taxpayer’s annual expenses in Switzerland, twin peaks financial regulation and abroad.
The following expenses are taken into account:
Typically, the tax base is seven times the annual rent of the taxpayer’s main residence if he is the head of the household. Or it is three times more than the annual pension for housing and food at their main place of residence.
In practice, the tax base is determined by a preliminary ruling by the tax administration of the canton in which the subject will reside. The process begins with a discussion with the competent tax authorities, but a written request for a decision will be required along with supporting documents.
The tax base cannot be less than the “control calculation”, which takes into account certain income from Swiss sources.
Also income used for benchmark calculations includes:
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