Insights

The beginning of the year is an occasion for many people to clean out and tidy up everything. From a tax perspective, a "spring clean" should also be done regularly with holdings and asset structures. 2021 is the ideal time to review existing structures and, if necessary, take appropriate measures to minimize tax risks, as this year offers special opportunities for this. But why is an in-depth analysis of these structures and the implementation of a tax health check worthwhile? In their article, Martina Benedetter and Nicolai Fischli explain the various tax optimization opportunities and how best to take advantage of them.

Expertise, experience, leadership skills and agile adaptation to new technologies are the ideal prerequisites of a successful auditor. Due to the trend of digitalization, which was once again significantly strengthened by the coronavirus pandemic, the expectations of auditing have increased. Thanks to today's new technologies, complex processes of the annually recurring audit of financial statements can be simplified. But what are the prerequisites that an auditor must have today and in the future in order to also make targeted use of digital topics such as “big data”, artificial intelligence and, not least, gamification approaches? So are computer scientists the new auditors? In her article, Dr. Shqiponja Isufi explained what the ideal profile of an auditor is and why the profession will become even more attractive in the future.

The Swiss Federal Council adopted the revised withholding tax law in December 2016. This reform contains various adjustments that are relevant to you as an employer. All changes will enter into force on Friday, 1 January 2021. In this fact sheet, we would like to provide you with information about the most important points of this revision.

The COVID-19 global pandemic has resulted in economic consequences that many reporting entities may not have had to previously consider. One of those consequences is their ability to repay loans. In response, some lenders have agreed to changing the borrowing terms or providing waivers or modifications to debt covenant arrangements. Any changes to the terms of loan agreements, for example providing any kind of payment holidays on either principal or interest or changing interest rates, should be carefully assessed.

The digital transformation poses a challenge for trustees. In the medium term, certain traditional business sectors will simply disappear. At the same time, digital technologies are also bringing about new business opportunities. Nonetheless, “digitalisation” remains a buzzword that sounds urgent but leaves most small and medium-sized trust companies at a loss. There are often no answers to the question of how the process of digitalisation can be shaped in concrete terms in the everyday operation of a business. Grant Thornton Switzerland/Liechtenstein offers tools and strategic consulting that help you move forward in the area of digital transformation in a manner that is structured, targeted and a precise fit for your company.

Measures to help stop the spread of the COVID-19 virus during the pandemic have forced many workers in Liechtenstein and Switzerland to work from home if possible. Due to this development, on 22 October 2020, both countries signed an agreement to determine the effects of the COVID-19 measures on cross-border commuters by mutual agreement.

The constitutional right to equal pay for work of equal value was enshrined in law by the Federal Act on Equal Opportunities for Women and Men (EOA) , which came into force on 1 July 1996. On 14 December 2018, parliament passed an amendment to the Equal Opportunities Act effective 1 July 2020. This amendment requires companies with 100 or more employees to carry out a wage equality analysis, which must be verified by an independent specialist. However, due to a so-called ‘sunset’ clause, the provisions automatically cease to apply on 1 July 2032.

The coronavirus crisis has hit the global economy to an unprecedented degree, with many companies facing the prospect of having to make drastic changes to their business models. New challenges have arisen and are now affecting several points, many of them crucial, along the entire value chain. From the insecurity and shortages faced by suppliers to struggling, unstable markets and surpluses in personnel – not to mention the sudden, tight restrictions on mobility – very few areas have escaped the effects of the pandemic.

After decades of preparation and time-consuming negotiations, on 19 June 2020, the Federal Parliament finally agreed upon the long-planned reform of the law on companies limited by shares. This revision will come into effect on 1 January 2022. Companies have two years from this date to amend their articles of incorporation accordingly. What are the most important changes to the law on companies limited by shares?

If the widespread impact of COVID-19 began during the entity’s reporting period, the impact will be reflected in its financial statements for that period. However, to the extent that the widespread impact of COVID-19 occurred during the entity’s ‘subsequent events period’ (ie the period between the end of the reporting period and the date when the financial statements are authorised for issue), management must determine how material developments after the year-end should be reflected in the entity’s financial statements for the period under audit or review.

As a response to the COVID-19 global pandemic, governments around the world are implementing measures to help businesses and economies get through it. The nature of government grants can take on various forms such as below market rate loans, short-time working subsidies, relief funds, income-based tax credits to name just a few.

The aviation industry has been significantly impacted by the disruption and travel restrictions resulting from the COVID-19 pandemic. With a huge portion of the global fleet of passenger aircraft sitting idle and airlines, lessors, airports and support businesses facing a drop in revenues, we look at the steps businesses can take to survive and adapt.

Launched in 1985, ABACUS is today the leading Swiss financial and business software, which is already being used successfully by 57,000 companies. More and more companies are deciding to implement this software. The functionalities are convincing and new innovations are adapted and covered by the current needs of the companies.

Most members of board of directors and of management boards will now be aware of the need to take cyber risks into consideration in any analysis on company level. This applies to companies in the healthcare sector this year in particular due to the global pandemic. For these and other companies, we have developed a self-assessment tool which enables you to assess your cyber risks in less than five minutes.

The new Swiss financial market regulation has been in force since the beginning of 2020. What are the initial experiences and findings of this change in practice? What are the major challenges for asset managers, investment advisors, representatives and fund management companies? Veronika Britt, Senior Manager in Audit Financial Services at Grant Thornton Switzerland/Liechtenstein, discussed the implementation of the FIDLEG and FINIG in an interview with the B2B editorial team, and advises independent asset managers to be well-positioned within the framework of the new regulatory conditions, with regard to the instruction system and risk management, and to conduct a limited audit.

On June 26, an interview with Dr. Shqiponja Isufi, Head Audit Indusries Switzerland of Grant Thornton Switzerland/Liechtenstein, was published in the Wirtschaftregional. In the interview, she discusses her career as a partner and auditor, family cohesion, the corona crisis and the 1st August fireworks display.