On 15 February 2017, the Swiss Federal Council adopted a dispatch to Parliament which provides for the exemption of Italian fiduciary companies serving as tax security (Fiduciarie statiche) from the turnover tax. If Parliament approves, Swiss banks that manage Italian assets will no longer be penalised by multiple turnover taxes.
In accordance with the Federal Council's press release of 15 February 2017, the proposed amendment to the law will exempt from turnover tax organisations that act as intermediaries between clients abroad and their Swiss bank for the purpose of tax protection.
The organisations covered by the proposal may only ensure the client's tax and reporting obligations in their country of residence and may not provide any other investment services. In addition, they must be subject to a state authorisation or control obligation.
According to the Federal Council's communication, practically the only Italian "Fiduciarie statiche" are currently covered by this provision. Securities transactions of Italian clients with a bank custody account in Switzerland, for which a "Fiduciarie statiche" is interposed, were previously subject to the turnover tax on several occasions. The tax exemption thus eliminates a competitive disadvantage for Swiss banks. In particular, the competitiveness of the banks in the Canton of Ticino will be strengthened.
The Federal Council has published the following documents in this context:
The amendment to the law proposed by the Federal Council is based on the motion by Fabio Abate (Recognition of certain Italian financial intermediaries as stock exchange agents, 13.4253).
