Switzerland has decided to permanently quit joining the European Union, formally withdrawing a request made in this regard, sitting in the drawers of EU’s officials buried for 24 years.
In June 2016, the Swiss parliament passed the final corporate tax reform package meant to strengthen Switzerland as a competitive business location for foreign companies or entrepreneurs. The tax reform plan (CTR III) includes several tax reform measures related to the federal and cantonal tax laws.
The Swiss federal Council and the Government of the United Arab Emirates decided to conclude a Convention in regard to the avoidance of double taxation with respect to taxes on income. The UAE is one of Switzerland’s most important economic partners in the Middle East, therefore a double taxation convention is meant to enhance bilateral economic relations between the two countries.
Double taxation refers to the fact that two countries collect simultaneously taxes on the same company. This situation often arises when companies have subsidiaries or branches in various countries.