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Today’s Top Headlines

Switzerland: Bribes, Penalties No Longer Tax Deductible

by Ulrika Lomas,, Brussels

18 November 2016

The Swiss Federal Council has approved a proposal to prevent companies from deducting bribes and fines from their taxes.

Current legislation does not expressly provide for the tax treatment of fines, monetary penalties, or administrative sanctions for financial crimes. To remove this uncertainty, the Swiss Parliament instructed the Federal Council to draft legislation that explicitly clarifies the non-deductibility of such payments.

The proposal will now be submitted to Parliament.

TAGS: compliance | tax | business | tax compliance | legislation | Switzerland | tax reform | penalties

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