SWISS TO BAN DEDUCTING BRIBES FROM TAXES STARTING IN 2022

On 11 November, Yahoo Finance Reported that Swiss companies will no longer be able to deduct bribes paid to private individuals from their taxes, according to an update of tax laws due to take effect on 1 January 2022.  In 2001, Switzerland banned the deduction of bribes paid by companies to public officials from their taxes.  Beyond bribes, costs from financing criminal activities or money paid in return for a crime to be committed will also no longer be tax deductible once the legislation takes effect after next year, the government said.  Once the changes take effect, Switzerland said, it will be complying with a recommendation of the FATF on money laundering.

https://uk.finance.yahoo.com/news/swiss-ban-deducting-bribes-taxes-140404871.html

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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