Authorities in the Netherlands said the probe related to as many as 55,000 suspect accounts held at a Swiss bank, which officials refused to identify however Credit Suisse later released a statement to confirm its involvement in the investigation. The statement did not identify the bank but Credit Suisse's London, Paris and Amsterdam offices were contacted by local authorities over client tax matters, the Zurich-based banks confirmed on Friday, after Dutch prosecutors said they had seized assets and arrested two people in an international hunt for tax evaders, as Financial Times reported in the morning. Credit Suisse spokeswoman Anna Sexton declined to comment further.
Italy has introduced a flat rate of tax aimed at attracting wealthy expats to its shores as it looks to compete with similar regimes offered in the UK and Spain. Similar to the UK’s non-dom system, the new flat rate tax of €100,000 ($107,865) a year, which went live on 8 March, will give foreigners a special status exempting them from paying Italian tax on any offshore income and gains. This charge can also be extended to family members, at a cost of €25,000 per person. The regime is available for up to 15 years, unless the individual fails to pay the charges. A person is considered an Italian resident for tax purposes if they are in the country for more than 183 days, or six months.
Data released on Thursday revealed that the Swiss KOF leading indicator surged slightly over the month of March, reconfirming the strong February data and suggesting a better-than-expected growth of the country's economy. The KOF Swiss Economic Institute reported the KOF index added 0.7 points last month and held strongly above its long-term average, jumping to 107.6 from a downwardly revised reading of 106.9 registered in the preceding month. The upmove was mainly driven by the positive trend established in the construction sector coupled with favourable signals from the financial sector and domestic private consumption.
Amazon founder Jeff Bezos has become the world’s second-richest man adding $1.5 billion to his fortune after Amazon gained $9 billion in market value during trading on Wednesday. The 53-year-old has a net worth of $75.6 billion on the Bloomberg Billionaires Index, and surpassed Berkshire Hathaway CEO Warren Buffet ($75.5 billion) and Inditex fashion group chairman Amancio Ortega ($74.1 billion) for the second spot.
The latest Tesla software update brings anticipated new features to Autopilot 2.0 cars, including Summon, which calls your car to you from its parking spot, but it also has a lighter side, as Tesla software updates tend to. Tesla added a new Easter Egg (a goofy software gag generally slightly hidden from view) to its vehicles with the 8.1 update, and this time it’s a sketch pad. The 17-inch touchscreen that dominates the Tesla Model S center panel is basically already a huge digital surface primed for drawing, so it’s a natural add-on – not counting that most of the time you’re going to be using the screen while driving, of course.
Switzerland has started the countdown to a mass-market switch to the ISO 20022 standard for payments harmonisation across all consumer, corporate and bank payments. The digital payments drive will see Swiss financial institutions complete the changeover to the new standard by the end of 2017 and a corporate switch by mid-2018 at the latest. The EU converted its payment traffic to ISO 20022 back in 2014; countries such as Japan and Australia also make use of ISO 20022. During the harmonization process, all the formats, procedures and payment slips that have evolved over time will be aligned with ISO 20022, a proven and future-proof standard.
Nine months after the historic referendum in which the UK population voted to leave the European Union, the UK government has at last served notice to quit. Theresa May yesterday signed the letter that will formally begin the UK’s departure from the European Union, starting a process which will eventually make clear how the country will trade with the EU and the rest of the world. Since the Brexit vote last summer, the UK life sciences sector have been seeking answers as how it can trade and collaborate with Europe, and continue to flourish as a centre for science and innovation.
Switzerland ranked 21th in the Tobacco Control Scale report, back from 18th in 2013. The report is published once every three years, the last one, which was referring to 2013, being made available in 2014. The 2016 Tobacco Control Scale was launched on March 23 at the 7th European Conference on Tobacco or Health (ECToH). It presents the results of the development and implementation of tobacco control policies in 35 European countries, using a tool called Tobacco Control Policy Scale.
A US court imposed a sentence on a Deutsche Bank unit Tuesday for its role in an interest rate rigging scheme, two years after the bank reached a $2.5 billion settlement with British and US authorities. The development closed a minor chapter in the legal woes facing the German banking giant, which has rushed to resolve multiple cases with US officials in recent months and still reportedly faces an investigation over possible money laundering.
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