News
Switzerland and Germany initial tax agreement
Today in Bern, German and Swiss negotiators concluded the negotiations on outstanding tax issues and initialled a tax agreement. Under this agreement, persons resident in Germany can retrospectively tax their existing banking relationships in Switzerland either by making a one-off tax payment or by disclosing their accounts. Future investment income and capital gains of German bank clients in Switzerland will be subject to a final withholding tax, and the proceeds of this will be transferred to the German authorities by Switzerland. In addition, mutual market access for financial services will be improved. The agreement should be signed by both governments in the next few weeks and could enter into force at the start of 2013.
Switzerland and Germany sign tax agreement
On September, 21, 2011 in Berlin, a tax agreement was signed by Germany's Finance Minister, Wolfgang Schäuble, and Switzerland's Finance Minister, Eveline Widmer-Schlumpf. The agreement will resolve the outstanding issues that have existed for decades between Germany and Switzerland concerning the taxation of German investors' investment income in Switzerland. The negotiations led to a fair outcome that ensures a balanced reconciliation of interests between the two countries, particularly from a tax equity viewpoint.
Introduction of capital gains tax as of 1st January 2012
After postponing the introduction of a Greek capital gains tax several times, this tax will now apply satrting from January, 1, 2012. Investors liable for income tax in Greece will be subject to the capital gain tax.
With regard to old positions, the sales tax of 0.2% continues to apply on all securities purchased prior to 1 January 2012. Securities purchased after December, 31, 2011 will not be taxable for foreign investors any longer. Greek investors, on the other hand, will have to pay capital gains tax on securities acquisitions taking place after December, 31, 2011.
U.S. News and Best Lawyers honor our US partner law office Lieff Cabraser as the U.S.A. national "Law Firm of the Year"
U.S. News Media Group and Best Lawyers have selected Lieff Cabraser as their national "Law Firm of the Year" for 2011-2012 in the category of Mass Torts Litigation/Class Actions - Plaintiffs.
U.S. News and Best Lawyers rank firms nationally in 75 different practice areas. The rankings are the result of extensive client feedback and incorporate 3.9 million evaluations from nearly 42.000 lawyers. For the first time, one law firm in each of the practice areas ranked nationally received the prestigious "Law Firm of the Year" recognition.