In October 2010, an agreement was signed to begin negotiations for an agreement to tax unreported British accounts in Switzerland and other information regarding tax and banking information shared between the two states. The agreement will strengthen, among other things, cross-border tax cooperation and improve banks` access to the market. Negotiations began in early 2011 and the agreement was signed on 6 October 2011. On March 20, 2012, a protocol was signed to clarify outstanding issues. Switzerland has double taxation agreements with more than 80 other countries, more than 30 of which are based on the OECD model. The general effect of contracts for non-residents of the contracting states is that they can benefit from a partial or total refund of the tax withheld by the Swiss paying body. Although the total amount of the withholding tax is deducted at source, the difference can be recovered from the Swiss tax authorities from the non-resident. If there is no double taxation agreement that deducts withholding tax deducted in foreign jurisdiction on transfers made to a Swiss company, a tax credit is entered into in Switzerland. No withholding tax is applied on royalties paid to foreign beneficiaries. Profits repatriated abroad by the Swiss establishment of a foreign company do not attract withholding tax, regardless of a double taxation agreement.

In addition to this impressive list, contracts are still pending between Switzerland and Costa Rica, Demoman and Zimbabwe. Double taxation refers to the fact that two countries tax taxes on the same company. This often occurs when companies have subsidiaries or branches in different countries. Switzerland has a corporate tax system in which a capital company and its shareholders or owners are taxed individually, resulting in double economic taxation. In order to avoid double taxation for businesses, Switzerland has signed double taxation agreements with most industrialized countries, including the United States and The European Union. Switzerland applies the Organisation for Economic Co-operation and Development (OECD) standard for its double taxation conventions. A double taxation agreement between Ghana and Switzerland came into force on 1 January 2010. Most contracts normally follow the OECD standard contract. Double taxation is generally avoided by the application of the ”progression exemption” method, i.e. all income is taken into account in determining the applicable tax rate, but no tax is actually levied on exempt income.

The inescapable foreign taxes on capital income (interest, dividends) are generally credited on and up to the real Swiss tax on these incomes. Unused credits cannot be presented. Bern, 04.01.2010 – The agreement between Switzerland and Ghana to avoid double taxation of income, wealth and capital income is in force. This is evident from Ghana`s ratification and Switzerland`s official notification on this matter. The Double Taxation Agreement (DBA) comes into force on January 1, 2010. For all other income and assets, Switzerland applies the ”progression exemption” method for contracting states in order to avoid double taxation. As a result, Switzerland will not grant credits for foreign taxes. The only exception is the contractual rate of foreign source interest, royalties and dividends. The Federal Council`s decision is implemented within the framework of bilateral double taxation agreements. Greater information exchange will only have a practical effect if the renegotiated agreements come into force. In addition, adjustments must be made to the agreement with the EU on the taxation of savings.

Statistics from January to July 2010 show that imports from Switzerland amounted to 72 million euros (mainly pharmaceuticals, jewellery, electrical machinery) compared to 91.2 million euros during the same period in 2009, while Malta`s exports increased to 9.3 million euros (mainly from the

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