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The new Swiss source taxation law comes into effect on January 1, 2021, and regulates income taxes for domestic and foreign workers. Details and regulations are recorded in Circular No. 45.

Errors in the financial statements, such as poor preparation and inaccurate COVID-19 provisions, can have serious consequences. Careful preparation avoids liability risks and leads to tax benefits.

As of January 1, 2021, new withholding tax regulations apply in Switzerland to strengthen legal certainty and address technological developments. Details are documented in Circular No. 45 of the ESTV.

Pay into the 3rd pillar or pension fund to reduce your taxable income. Costs for job-related further education up to CHF 12,000 are also deductible.

The IASB proposes changes to IFRS 16 to clarify the assessment of assets and lease liabilities in sale-and-lease-back transactions. Comments on the changes are welcome until March 29, 2021.

Self-employed individuals and owners of stock corporations/limited liability companies who have experienced a decline in sales due to Corona can apply retroactively for Corona compensation. The claim depends on the AHV income from 2019 and applies if there is a decrease in sales of at least 55%.

The city of Zurich has launched the online service "Managing Taxes," which allows residents to manage their taxes around the clock and retrieve payment information. The service promotes the self-management of tax data and is intended to reduce inquiries at the tax office and contribute to debt prevention.

The year is ending and the preparation of the financial statements is imminent, which should clearly present the financial situation to stakeholders. Early preparations, such as collecting documents and making adjusting entries, are essential.

Trustees assist companies with accounting, taxes, and auditing; fiscal representation, IFRS, and other standards aid in providing an overview. Automatic exchange of information and tax optimization are tools for preventing tax evasion and reducing the tax burden.