February 2018

On 17 January 2018, the Federal Council opened the consultation process for the proposed law to implement the recommendations of the Global Forum on Transparency and Exchange of Information for Tax Purposes. In particular, the bill proposes the abolition of bearer shares (respectively their conversion into registered shares) and criminal fines for breaches of the duties to notify the ultimate beneficial owner and to keep a corresponding register of ultimate beneficial owners. Companies would under the proposed bill also be required to have an account with a Swiss bank.