Swiss companies will no longer be able to deduct tax from bribe payments
( November 11, 2020, 15:00 GMT | Official Statement) -- MLex Summary: Swiss companies will no longer be able to deduct tax from bribes paid to individuals under legislation set to take effect in 2022 in the country. "Bribes paid to private individuals are no longer tax-deductible. This harmonises tax and criminal law. Finally, expenses that make a criminal offence possible or are paid in return for one being committed are no longer tax-deductible," the government said. The changes will bring the country in line with Financial Action Task Force recommendations.Statement follows....
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