Switzerland: Swiss to ban deducting bribes from taxes starting in 2022

Swiss companies will no longer be able to deduct bribes paid to private individuals from their taxes, Switzerland’s government said on Wednesday, according to an update of tax laws due to take effect on Jan. 1, 2022.

Beyond bribes, costs from financing criminal activities or money paid in return for a crime to be committed will also no longer be tax deductible once the legislation takes effect after next year, the government said.

Once the changes take effect, Switzerland said, it will be complying with a recommendation of the OECD’s Financial Action Task Force on Money Laundering.

The article has been summarised and the original full article can be found at uk.reuters.com

 

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