Swiss to lower tax burden for hedge funds

Reuters – Switzerland plans to ease the tax burden for hedge funds and private equity funds and soften regulations for investment funds in a first step to boost its standing among other financial centres.

The goal is to get the tax burden for hedge funds and private equity funds in line with taxes of 15 to 20 percent in competing centres like London or New York, the chairman of the Swiss Bankers Association Urs Roth told journalists on Friday.

Peter Siegenthaler from the Federal Finance Administration said up until now taxation varied widely due to different application of local, state and federal tax rules, putting Switzerland at a disadvantage with other financial centres competing for the growing hedge fund industry.

The Federal Tax Administration will ask tax collectors to clarify tax-related problems linked to performance fees and carried interest, to make the Swiss tax environment "competitive", the joint committee of Swiss financial sector associations and the government said in a statement.

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