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Update - Mutual Understanding on Business Taxation between Switzerland and the EU Initialed — Orbitax Tax News & Alerts

On 1 July 2014, officials from Switzerland and the European Union initialed a mutual understanding on business taxation. As previously reported, the agreement reaffirms the intent of the Swiss Federal Council to propose the abolishment of certain tax regimes, particularly the different treatment of domestic and foreign revenue, and to develop tax measures in line with international standards. As part of the agreement, the EU Member States confirm their intent to remove respective countermeasures as soon as the Swiss regimes in question have been abolished.