Switzerland is one of the most respectable financial centers in Europe. The traditional status of a neutral state, location in the center of Europe, well-established democratic institutions have provided Switzerland with a special position in political map peace. Switzerland is out of military, political and racial conflicts. The upheavals of the twentieth century did not affect its political and economic sovereignty. Political stability and economic prosperity have made Switzerland attractive in the eyes of wealthy people other countries. More than 10% of its permanent residents are foreigners. Bank deposits flock here from all over the world. Switzerland is a transit point for international financial flows. The Swiss franc is one of the world's major reserve currencies.

Swiss banking system is one of the first places in the world in terms of privacy bank deposits. However, the reputation of Switzerland in this area in Lately acquired a somewhat dual coloration. Its authorities are subject to harsh international criticism for "sleeping" deposits in Swiss banks since the Second World War. Swiss banks still keep the financial secrets of this era. According to many, the principle of secrecy and inviolability of bank deposits has come into conflict with international ethical standards. However, the dormant deposit scandal did not have a significant impact on the status of this country as an international center financial transactions. Swiss firms are widely used in a variety of tax and financial planning schemes.

Taxation in Switzerland is generally in line with international standards. Of course, it cannot be classified as an "offshore jurisdiction" in the proper sense of the word. However, in some respects it can be considered as

preferential, especially in comparison with countries such as Germany or France. The federal tax in Switzerland is only 9.8%, and local tax in some cases is allowed to be paid. Switzerland is classified as an "intermediate" type of jurisdiction with a "moderate" tax system. This is due to the fact that there are a number of benefits for certain types of firms. In addition, offshore companies are registered in Switzerland (but not everywhere).

Let's start in order. Switzerland is a confederation. It consists of 26 cantons - small sovereign entities, each of which has its own tax law. This circumstance explains the features tax system confederation as a whole. Tax Liability It is divided into three parts - federal, cantonal and local. This complicates familiarity with the Swiss tax system, but makes possible a number of promising international tax schemes.

The federal tax is levied on a progressive scale and ranges from 3.63 to 9.8%. Cantonal taxes are much higher. They make up 20-30%. Added to this are municipal taxes. For example, the Geneva Commune of the Canton of Geneva levies a tax of 45.5% of the cantonal tax. As a result, the effective tax rate on the profits of a Swiss company often reaches 40%. An essential element of the Swiss tax system is the property tax (net worth tax) -0.8%. It is charged at the federal, and in some cases, at the local level. Withholding tax in Switzerland is 35%. This means that 35% of all dividends distributed to a company with which Switzerland does not have a tax treaty will be withheld.

However, not everything is so gloomy. Switzerland has signed 37 tax agreements on the elimination of double taxation (there is such an agreement with the Russian Federation, which "inherited" it from former USSR). Although the Swiss tax treaty network is inferior to that of the Netherlands, it is considered one of the most favorable in the world. It should be noted that in Switzerland tax incentives provided for manufacturing enterprises, there are "industry" benefits and additional tax gradations for certain types of enterprises. This is especially true for holding and investment type, trading and "service" companies (serving the main company). It is thanks to the favorable conditions that exist in Switzerland for holding companies. it is regarded as an "intermediate" type of jurisdiction. Through it transit of capitals and incomes from them is carried out. This greatly contributes advanced system Schwei tax treaties) (Ariya, as well as its status as a stable and respectable state in the world.

The peculiarity of Switzerland as a country participating in many offshore schemes is that in most cantons so-called "domiciliated" companies are registered, the profits of which will be subject only to federal tax at a reduced rate of 3.63-9.8%. Such a company must comply with classic offshore principles (not be resident, not do business in Switzerland, not have an office, staff and real estate in Switzerland). As can be seen from the status, such a firm is close to typical offshore firms. It is distinguished only by the presence of a small tax (however, it is quite comparable, for example, with the tax on Cypriot offshore companies (4.25%)). At the same time, the Swiss firm has a more respectable image than any other offshore company.

However, the possibilities of Swiss jurisdiction in the field of offshore business are not limited to this. In some cases, the domiciled company has the right to maintain a real office and staff. The command and control center will quite officially (although not necessarily really) be located in this country. Such an opportunity exists in the Swiss canton of Friborg. Resident status gives you the opportunity to take advantage of the wide network of tax treaties that Switzerland has. Zug and Neuchâtel are also among the privileged cantons in Switzerland.

Issues of taxation of domiciled firms in different cantons are solved differently. In a number of cantons, such a company can conduct part of its operations in Switzerland itself while maintaining a preferential status. However, the share of such transactions is limited. For example, in some cantons, tax incentives are provided on the condition that at least 80% of the operations of a trading and purchasing firm must be carried out outside the country. Otherwise, the tax rate will increase to 20%.

trading companies. This country has very favorable conditions for trading operations requiring both resident status and preferential taxation. Main Feature Swiss trading company is that with a low income tax, this type of firm can be managed in Switzerland, i.e. she has a real resident status. However, like "offshore" firms in other jurisdictions, commercial operations a Swiss company must conduct outside the country. In addition, it has a favorable trading environment on the European continent. geographical position because it is located in the center of Europe. The customs border of Switzerland is "transparent" for trade transactions with the European Union. The Swiss trading and intermediary company can be used for the wholesale purchase of goods in various European countries for the purpose of subsequent import to Russia. Not to be overlooked are the tax incentives for industrial businesses and productive investments that are granted in some Swiss cantons. Relying on tax incentives, a domiciled trading company in Switzerland can acquire infrastructure and gradually grow into a European industrial and trading company.

Holdings. Switzerland is the second largest "holding" jurisdiction in the world (after the Netherlands). Special exemptions for holding companies are based on the following provisions. The holding company receives incentives if it owns a shareholding worth more than 2 million Swiss francs. federal taxes in this case, they are reduced in proportion to the share of dividends in the total income of the company.

Holding privileges are reinforced at the regional level. Investment income in many cantons is tax deductible. However, Swiss double tax treaties for holding companies contain a number of restrictions. They come down to the requirement that a certain part of the concessional income "remain" in Switzerland. No more than 50% must be exported outside the country in the form of costs, royalty payments and interest. At least 25% of income must be paid in the form of a dividend. Equity company should not be less than 8% of the level of its debt. In general, the conditions of the Swiss holding jurisdiction are considered less favorable than those that exist in the Netherlands.

Service firms. In Switzerland, a special type of companies are registered, which are used to register headquarters from foreign offices of international companies. These "service" companies serve the operations of the parent firm. Taxable income is determined based on a rate of 10% of office expenses and is purely an estimate.

A company in Switzerland is an attribute of a serious business, one of the ideal places to set up a foreign office of the parent company. In addition to considerations of prestige, such a solution also has a number of purely economic benefits. After all, taxation can be at a level close to that of offshore companies. At the same time, it will enjoy the benefits of tax treaties that are not available to them. While the tax treaty with Russia does not provide much benefit, there is the possibility of taking advantage of bypass routes, such as through the Netherlands. In addition, it will be able to carry out the functions of an "intermediate" holding of the parent company, to coordinate investments in Europe and abroad. No jurisdiction in the world provides such a set of advantages. In conclusion, it should be noted that having your own company or real estate does not provide any immigration privileges. However, you can get a six-month visa to live in the Confederation.

The Swiss franc is the currency of Switzerland and Liechtenstein. The international designation of the currency is CHF (from Confederatio Helvetica, the Roman name for Switzerland). Code according to ISO 4217 CHF, or 756. Denoted by the symbols Fr, sFr. In Switzerland itself, the symbol for the franc is Fr or sometimes SwF.

Switzerland is divided into 4 language regions: German, French, Italian and Romansh. That's why banknotes and signed in the listed languages: on the front side of the banknote there are inscriptions in German and Romansh, and on the back - in French and Italian. The name of the currency is written as follows:
- franken (in German);
- franc (in French and Romansh);
- franco (in Italian).

The name of the Swiss national currency is borrowed from France, which is explained by a long political and economic influence to Switzerland from its neighbor in the Middle Ages. However, today in Europe only the Swiss currency is called the franc.

One Swiss franc is equal to 100 centimes (in French), in German they are called rappen, in Romansh - raps, in Italian - centesimo. IN cash circulation there are coins in denominations of 1 (issue discontinued in 2006), 2 (issue discontinued in 1974), 5, 10 and 20 centimes, 1/2, 1, 2 and 5 Swiss francs, banknotes 10, 20, 50, 100, 200 and 1000 Swiss francs.

The Swiss economy ranks 19th among largest economies peace. Although its economy is relatively small, Switzerland is one of the wealthiest countries in the world in terms of GDP per capita. It is a prosperous and technologically advanced country, more stable than major countries. Switzerland's prosperity is mainly due to its technological expertise in manufacturing, tourism and banking. The country is the world's largest destination for offshore capital. This has created a large and highly developed banking and insurance sector, employing over 50% of the population and generating over 70% of the total GDP.

HISTORY OF THE SWISS FRANK

As monetary unit In the Helvetic Republic, the Swiss franc was first introduced in 1798. However, already in 1803, in connection with the liquidation of the republic, its release was discontinued.

Until 1850, more than 75 different institutions were engaged in the manufacture of coins in Switzerland, including 25 cantons and half-cantons, 16 cities, abbeys. There were about 860 types of various coins in circulation, of various values and denominations.

The new constitution of 1848 stipulated that the new Federal government will be the only institution in Switzerland to issue money. Two years later, the federal law on the monetary system, adopted by the federal assembly on May 7, 1850, came out, which decided that the franc is the monetary unit of Switzerland.

The modern Swiss franc appeared in 1850 and was equal in face value to the French franc.

In 1865, France, Belgium, Italy and Switzerland united in the Latin Monetary Union and agreed to exchange their national currencies in the ratio of 4.5 grams of silver for 0.290322 grams of gold. Even after the monetary union lost its power in the 1920s and ceased to exist in 1927, Switzerland maintained this ratio until 1967.

In 1907, Switzerland created its own National Bank, which was entrusted with a monopoly on the production of money.

With the outbreak of the First World War, many countries, Switzerland among them, retreated from the gold standard, seeking to cover military expenses with the printing press, despite the inflationary risk that this enterprise. However, immediately after the war, Switzerland, along with other small countries in Europe, avoided the crisis of hyperinflation by deciding to quickly return to the gold standard and the currency parity of 1914. Even before the end of the First World War, in 1918, the Swiss National Bank was the first in Europe to increase its discount rate.

For all the time of its existence, the devaluation of the Swiss franc occurred only once, it happened in 1936, and at the same time in a rather small amount, by only 30%. The reason for this event was economic crisis in the United States of America.

A significant strengthening of the Swiss franc occurred during the Second World War, since the country's financial institutions were not affected during the hostilities, and its banks were used as storage of gold and foreign exchange reserves by some warring countries.

In 1945, Switzerland enters the Bretton Woods monetary system and thus the franc is pegged to the US dollar. The franc was set at 4.30521 per dollar, which equaled 0.206418 grams of fine gold.

The Bretton Woods was replaced by the Jamaican in 1967. monetary system, which let the dollar float freely. In the face of economic instability, Switzerland, following the United States and Japan, is also introducing a floating exchange rate.

The Swiss franc has traditionally been classified as an offshore currency, with zero inflation and legally secured gold and foreign exchange reserves of at least 40%. However, this peg to gold, introduced in the 1920s, was abolished on 1 May 2000 due to amendments to the Swiss Constitution.

The first series of Swiss francs 1907 issue. When issuing this series, old denominations of the cantons were often used, on which they simply added inscriptions and overprinted a red rosette with a Swiss cross.

The second series of Swiss francs 1911 issue. The banknotes were issued between 1911-1914 and withdrawn from circulation in 1956-1957. The 5 franc note was in circulation until 1980.

The third series was only partially released. Several denominations (100, 20) were presented in several versions in 1918. The rest did not make it into circulation at all.

Fourth series of Swiss francs 1938 issue. However, the banknotes were never put into circulation and became a reserve series.

The fifth series of Swiss francs 1954 - 1961 of issue. Banknotes of this series for the first time in the history of Swiss bonistics formed a thematic and formal unity - a portrait on the front side and design motifs reverse side were linked historically and thematically.

The sixth series of Swiss francs 1976 - 1979 of issue. In the late sixties of the last century, the Swiss National Bank completely revised its policy in the field of design and production of banknotes. He took over the planning and production of banknotes. The design of this series of francs is fundamentally different from the design of the previous series - the obverses of the banknotes feature portraits of Swiss historical figures.

The seventh (reserve) series of Swiss francs 1983 - 1985 of release. Banknotes of this series were never put into circulation, the series became a reserve.

The eighth series of Swiss francs 1994 - 1998 of release. In selecting the historical figures featured on this series of banknotes, the Swiss National Bank was guided by consideration of interdisciplinary art forms: architecture, music, literature, poetry, and taking into account the linguistic and cultural diversity in Switzerland. Graphic artist who designed the Series 8 notes: Jörg Sintzmeier. The banknotes of this series were printed in Zurich at the Orell Fussli factory.

In 2005, the Swiss National Bank held a competition to determine the design of the ninth series of banknotes. The competition was won by Manuel Krebs, but his designs, which include descriptions of blood cells and embryos, were met with enough opposition from the general public to discourage the bank from going ahead with them. As a result, the ninth series of Swiss franc banknotes will be based on designs by runner-up Manuela Pfrunder.

Initially, the new banknotes were supposed to go into circulation in 2010, but then the deadline was postponed several times. The National Bank attributes the delay to "unexpected technical problems" that may be related to the production of special paper.

Representatives of the Swiss National Bank assure that the new paper francs will see the light in 2016, but it is possible that there will be another delay, as it has already happened several times.

Reserve currency

The Swiss franc is a freely convertible currency, is included in the CLS (Continuous Linked Settlement) list - it is international system for making payments on conversion operations, valid for member countries of the International Monetary Fund (IMF).

The Swiss franc is unofficially recognized as a key reserve currency along with the US dollar, euro, pound sterling and Japanese yen. But, as a rule, the share of all foreign exchange reserves in Swiss francs does not exceed 0.3%.

The Swiss National Bank (SNB) is the central bank of Switzerland. It is a completely independent central bank with a three-member committee responsible for determining monetary policy. The Bank issues banknotes, regulates the volume of money circulation and loans, organizes non-cash payments. The Swiss National Bank is the only financial institution issuing the national currency.

Switzerland is the fourth largest official gold custodian in the world. Previously, the Swiss constitution included a provision requiring the country's currency to be backed by 40% gold reserves. Despite the repeal of this provision, the link between gold and the Swiss franc is deeply ingrained in the minds of Swiss investors. As a result, the Swiss franc has an almost 80% positive correlation with gold. If the price of gold rises, then there is a good chance that the Swiss franc will rise as well. In addition, since gold is seen as the highest form of "safe haven" of money, gold and the Swiss franc benefit in times of global economic and geopolitical uncertainty.

The popularity of CHF on the forex exchange is due to the low discount rate this currency, so it is used mainly for operations in the carry trade system and for hedging when insuring risks. CHF is the 5th most traded currency in the world. The Swiss franc is very sensitive to events taking place in the euro zone. Forex trading is mainly used currency pairs CHF/JPY, EUR/CHF and USD/CHF operations in this currency account for about 5% of the total turnover of the forex market.

MODERN BANKNOTES OF THE SWISS FRANK
(8th series release)

Banknotes have a rather original design and a horizontal arrangement of portraits, drawings and digital denominations both on the obverse and on the reverse. The obverse of Swiss banknotes features stylized portraits of the country's outstanding artists.

10 Swiss francs. Size: 74x126 mm. Colors: brown-orange, blue.

Obverse: portrait of the Swiss artist and architect Le Corbusier (1887-1965). French architect born in Switzerland and famous for his pioneering introductions to architecture and construction.

Reverse: image of the Palace of Justice in Chandigarh, the facade of the Modulor secretariat building. In circulation since April 8, 1997.

20 Swiss francs. Size: 74x137 mm. Colors: red-violet on a multicolor background.

Obverse: portrait of the Swiss composer Arthur Honegger (Arthur Honegger, 1892-1955), whose name is the conservatory in Le Havre (France).

Reverse: locomotive, a fragment of musical notation of Honegger's "Pacific 231". Put into circulation on October 1, 1996.

50 Swiss francs. Size: 74x148 mm. Colours: olive green and purple on a multicolor background.

Obverse: portrait of the Swiss artist and sculptor Sophie Taeuber-Arp (Sophie Taeuber-Arp, 1889-1943).

100 Swiss francs. Size: 74x159 mm. Colors: blue and magenta on a multicolored background.

Obverse: a portrait of the Swiss sculptor and artist Alberto Giacometti (Alberto Giacometti, 1901-1966), a street in the city of Kure is named after him.

Reverse: works by Giacometti "Lotar II", "Homme Qui Marche". Put into circulation on October 1, 1998.

200 Swiss francs. Size: 74x170 mm. Colours: brown and purple on a multicolored background.

Obverse: Portrait of the Swiss writer Charles Ferdinand Ramuz (1878-1947). Many places in Switzerland are named after him, as well as the Ramyu Foundation, on behalf of which prizes are awarded.

1000 Swiss francs. Size: 74x181 mm. Colors: magenta and violet on a multicolor background.

Obverse: portrait of the Swiss historian Jacob Burckhardt (1818-1897).

Swiss francs have excellent counterfeit protection. Since 1976 and still no attempts to fake them have been recorded. Banknotes are decorated in a rather rich style with many small details and distinctive points. In addition, there is a whole set of fairly common means of protection against counterfeiting. The Swiss franc is one of the most secure currencies.

In the near future, the country intends to change the design of banknotes and strengthen the degree of protection. There are already options for a new design, perhaps more attractive than today's.

coins

All coins of Switzerland have a regular round radial shape. Coins in denominations of 5 rapen are minted from an aluminum-nickel-copper alloy, and coins of all other denominations are minted from an alloy of copper and nickel. On the reverse of the coins in denominations of 5, 10 and 20 rapenes (centimes) the profile of the head of the statue of the Roman goddess of freedom Libertas is minted, in denominations of 0.5 francs, 1 franc and 2 francs - a statue of the Roman goddess of liberty Libertas with the national symbols of Switzerland, and in denominations of 5 Franks - a portrait of the national hero of Switzerland, William Tell. On the reverse of Swiss coins, their digital face value and the year of the issue series are minted in the center, which is framed by a wreath of branches of either oak or grapes.

Rapen coins are made with a smooth edge and only half a franc and above with a ribbed edge. On the face value of 5 francs, in addition to the ribbed edge, there is the inscription "DOMINUS PROVIDEBIT" and thirteen stars.

The issue of coins is handled by the federal mint. In addition to banknotes for simple circulation, he issues commemorative coins containing precious metals or bimetallic and depicting national treasures, important events. For commemorative coins only denominations of 10, 20 and 50 francs are used.

Note to tourists

Guests and tourists arriving in Switzerland and Liechtenstein can exchange their currency for Swiss francs without quantity restrictions at the branches of numerous national and foreign banks, which are located almost everywhere, as in major cities and tourism centers. When exchanging state tax not charged in Switzerland or Liechtenstein. export Swiss currency outside the countries of the customs union, it is also possible without limiting its quantity, since it is freely convertible.

Most shops accept francs, but prices are often written in euros (for the convenience of tourists). You may be refused to pay for purchases with euros, although many stores accept euros. In stores, you can also pay with Visa, Mastercard.

In Switzerland, the exchange rate is higher than abroad, so it is better to exchange money in your own country. Currency can also be exchanged at the airport, exchange offices, train stations or banks. The hotel usually has the most unfavorable exchange rate. When buying tickets for trains and buses, the ATM does not accept paper money and coins with a face value of 5 rappen. Maximum amount ATM withdrawals up to 1000 francs.

Switzerland is one of the most respectable financial centers in Europe. The traditional status of a neutral state, location in the center of Europe, well-established democratic institutions have provided Switzerland with a special position on the political map of the world. Switzerland is out of military, political and racial conflicts. The upheavals of the twentieth century did not affect its political and economic sovereignty. Political stability and economic prosperity have made Switzerland attractive to wealthy people in other countries. More than 10% of its permanent residents are foreigners. Bank deposits flock here from all over the world. Switzerland is a transit point for international financial flows. The Swiss franc is one of the world's major reserve currencies.

The Swiss banking system is one of the first in the world in terms of the level of confidentiality of bank deposits. However, Switzerland's reputation in this area has recently become somewhat ambivalent. Its authorities are subject to harsh international criticism for "sleeping" deposits in Swiss banks since the Second World War. Swiss banks still keep the financial secrets of this era. According to many, the principle of secrecy and inviolability of bank deposits has come into conflict with international ethical standards. However, the dormant deposit scandal did not have a significant impact on the country's status as an international center of financial transactions. Swiss firms are widely used in a variety of tax and financial planning schemes.

Let's start in order. Switzerland is a confederation. It consists of 26 cantons - small sovereign entities, each of which has its own tax legislation. This circumstance explains the features of the tax system of the confederation as a whole. Tax liability is divided into three parts - federal, cantonal and local. This complicates familiarity with the Swiss tax system, but makes possible a number of promising international tax schemes.

However, not everything is so gloomy. Switzerland has signed 37 tax agreements on the elimination of double taxation (there is such an agreement with the Russian Federation, which "inherited" it from the former USSR). Although the Swiss tax treaty network is inferior to that of the Netherlands, it is considered one of the most favorable in the world. It should be noted that in Switzerland tax incentives are provided for manufacturing enterprises, there are "industry" benefits and additional tax gradations for certain types of enterprises. This is especially true for holding and investment type enterprises, trading and "service" companies (serving the main company). It is thanks to the favorable conditions that exist in Switzerland for holding companies. it is regarded as an "intermediate" type of jurisdiction. Through it transit of capitals and incomes from them is carried out. This is largely facilitated by the developed system of tax agreements Shwei) (arias, as well as its status as a stable and respectable state in the world.

The peculiarity of Switzerland as a country participating in many offshore schemes is that in most cantons so-called “domiciliated” companies are registered, the profits of which will be subject only to federal tax at a reduced rate of 3.63-9.8%. Such a company must comply with classic offshore principles (not be resident, not do business in Switzerland, not have an office, staff and real estate in Switzerland). As can be seen from the status, such a firm is close to typical offshore firms. It is distinguished only by the presence of a small tax (however, it is quite comparable, for example, with the tax on Cypriot offshore companies (4.25%)). At the same time, the Swiss firm has a more respectable image than any other offshore company.

trading companies. In this country, there are very favorable conditions for trading operations that require both a resident status and preferential taxation. The main feature of the Swiss trading company is that with a low income tax, this type of company can be managed in Switzerland, i.e. she has a real resident status. However, like “offshore” firms in other jurisdictions, a Swiss company must conduct commercial operations outside the country. In addition, it has a favorable geographical position for trading operations on the European continent, since it is located in the center of Europe. The customs border of Switzerland is "transparent" for trade transactions with the European Union. The Swiss trading and intermediary company can be used for the wholesale purchase of goods in various European countries for the purpose of subsequent import to Russia. Not to be overlooked are the tax incentives for industrial businesses and productive investments that are granted in some Swiss cantons. Relying on tax incentives, a domiciled trading company in Switzerland can acquire infrastructure and gradually grow into a European industrial and trading company.

Holdings. Switzerland is the second largest "holding" jurisdiction in the world (after the Netherlands). Special exemptions for holding companies are based on the following provisions. The holding company receives incentives if it owns a shareholding worth more than 2 million Swiss francs. Federal taxes in this case are reduced in proportion to the proportion of dividends in the total income of the company.

Holding privileges are reinforced at the regional level. Investment income in many cantons is tax deductible. However, Swiss double tax treaties for holding companies contain a number of restrictions. They come down to the requirement that a certain part of the concessional income "remain" in Switzerland. No more than 50% must be exported outside the country in the form of costs, royalty payments and interest. At least 25% of income must be paid in the form of a dividend. The company's equity capital must not be less than 8% of its debt level. In general, the conditions of the Swiss holding jurisdiction are considered less favorable than those that exist in the Netherlands.

A company in Switzerland is an attribute of a serious business, one of the ideal places to set up a foreign office of the parent company. In addition to considerations of prestige, such a solution also has a number of purely economic benefits. After all, taxation can be at a level close to that of offshore companies. At the same time, it will enjoy the benefits of tax treaties that are not available to them. While the tax treaty with Russia does not provide much benefit, there is the possibility of taking advantage of bypass routes, such as through the Netherlands. In addition, it will be able to perform the functions of an "intermediate" holding of the parent company, to coordinate investments in Europe and abroad. No jurisdiction in the world provides such a set of advantages. In conclusion, it should be noted that having your own company or real estate does not provide any immigration privileges. However, you can get a six-month visa to live in the Confederation.

Profit of companies - residents of Switzerland, including dividends received, interest, royalties, as well as profit from sales non-current assets subject to corporation tax. To clarify, a company is recognized as a tax resident of Switzerland if it is incorporated in this state, has a permanent establishment or is effectively managed and controlled from Switzerland. Generally the tax base Swiss corporate tax is formed according to the rules similar to Russian ones. That is, the company's income is reduced by the amount of reasonable expenses.

The corporate tax rate consists of two parts. The federal part is charged at a flat rate of 8.5 percent. However, in accordance with existing rules, the tax is not calculated from profit, but is extracted from it. Therefore, the effective tax rate is 7.83 percent.

Cantonal or municipal rates vary in each individual canton. The lowest regional corporate tax rates were set by the cantons of Appenzell-Auserrhoden and Obwalden - 6 percent. Thus, we can say that the total effective corporate tax rate in Switzerland ranges from 12.7 (100%: (100% + 8.5% + 6%) x (8.5% + 6%)) to 24.2 percent depending on the canton and municipality where the taxpayer is located. The average value in 2008 was 19.2 percent.

The Swiss Confederation includes 26 cantons, they include 3030 communities, which are separate cities or villages.
The activities of the cantons are limited federal laws only in a few areas - defense, foreign policy and the economic policy of the entire confederation. In all other respects, the cantons are independent.

The three-stage management system assumes the existence of budgets at each level. To be sure, Switzerland's budget surplus is likely to remain above 4 billion Swiss francs, Swiss Finance Minister Hans-Rudolf Merz said. Commenting on the current year, he said that very high expenditures of about 5 billion francs should be expected. Previously, Switzerland's budget surplus was expected at 3.4 billion francs in 2007 and 1.2 billion francs in 2008.

there are no legislative acts, unlike other countries.

In Switzerland, as in other countries, the so-called financial equalization is applied, that is, the cantons that are strong in terms of taxation transfer part of their funds to the weak cantons. The same thing happens at the community level.

About half of the confederation's direct taxes, which make up 20-30% of its income, are redistributed, although there are no provisions in the financial equalization law. The exact size of the redistribution is discussed at the meeting of financial directors of the cantons.

The tax system in Switzerland has some features that distinguish it from others European countries. First of all, this is the autonomy of the cantons in relation to taxes. Another feature is the competition among the cantons, since each of them independently determines the tax rates applicable in its territory. If tax rates are raised, the canton will receive more Money, but, on the other hand, due to tax rates its population may simply move to a cheaper canton. This is the competition between the tax systems of different cantons and is effective tool lower tax rates throughout Switzerland.

Taxes levied on private and legal entities do not exceed 35% in Switzerland.

The main type of tax income tax. Its size, charged from individuals or legal entities, ranges from 2 to 5%. There are indirect types of taxation, for example, a tax on goods turnover. There are taxes that do not matter much, for example property tax. All these types of taxes exist at three different levels: federation, cantons and communities.

Another type of tax - offset is taken, taken from turnover valuable papers. It allows you to secure the entire tax system. This tax is taken from capital gains (at the time of their occurrence), but is returned to taxpayers at the end of the year. This is done so that the investor could not hide income from taxation. If all taxpayers paid their taxes honestly, then at the end of the year the offset tax would be fully returned to them. If the state receives this credit tax, for example, from securities that will not be declared anywhere else as income, this tax goes to the state and is not returned to the taxpayer.

Indirect taxes the confederation receives, but the direct cantons and communities.
As a rule, about 70% of all tax revenues go to the cantons and communities, and about 30% to the confederations. Taxes received by the confederate budget, as it were, intersect with cantonal taxes. There is also double taxation of the same objects.

The most important feature Switzerland's tax system is a generalized interpretation of tax laws. There are universal provisions here that give tax officers ability to interpret tax laws. Economic considerations are taken into account in the first place (before legal ones, for example). Any legal constructions, a favorite means in Switzerland, as in any other country,

become secondary when economic considerations arise.

Taxpayers are considered to be any individuals or legal entities - residents residing in the country, and legal entities - non-residents located abroad, whose enterprises are located in the territory
Switzerland. They are also subject to taxation.

The basis for income taxation is balance sheet data, each company must publish them. Double taxation takes place: profit is taxed, on the one hand, already at the level of the enterprise itself, and on the other hand, at the time of its distribution. Shareholders are also required to pay income tax.

When calculating profits, allowable or seemingly justified expenses are deducted from all income received by the enterprise, the Entrepreneur, for his part, will try to include a large amount of expenses, and tax inspector- shorten it. The two parties, after discussion, eventually come to a unanimous decision. This system works quite well.
The tax is levied once a year, based on averages over two previous years. This is made specifically for

avoid strong fluctuations in taxation.

There is a capital tax levied at the beginning of the tax year at a progressive rate. Its size is small

to negatively affect the functioning of capital.

1. Monetary credit system Switzerland

Switzerland is a country of banks. There is one bank per 1.5 thousand inhabitants. There are 140 branches of large foreign banks in the country. The Swiss banking system unites more than 500 banking organizations.

All Swiss banks are traditionally divided into three main groups:

* the largest national banks - Union Bank SF Svittseland (Union Bank of Switzerland), Suiss Bank Corporation (Suiss Bank Corporation) and Suiss Credit Bank (Suiss Credit Bank);

* cantonal, local and savings banks, mainly working with local depositors in their regions. They also provide loans and carry out settlement and cash operations;

* private banks, the main activity of which is the management of investment portfolios.

Considering only the Swiss banking system does not full view about the originality and wide possibilities of capital investment in this country. The Swiss credit system also includes financial companies. They are divided into:

* companies that do not accept deposits, but perform other banking operations.

They are subject to the regulation of only some articles of this legislation.

A distinctive feature of the Swiss banking system is the strict control over the activities of banks and investment companies. Since the Second World War there has not been a single case of bankruptcy in Switzerland. Control over banks has a three-stage structure and is carried out by the Federal banking commission, the National Bank and the Swiss Banking Association.

The activities of banks, their regulation and control are carried out in accordance with the Federal banking law on banks and savings banks of November 8, 1934. The main purpose of the Law is to protect the interests of the client.

A banking license is issued by the Federal Banking Commission only if the bank meets all the requirements of the Act. Exceptions are not allowed. In the event that violations of the Law are found, the issued license may be immediately revoked.

Another feature that determines the high rating of Swiss banks is bank secrecy. Secrecy of deposits is protected in Switzerland by both civil and criminal law. A bank that fails to keep its customers' secrets can be licensed, and employees who disclose such information face jail terms of up to six months or a fine of up to 50,000 Swiss francs. Banking information can only be disclosed to government authorities if there is evidence (not suspicion!) of the client's involvement in a criminal offence. At the same time, tax evasion is not considered a crime in Switzerland. Violation currency regulation other countries also does not fall under Swiss criminal law in the category of crimes.

The features of the Swiss banking system should also include the functioning of the Banking Committee.

The Banking Committee is an independent body that is not subordinate to either the government or the National Bank. The Committee monitors compliance by banks with the Law on banking, a set of rules and established standards. It is designed to protect the interests of shareholders. The Committee in its activities relies on independent audit services that are located outside the bank, as well as on internal audit jar. The Committee has the right to express its opinion when appointing people to senior banking positions. Switzerland attaches great importance to the activities of this body. Decisions of the banking committee are binding.

Money turnover. The national currency of Switzerland is the Swiss franc. The Swiss franc is also the official tender of Liechtenstein. The international designation of the currency is CHF. The issue of banknotes is carried out by the Central Bank of Switzerland and the Swiss National Bank, coins are minted by the Swiss Mint.

In cash circulation of the country there are denominations of 10, 20, 50, 100, 500 and 1000 francs, as well as coins of 1/2, 1, 2 and 5 francs, 1, 5, 10 and 20 centimes (issue of a coin of 1 centime, discontinued in 2006).

Switzerland is divided into 4 language regions: German, French, Italian and Romansh. Therefore, banknotes are signed in the listed languages: on the front side of the banknote there are inscriptions in German and Romansh, and on the back - in French and Italian.

In the four official languages of the state, the name of the currency is as follows: Franken (in German), franc (in French and Romansh), franco (in Italian). The hundredth part of a franc is called Rappen (Rp.) in German, centime (c.) in French, centesimo (ct.) in Italian, and rap (rp.) in Romansh.

Swiss paper money has excellent counterfeit protection. Since 1976 and still no attempts to fake them have been recorded.

On the front sides Swiss banknotes portraits were placed: on 10 francs - Le Corbusier (Janeret, Charles Edouard), on 20 francs - Arthur Honegger, on 50 francs - Sophie Tauber-Arp, on 100 francs - Alberto Giacometti, on 200 francs - Charles Ferdinand Ramyu, on 1000 francs - Jacob Burckhardt.

In many Swiss stores you can pay in euros and dollars at the exchange rate. You can exchange currency in banks, exchange offices, at airports, train stations. Traveler's checks and credit cards are accepted for payment within the state.

Banks are open from 8.00 to 12.00 and from 14.00 to 16.30. It is better to change money abroad than in Switzerland itself, where the exchange rate of the national currency is slightly higher.

Switzerland is one of the most expensive countries in Europe and Geneva is the most expensive city in Switzerland.

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Yugra State University

Institute of Economics and Finance

Department of Finance, money turnover and credit"

in the discipline "Money, credit, banks"

Swiss Monetary System

Student Group

Khanty-Mansiysk - 2010

It is worth saying that the country is very developed, and in the past it developed very intensively and progressively.

Everything accordingly began with the use of coins that were made on the territory of the country.

In itself, the history of the development of the monetary system is quite original and interesting.

The Swiss franc appeared in 1850 and was equal in face value to the French franc. It replaced the various currencies of the Swiss cantons, some of which by then used the franc (divided by 10 batsen or 100 centimes), which cost was equal to 1.5 French francs.

Until 1850, more than 75 different institutions were engaged in the production of coins in Switzerland, including 25 cantons and semi-cantons, 16 cities, abbeys. There were about 860 types of various coins in circulation, of various values and denominations. Moreover, in 1850, national currencies accounted for only 15% of the total money in circulation, and the rest was foreign currencies, mainly brought by merchants. In addition to this, some private banks began issuing the first banknotes, so that the total number of coins and banknotes in circulation was 8,000. This made the monetary system extremely complex.

To solve this problem, the new Swiss Federal Constitution of 1848 stipulated that the new Federal Government would be the only institution in Switzerland to issue money. Two years later, the federal law on the monetary system, adopted by the federal assembly on May 7, 1850, came out, which decided that the franc is the monetary unit of Switzerland.

In 1865, France, Belgium, Italy and Switzerland united in the Latin Monetary Union and agreed to exchange their national currencies at a rate of 4.5 grams of silver for 0.290322 grams of gold. Even after the monetary union lost its power in the 1920s and ceased to exist in 1927, Switzerland maintained this ratio until 1967.

As of January 20, 2006, the Swiss franc was worth USD 0,7746, € 0.6367 and RUB 21.424. Since mid-2003, the Swiss franc has stabilized against the euro at CHF 1.55 per euro, so the Swiss franc, like the euro, rose and then fell against the US dollar.

The Swiss franc has traditionally been classified as a tax haven or offshore currency, with zero inflation and legally secured gold reserves of at least 40%. However, this peg to gold, introduced in the 1920s, was abolished on 1 May 2000 due to amendments to the Swiss Constitution. The devaluation of the Swiss franc was recorded only on September 27, 1936 and was caused by the Great Depression, when the franc depreciated by 30% following the devaluation of the pound sterling, the US dollar and the French franc.

Small centimes (1 and 2) have long gone out of circulation (all prices in Switzerland are rounded to 5 centimes), but are still being minted. Their design was completely changed in 1948, and before that it had been constant since 1850.

The design of large centimes (from 5 to 20) remained the most stable: since 1879/81 it has not changed, only 5 centimes have become yellow since 1981. By the way, the reverse of large centimes has remained unchanged since 1850, and their obverse at first was the same as that of small ones.

Franc coins (from 1/2 to 2 francs) began to be minted in their current form in 1874/75. Changes over these almost 140 years were minimal: in 1968 they were no longer minted from silver, in 1982 they changed the orientation of the reverse to a medal*, and in 1983 another star was added around the perimeter of the obverse in connection with the formation of the 23rd canton Yura.

Five-franc coins were the least fortunate: at first (from the 1850s to the 1870s) they had the same design as other francs in the 1850s, but then they changed it and in 1888-1916 they had their own. In 1922, they again changed the design, which has survived to this day with various minor changes, including a change in the orientation of the reverse.

For small centimes and francs, the inscription on the obverse reads "Helvetia", that is, Helvetia is the Latin and Romansh name for Switzerland. On large centimes and five-franc coins, the name is written in full: "Confoederatio Helvetica" - Swiss Confederation.

Commemorative and thematic commemorative coins are issued irregularly, usually in denominations of 10, 20 and 50 francs, for example:

10 francs: bimetallic, center - copper-nickel, ring - aluminum bronze, 2005 issue; Description - Mount Jungfrau

10 francs: bimetallic, center - copper-nickel, ring - aluminum bronze, 2009 issue; Description - Swiss National Park

20 francs: silver, 2007 issue; Description - Fortress Munot

50 francs: gold, 2004 issue; Description - Mount Matterhorn

International designation: CHF

Denomination of banknotes in circulation: 10, 20, 50, 100, 500 and 1000 francs