Switzerland Delays Withholding Tax Reform

On 24 June 2015, the Swiss Federal Council posted an announcement that it has decided not to move forward with a proposed reform of the country's withholding tax system that would have included a switch from the debtor principle to the paying agent principle.

According to the announcement, the Council will instead propose an extension of the temporary tax exemption for contingent convertible bonds and write-off bonds. A similar exemption would also be established for bail-in bonds. All of t…