PwC’s guide to making your controls landscape more effective and efficient front to back

Within the financial services industry, one of the conventional wisdoms since the global financial crisis goes like this: Regulators imposed new regulations that forced financial institutions to introduce policies, controls and other risk-management-related activities to minimise risk and be compliant. Having lived through a few of these major exercises ourselves, we know first-hand how dominant this topic has been in the past. Financial institutions instantly responded to every new regulatory requirement or major industry incident by layering on yet more controls, policies, governance and other rules – without considering the impact across the business or what was already in place.

Internal controls became the critical component of risk and regulatory projects and a major investment in themselves. Budgets were allocated generously and transferred from strategy- and business-related projects.

These days, the same institutions are going through tough cost-cutting exercises touching all aspects of the bank and its business, with risk and compliance no longer exempt. Improving the efficiency and effectiveness of controls without increasing the risk profile is now one of the greatest challenges and opportunities a financial institution has to face. The key to success is to respond to escalating regulatory demands wisely by optimising the necessary controls while reducing or at least containing costs.

The first hurdle to overcome when addressing this topic is a reticence when it comes to reducing or re-engineering control activities. Despite the high pressure to reduce the cost of controls, the cost of non-compliance is still prohibitively high in many cases. A key success factor to any control streamlining exercise is to demonstrate that you’re able to do so safely and within your risk appetite. We recommend opening the narrow focus of a division or risk taxonomy and concentrating on a broader front-to-back view of controls. The goal is to establish an efficient separation of duties, determine and invest internal control resources in top priority issues, and increase reliance on automated and system-supported controls.

We encourage everyone to dive deep into the topic right now, starting by asking…

Some key questions related to controls:

  • Does your control landscape reflect your current risk appetite?
  • How can the effectiveness and efficiency of controls be measured and made transparent?
  • Have you struck the right balance between preventive, detective and reactive controls?
  • Are there too many control layers?
  • Are controls performed by the right resources, functions and locations?
  • What controls-related activities can be automated or outsourced?

The drivers for a control review vary, but typically include improving client experience by shortening lead and lag times, and streamlining the effort that goes into controls-related activities in all parts of the organisation while remaining within risk appetite. The key is to determine the right balance between the cost of controls and the cost of being non-compliant − or in other words the cost of execution, monitoring and testing, and the frequency of events and their financial impact. The following four-step approach will give you some guidance once you’re ready to start improving your controls efficiency and effectiveness:

Objectively analyse and score the current state

The first step is to identify the controls that are currently in place and understand how they map to the underlying front-to-back process selected for review. This is not always easy, as many institutions organise their controls by other dimensions such as risk taxonomy or regulatory requirement. The controls identified are then assessed and scored based on their importance, efficiency and effectiveness. On the basis of this analysis you can identify the opportunities for improvement and state the case for change.

Design the future state and work out opportunities for improvement

One key aspect has to be considered before starting with the design: As soon as the various opportunities have been identified, the respective stakeholders should be involved to recognise the opportunities as such. Only once you have a common understanding of the opportunities does it make sense to start designing the future state and analysing the cost/benefit relation by including the current baseline and the expected benefits case. As a result, every opportunity gets its own ‘mini initiative business case’, to be considered when follow up decisions are made the opportunities are finally prioritised.

Define the necessary measures and activities

When preparing descriptions of the initiatives, you need to clearly define ownership and responsibilities right at the beginning. As every control streamlining initiative is a little project in itself, the underlying goals and KPIs for measuring the initiative’s success have to be confirmed by its owner. After this step, the activities and the corresponding timeline, as well as any change-management-related activities and communication, can be planned, and the immediate next steps initiated.

Implement the changes

Implementation should follow a roadmap that considers the prioritisation of activities and divides delivery into the short and medium term. Typically, a tight timeline will be chosen to ensure that any improvements in control efficiency and effectiveness are rapidly visible. Obviously you have to differentiate between mandatory changes or quick wins and more complex, long term improvements that contain technical adjustments or the automation of manual procedures.

Last but not least, there must be enough time to lead the people involved through the improvement- related transformation phase and ensure that they start acting according to the new standards and procedures.

In this kind of exercise it’s important to make sure that interests are aligned across divisions, the people affected are involved early on, and that everything is communicated properly. This way you’ll be able to generate demand, be in a position to replicate the approach, and establish a systematic and continuous process of improving controls efficiency and effectiveness.

Contact

Dr. Milena Danielsen
Advisory Director
+41 58 792 44 47
milena.danielsen@ch.pwc.com

Alexandra Burns
Assurance Director
+41 58 792 46 28

The future of sports sponsorship: what are tomorrow’s winning strategies?

A few weeks ago, the executive director of an international sports federation bluntly told me that while I see the industry growth as ongoing, that was not what he was experiencing: “In fact”, he told me, “it’s getting much tougher to get sponsors and deal values are flat if not decreasing.” I hear this viewpoint more and more, especially among those involved in the sponsorship of second- or third-tier sports.

Over the past decades, the development of sports sponsorship has been driven by brands’ ability to reach the masses via linear TV distribution and associate with the values of the specific sport and its athletes for effective activation. As a result, multinational brands have been flocking to global events, as have national brands with local events. Only a few brands – with Red Bull leading the way – have been able to take sponsorship to another level, seeking direct access to content by sponsoring athletes and creating own events, often outside the framework of traditional sports.

What is happening today? With the rise of the mobile, millennial consumer, the priorities of brands engaging with sports are changing significantly. There are three main drivers behind this change:

1. Millennials interact with brands very differently, with authenticity and identity being top of their agenda. While exposure through mass media continues to be important, brands now have to consider a wide variety of factors to ensure that their sponsorship decisions result in authentic engagement across multiple dimensions.

2. Millennials are active consumers seeking high levels of engagement, often becoming the broadcasters themselves. User-generated content is leading and shaping opinions. Brands are capturing this by treating millennials not only as consumers, but also as content creators.

3. Media consumption is also changing, with growing fragmentation across channels and devices. Consumption of linear TV is giving way to digital consumption, which is reinforced by the proliferation of the types of media that can be consumed on demand (e.g. highlights, data/statistics, behind the scenes content, personal posts of athletes and fans). Brands can now choose from a plethora of channels to drive their messages home.

How does this change in priorities translate into concrete sponsorship opportunities? We will increasingly see three clusters of sponsors:

1. Those that (can afford to) secure big-ticket sponsorship deals will continue to push for the mass exposure delivered by global premium events, while in parallel demanding for increased integration within the property, acquiring special rights to access content and drive engagement. Their campaigns will be fully CRM-enabled, highly dynamic and targeting fans with the right content, through the right channels, at the right time.

2. Those that have typically been engaged with second-tier properties will increase their demands on rights owners. They will demand guarantees or negotiate variable compensation models depending on exposure, which will be difficult to provide as linear programming continues to dwindle. They will also require increased digital reach across channels as well as ready-to-use activation strategies and content, facilitating their engagement with fans.

3. Those that opt out of sponsoring traditional events, as Red Bull did decades ago already. These brands will consider the opportunities presented by the decreasing costs of producing engaging, authentic content (e.g. via a GoPro or even an iPhone camera), striking the right “storytelling” tone by building relationships with a new set of digitally native opinion leaders (athletes, teams, bloggers, etc.), and the ability to segment and reach their audience directly via social media channels.

What does this mean for sports properties and event organisers?

Premium sports properties and events will continue to thrive as they continue to deliver mass audiences through linear TV. Nevertheless, they will also have to evolve their media distribution strategy to maintain the edge over the long term, considering the current transition from linear TV to digital/mobile/OTT solutions. This will require a more professional and analytical approach to distribution, with bespoke commercial strategies and implementation that no longer fits into the box of traditional agency-style media rights sales.

Second- to third-tier properties, however, will be under growing pressure, requiring a greater effort to develop effective strategies. Various options present themselves:

• Adopting a niche strategy that aims to fully dominate a specific target audience across geographies. This will require event organisers and governing bodies to make hard choices by focussing resources on fewer and clearer segments, tailoring event formats to their selected target audiences. To boost such a strategy, we expect properties to strive for greater control on activation rights related to athletes and teams.

• Placing their bets on geographical expansion, most particularly towards Asia, with public investments and infrastructure developments acting as a compounding force. Such strategies will be a high risk, high returns exercise, as they will require a significant effort in developing sports participation at a grassroots level before an effective commercial strategy can bear fruit.

• Developing partnership strategies with other properties to increase critical mass and boost synergies. By transforming their fragmented single-sport events into a coherent multi-sport festival, these properties will engage with host cities, spectators and media followers with a broader proposition.

To conclude, irrespective of the strategy adopted, properties and sports will have to change their approach to content management across the board. Simply producing engaging, linear content, even if live, will no longer be sufficient to keep the attention of increasingly demanding audiences. For brands, it will be essential to refocus attention on building a strong, coherent and authentic brand identity. This will require a greater ability to gain more control and access of the core assets of the sport: athletes and teams, their personalities, their stories and their values. Ultimately, that is what sports sponsorship is increasingly all about.

Contacts:

David Dellea
Advisory Director
Tel. +41 58 792 2406
david.dellea@ch.pwc.com
https://www.linkedin.com/in/daviddellea/

Lefteris Coroyannakis
Senior Associate
Tel. +41 58 792 1578
lefteris.coroyannakis@ch.pwc.com
https://www.linkedin.com/in/lefterry/

“2016 Chief Digital Officer” study – digital responsibility is growing

In its latest “2016 Chief Digital Officer” study, Strategy& investigates who is responsible for overseeing digitization within companies. The findings show that a third of Swiss management bodies delegate this task to a Chief Digital Officer (CDO), particularly in the financial industry. The profiles of CDOs vary – but not their role.

The aim of the “2016 Chief Digital Officer” study conducted by Strategy& is to establish who is in charge of the digital transformation in the 2,500 largest listed companies in the world (including 49 in Switzerland). The term CDO refers to senior executives entrusted with the digitization strategy of their company. The evaluation clearly shows that: The Chief Digital Officer is taking the C-suite by storm. Whereas in 2015, 6% of study participants employed a CDO; in 2016 the number had already risen to 19%. 60% of the CDOs questioned were appointed between 2015 and 2016. Europe, the Middle East and Africa (EMEA) have the highest CDO density in the world, and the strongest growth (+30%) in the role. Switzerland is ranked fifth in Europe with 33%.

The Swiss financial services industry has clearly recognized the signs of the times, and is deploying the relevant management skills to ensure the consistent implementation of a digital strategy. The financial sector has the highest proportion of CDOs in Switzerland: insurance companies lead the way with 67%, followed by banks with 50%. They are digitizing not only their customer activities, but also their internal processes.

There is no typical CDO. Half of Swiss CDOs are members of the Board of Directors, 38% have individual titles such as “Head of Digital”, 6% hold the position of Vice President, and 6% are Directors. Almost two thirds were recruited from within the company. Only 13% of CDOs are currently female. 38% of CDOs held a previous function in marketing, sales or customer service. A third come with technical baggage, while a quarter have a background in consulting, strategy or business development. The importance of technical experience has increased. In 2016, 32% of CDOs originated from the technical sector. This represents more than twice as many as the previous year.

Find out more

Contact

Dr. Daniel Diemers
Partner Financial Services, Strategy&, Schweiz
+41 58 792 3190
daniel.diemers@strategyand.ch.pwc.com

EMEA ITS Permanent Establishment Webcast Series, Episode One

The Changing PE Threshold

Thursday, 8 June 2017, 3.00 – 3.45 pm CET

Preventing the artificial avoidance of Permanent Establishment (“PE”) status is one of the key topics addressed by the OECD’s Base Erosion and Profit Shifting (“BEPS”) package.

In this webcast series PwC specialists will address the practical implications that a reduction in the PE threshold will have for multinational corporations and will provide an insight, through examples, on the challenges and practical actions that can be taken to manage PE in the post-BEPS world.

The webcast series will provide a mix of technical updates and analysis, practical experience and local country expertise around topics such as profit attribution to a PE, direct tax consequences of a PE and the broader impact that the new rules will have on an increasingly global and mobile workforce. Critically, it will give you the chance to raise questions directly to our PE specialists.

The webcast series will start by setting the scene for the current PE landscape by considering the practical changes that have taken place to the PE threshold and the subsequently looking at the practical challenges associated with attributing profit to PE’s. The later sessions will focus on the practical implications of
these changes, providing guidance and experience of the challenges and risks that may be created.

  • Session 1 –The Changing PE Threshold – 8 June 2017
  • Session 2 –Profit Attribution to PE’s – 6 July 2017

After the summer break we will return recharged with further sessions covering topics such as

  • Broader implications of a PE beyond corporate tax
  • VAT and PE
  • Employee mobility and PE consequences

Episode 1, The Changing PE Threshold – 8 June 2017

This introductory episode will set the stage for our ongoing discussion of PE in the new tax environment and will work through practical examples being faced by multinational corporations, addressing questions such as:

  • What are the main developments in the definition of PE in the international environment?
  • Walk though practical examples to demonstrate how the changes related to: (1) fixed place of business, (2) auxiliary and preparatory exceptions, (3) independent and dependent agent, (4) antifragmentation and contract splitting are likely to work in practice and potential risk areas.
  • Assess how PE definition and interpretation may vary by local jurisdiction, taking Poland and Spain as examples to identify the impact this will have on a multinational’s approach to international business.
  • Provide an update on the multilateral instrument as it relates to PE.

Speakers for episode 1 are:

Monica Cohen-Dumani – EMEA ITS Leader
Guillaume Glon – PwC France
Mike Cooper – PwC UK
Agata Oktawiec – PwC Poland
Carlos Concha Carballido – PwC Spain
Please click on the below link to register for the WebEx session.

Registration Link

Complete the required registration fields and select “Submit”.
Once you have registered, you will receive the WebEx access details. The WebEx will be recorded and you will receive a link to the recording via e-mail after the event using the same details. There will be time for questions and answers with your speakers during the WebEx. Questions can also be sent in advance of the
WebEx session to the following email address: grasiele.neves@ch.pwc.com

We do hope that you will join us online!

Best regards
Monica Cohen-Dumani

PwC | Partner, International tax services, EMEA ITS Leader
Office: +41 58 792 9718 | Mobile: +41 79 652 14 77
Email: monica.cohen.dumani@ch.pwc.com
PricewaterhouseCoopers SA
Avenue Giuseppe-Motta 50 | Case postale | CH-1211 Genève 2, Switzerland
http://www.pwc.ch

PwC’s CIO Roundtable 2017 – Master Data and other challenges

Thursday, 22.06.2017
18:00 – 19:00 hours
PwC Zurich
Birchstrasse 160, 8050 Zurich

About the event

Effective master data management is a key factor to success. Most companies are going through substantial transformation projects – either to become more effective or to open new business fields. What do have all these transformation projects in common? The difficulty of handling master data effectively and efficiently – knowing that master data is representing one of the basic pillars in companies’ information landscape. The way you build the governance, processes, tools and skills around this data is crucial and can speed up your transformation projects, or kill them instantly.

Do you want to find out more about challenges, issues and best practices ideas? Come and join us when we dive into the most relevant implications of master data management.

Registration Link

Contact Us

Alexej Freund
Senior Manager – Advisory Consulting
PwC Switzerland
Tel. +41 58 792 2754
alexej.freund@ch.pwc.com

Rejhan Fazlic
Manager – CIO Advisory
PwC Switzerland
Tel. +41 58 792 1148
rejhan.fazlic@ch.pwc.com

PwC’s Quarterly Sports Industry Q&A

 

PwC’s Sports Business Advisory practice sat down with David Lampitt, Sportradar AG’s Managing Director for Group Operations, to talk about the company’s exponential growth, bright future, and all things sports technology.

What has been keeping you busy lately?
In one word: opportunity. Sportradar has huge ambition to realise the full impact of sports content, either by itself or in partnership with other leading businesses. This ambition is showing no sign of abating any time soon. I’m excited about what that opportunity means: new markets like eSports; new products like our work on Next Gen Stats with the NFL; new partners such as the EPFL; and new inspiring colleagues to work with and learn from. Of course, this opportunity also brings intricate challenges. Three years ago, we were 750 employees. Today, we’re closer to 1,850. Working with my colleagues to find the systems and initiatives to effectively handle that growth and keep everyone aligned is a daily challenge. Plenty to think about, and of course, plenty to celebrate.

Sportradar has been making headlines in recent times. How have you experienced the last six to nine months and how would you describe the atmosphere in your camp?
On a local level, around a year ago, we moved offices from leafy Richmond in outer London to a new location at the heart of London’s City. We gave ourselves what I thought was ample room for growth – 12 months on, we are already approaching full capacity! For me, this is an everyday reminder of what is happening across the company, from our new office in New York to our new premises in Manila. It allows me to maintain a keen sense of our pace of growth and integration. I think the exciting work we are doing, be it our integrity partnerships with FIFA, data partnerships with the likes of the NFL and NBA, providing statistical solutions to Google, Twitter and Facebook, is really energising our teams around the world. That said, we aren’t resting on our laurels here. Growth and recruitment may be driven by that kind of showreel; but long-term employee and partner retention comes from cultivating and maintaining the right culture and values.

What are the main services that you offer and where do you see growth opportunities?
This is a tougher question than it seems because we offer a huge range of products and services. Historically, we are best known as the leading solutions provider to the sports betting industry. We’re capable of providing a bookmaker with almost everything it needs to offer a top-quality service to sports bettors from data, to odds suggestions, to risk management, with some virtual games for good measure. On the back of that, in 2005, we launched our Integrity Services, which leveraged our betting expertise and data into what today is recognised as the best and most reliable betting fraud monitoring system. Through this powerful solution, we are able to monitor over 180,000 sporting events a year for match fixing. In more recent years, we have developed our Digital Sport offering, which provides sports data and data-related products to a whole range of business sectors: major media companies, digital publishers, app developers and fantasy sport providers, among others. And then there is our audiovisual business, where we supply streaming content to betting companies as well as having our own OTT platform.
Ultimately, wherever sports data and content is being put to work for the benefit of growing revenues, driving fan engagement, delivering insights or attracting eyeballs, we are there, providing the raw materials to power that process. Being at the confluence of these growth areas – sport, entertainment and betting – means that we are surrounded by growth opportunities. We just need to make sure we pick the right ones.

What do you perceive as your biggest challenges in achieving your potential?
I think that the pace of change in technology, and its uses in society, means that we are only scratching the surface of the many exciting opportunities to drive sports data and content-driven solutions. There are certain tech developments that we already see on the horizon: smart glasses, augmented reality, virtual reality and weara­bles, all of which are already pointing to new data collection and data display opportunities. As a tech-driven business, keeping up with this changing landscape to ensure that our products are not overtaken by the pace of change is a constant challenge. As a result, we’ve set ourselves up to remain agile, even as we increase in size, so that we can be as responsive as possible to these and other developments.

To wrap up, what would be the one sport industry development beyond Sportradar’s immediate areas of interest that you think consumers should look out for over the next 12 months and why?
Since most fans cannot attend actual games in person, how to replicate that experience has always been a consideration for the sports and media industries. Live venues have always worried about the impact of remote consumption, whether at the dawn of radio, or TV. But virtual reality could genuinely be a game changer. The conditions are aligning as competitions and clubs have created a huge amount of engagement from those who cannot be there but are increasingly demanding an authentic experience. Virtual reality could come to create a personalised experience that could end up being better than the real one. Want to get the “best view in the house”? Virtual reality could provide the solution. Want to share the experience with your dad in Australia and your mate in South Africa in a “virtual living room”? You got it. Personally, I am excited to see how this virtual experience unfolds – and I think it will principally unfold through the shared social experience because social interaction and communication has underwritten almost all the major tech advances in recent years, from mobile technology to social media. Having said all that, I do still hope the live stadium experience answers the challenge and makes sure that seeing live sport remains a uniquely attractive proposition.

Contacts:

David Dellea
Advisory Director
Tel. +41 58 792 2406
david.dellea@ch.pwc.com

Lefteris Coroyannakis
Senior Associate
Tel. +41 58 792 1578
lefteris.coroyannakis@ch.pwc.com

The Future of Wealth Management

PwC’s 4th FS-Talk

Wealth managers are challenged by shifting client segments and disruptive technologies PwC experts discuss the key success factors for wealth managers today. Private client re-segmentation makes value-added services more important. Demands on relationship managers are increasing. Operations are under pressure to deliver higher efficiency. Listen in for pointers of where the challenges are and which technologies provide opportunities to gain a competitive edge.

Watch the latest video of our FS-Talk:

Get in contact with the speakers:

Dieter Wirth
Partner / Financial Service Leader
+41 58 792 4488
dieter.wirth@ch.pwc.com

Marcel Tschanz
Partner Advisory
+41 58 792 2087
marcel.tschanz@ch.pwc.com

Marcel Widrig
Partner / Private Wealth Leader
+41 58 792 4450
marcel.widrig@ch.pwc.com

China Economic Quarterly May 2017

What to expect from Made in China 2025 and China’s first Belt and Road Forum

The China Economic Quarterly is a market outlook prepared on a quarterly basis by PwC to share the latest economic and policy updates. In this third quarter update, the overview of China’s macro trends are followed by a summary of the main policy developments and hot topics of interest such as policy updates for a new economic zone Xiong’an New Area, insights into the “Made in China 2025” initiative and the Belt and Road Forum for International Cooperation to be held in Beijing on 14 and 15 May 2017.

China’s economic growth in the first quarter of 2017 delivered a much better result than market expectations. GDP increased by 6.9% year-on-year – the highest growth over the past five quarters, thanks to more pro-active fiscal stimuli and continued expansionary monetary policies.

Here are some highlights of the report:

  • The primary, secondary and tertiary (services) industries all grew, with services as a share of GDP reaching a new high of 56.6% and contributing 61.7% to overall economic growth.
  • In the first quarter of 2017, China maintained its expansionary monetary policy. The increments of Aggregate Financing to the Real Economy (AFRE) were RMB 6.93 trillion, which was RMB 226.8 billion more than the same period last year.
  • In a bid to address severe traffic congestion and air pollution in Beijing, the Chinese government announced a historic plan on 1 April 2017 to create Xiong’an New Area, a new economic zone about 100 km southwest of Beijing, with an initial area of around 100 square km and eventually expanding to nearly three times the size of New York City.
  • “Made in China 2025” is China’s first ten-year plan for manufacturing expansion and upgrading and has attracted criticisms for being “problematic” with the potential to be used to “discriminate against foreign firms in favour of Chinese competitors”.

Download PDF

 

china_economic_quarterly_nov2016To read more, you can access the latest issue of China Economic Quarterly by clicking the following links:

China:           www.pwccn.com/ceq
Hong Kong:  www.pwchk.com/ceq

 

Insights: Football leagues 2.0

The last two decades have seen a significant increase in the global appeal of sports leagues and teams which have broken national and continental boundaries. Some leagues, most notably the Premier League and the NBA, have been pioneers in taking their sports to new markets, with others following suit by leveraging their brand and sporting achievements in pursuit of the commercial opportunities presented by new markets.

As an example, the recent launch of a new brand identity by Juventus FC, who swapped the Torino crest for a sleeker and more neutral logo, was welcomed by sports marketers as a bold move to establish the team as an ambitious sports brand that is not confined within the limited geographical and commercial borders of Italian football. On the other hand, Juve fans in Torino were more sceptical about the move, expressing their fear that the club is losing its roots and affiliation with its home city.

Another interesting trend is the rise in new football leagues in the US and Far East paying hefty sums to attract talent to the top of their game from established European leagues, such as Shanghai International Port Group F.C.’s acquisition of Brazilian stars Hulk and Oscar, while at the same time trying to nurture home-grown talent. Although perhaps not sustainable, for sports brands the commercial attractiveness of these markets is undeniable.

Based on these developments, what are some of the scenarios we might see play out in the future?

1. Geographical expansion of leagues and clubs 
With leagues and clubs generally not being able to scale their business internationally at the desired pace, a potential geographical expansion to new territories could start with early regular season games being played abroad (similar to the NBA). This could pave the way for the creation of new inter-continental league formats with the participation of teams from multiple continents.

2. Creation of a new closed league system in Europe with guaranteed spots for top teams based on their commercial and sporting performance
Euroleague Basketball pioneered the first closed league system in Europe, and although it is embroiled in an ongoing dispute with the FIBA, football clubs and governing bodies can draw many lessons from its experience. So far, the UEFA has managed to stave off any breakaway efforts to create a European Super League by working closely with the ECA and conceding more privileges to the elite clubs. Nevertheless, top European clubs may well continue to seek to increase their popularity and revenues across borders by developing a more attractive competition format with guaranteed spots and a match schedule suitable for their international fan base.

3. Proliferation of new leagues and formats leveraging existing sports brands, such as e-sports or women’s leagues
Paris St-Germain, Manchester City FC and FC Schalke 04 are some of the latest clubs to create e-sports franchises in the hope of tapping into new demographics and geographies. Additionally, women’s football has gained significant popularity in mature sports markets through the performance of their national teams (e.g. USA, Japan, Australia, Canada, UK), representing fertile ground for the expansion of women’s football leagues.

In sum, as big football clubs shift their focus to new fan bases to sustain their growth, the commercial appeal of scenarios such as those mentioned above will become increasingly difficult to ignore. Keep an eye on our site for all the latest developments.

Contacts:

David Dellea
Advisory Director
+41 58 792 2406
david.dellea@ch.pwc.com

Ioannis Meletiadis
Advisory Manager
+41 58 792 1462
ioannis.meletiadis@ch.pwc.com

 

Changes to legislation governing Swiss VAT liability

Swiss VAT law places new obligations on foreign companies

The partial amendment to the Federal Law on Value Added Tax (VAT law) will impact companies not established in Switzerland from 1 January 2018. Businesses which are not based in Switzerland but provide supplies vis-a-vis Switzerland may be liable to pay Swiss VAT. This will apply in instances where a foreign company generates turnover in Switzerland, in other words in cases where Switzerland is the place of supply for the purposes of VAT. The following information outlines the VAT situation in Switzerland today and in the near future.


Download the full report here.

If you have any questions, please get in touch your usual PwC contact person or our expert

Julia Sailer
Director
Leader VAT compliance Switzerland
Tel. +41 58 792 44 57
julia.sailer@ch.pwc.com

Additional Languages for this report

German
French
Italian