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Global Pensions Asset Study – 2014

February 27, 2014 Comments off

Global Pensions Asset Study – 2014
Source: Towers Watson

This is a study of the 13 largest pension markets in the world and accounts for more than 85% of global pension assets. The countries included are Australia, Canada, Brazil, France, Germany, Hong Kong, Ireland, Japan, Netherlands, South Africa, Switzerland, the UK and the US. The study also analyses seven countries in greater depth by excluding the six smallest markets (Brazil, France, Germany, Ireland, Hong Kong and South Africa).

The analysis includes:

  • Asset size, including growth statistics, comparison of asset size with GDP and liabilities
  • Asset allocation
  • Defined benefit and defined contribution share of pension assets
  • Public and private sector share of pension assets.
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Offshore Tax Evasion: The Effort to Collect Unpaid Taxes on Billions in Hidden Offshore Accounts

February 26, 2014 Comments off

Offshore Tax Evasion: The Effort to Collect Unpaid Taxes on Billions in Hidden Offshore Accounts (PDF)
Source: U.S. Senate Committee on Homeland Security & Government Affairs

This investigation arises from the Permanent Subcommittee on Investigations’ longstanding focus on offshore tax abuse, including U.S. taxpayers using hidden offshore accounts. In 2008 and 2009, the Subcommittee held three days of hearings and released a bipartisan report examining how some tax haven banks were deliberately helping U.S. customers hide their assets offshore to evade U.S. taxes. The hearings focused on two tax haven banks, UBS AG, the largest bank in Switzerland, and LGT, a private bank owned by the royal family of Liechtenstein.1 On the first day of the hearings, UBS acknowledged its role in facilitating U.S. tax evasion, apologized for its wrongdoing, and promised to end it. It later entered into a Deferred Prosecution Agreement with the U.S. Department of Justice, paid a $780 million fine, and turned over about 4,700 accounts with U.S. client names that had not been disclosed to the Internal Revenue Service (IRS). It also committed to disclosing to the IRS all future accounts opened for U.S. persons.

Since then, significant progress has been made in the effort to combat offshore tax abuses. World leaders have declared their commitment to reduce cross border tax evasion. Tax havens around the world have declared they will no longer use secrecy laws to facilitate tax dodging. In the United States, over 43,000 taxpayers joined a voluntary IRS disclosure program, came clean about their hidden offshore accounts, and paid over $6 billion in back taxes, interest, and penalties. In addition, Congress enacted the Foreign Account Tax Compliance Act (FATCA), which requires foreign banks to either disclose their U.S. customer accounts on an automatic, annual basis or pay a 30% tax on their U.S. investment income. Just this month, at the request of G8 and G20 leaders, the Organisation for Economic Co-operation and Development (OECD) issued a model agreement that, like FATCA, will enable countries to automatically exchange account information to fight cross border tax evasion.

On the negative side of the ledger, despite evidence of widespread misconduct by Swiss banks in facilitating U.S. tax evasion, Switzerland has continued to severely restrict the ability of Swiss banks to disclose the names of U.S. customers with undeclared Swiss accounts. As a result, the United States has obtained few U.S. names and little account information. In addition, despite the passage of five years, the U.S. Justice Department has failed to hold accountable the vast majority of the 4,700 UBS accountholders whose names were given to the United States. Aside from UBS, it has prosecuted only one of the Swiss banks suspected of misconduct, while setting up a program for hundreds of Swiss banks to obtain non-prosecution agreements without disclosing the names of a single U.S. customer with a hidden account. The promise of FATCA to disclose hidden offshore accounts has also dimmed due to regulations that opened disclosure loopholes which may enable many offshore accountholders to continue to conceal their accounts from U.S. authorities.

In this Report, the Subcommittee’s investigation chronicles these developments and provides an assessment of U.S. efforts to combat offshore tax evasion through hidden foreign accounts. It examines, in particular, ongoing roadblocks erected by the Swiss Government to block bank disclosure of the names of former U.S. customers with undeclared Swiss accounts. It uses as a case study a major Swiss bank, Credit Suisse, that was deeply involved in facilitating U.S. tax evasion and whose unnamed U.S. customers continue to owe unpaid U.S. taxes on billions of dollars in hidden assets.

OECD Review of Fisheries: Country Statistics 2013

January 13, 2014 Comments off

OECD Review of Fisheries: Country Statistics 2013
Source: Organisation for Economic Co-operation and Development

Fisheries (capture fisheries and aquaculture) supply the world each year with millions of tonnes of fish (including, notably, fish, molluscs and crustaceans). Fisheries as well as ancillary activities also provide livelihoods and income. The fishery sector contributes to development and growth in many countries, playing an important role for food security, poverty reduction, employment and trade.

This publication contains statistics on fisheries from 2005 to 2012. Data provided concern fishing fleet capacity, employment in fisheries, fish landings, aquaculture production, recreational fisheries, government financial transfers, and imports and exports of fish.

OECD countries covered

Australia, Belgium, Canada, Chile, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Spain, Sweden, Switzerland, Turkey, United Kingdom, United States

Non-member economies covered

Argentina, Chinese Taipei, Thailand

Explaining High Health Care Spending in the United States: An International Comparison of Supply, Utilization, Prices, and Quality

June 3, 2013 Comments off

Explaining High Health Care Spending in the United States: An International Comparison of Supply, Utilization, Prices, and Quality
Source: Commonwealth Fund

This analysis uses data from the Organization for Economic Cooperation and Development and other sources to compare health care spending, supply, utilization, prices, and quality in 13 industrialized countries: Australia, Canada, Denmark, France, Germany, Japan, the Netherlands, New Zealand, Norway, Sweden, Switzerland, the United Kingdom, and the United States. The U.S. spends far more on health care than any other country. However this high spending cannot be attributed to higher income, an older population, or greater supply or utilization of hospitals and doctors. Instead, the findings suggest the higher spending is more likely due to higher prices and perhaps more readily accessible technology and greater obesity. Health care quality in the U.S. varies and is not notably superior to the far less expensive systems in the other study countries. Of the countries studied, Japan has the lowest health spending, which it achieves primarily through aggressive price regulation.

2012 Global multichannel consumer survey

May 7, 2013 Comments off

2012 Global multichannel consumer survey

Source: PriceWaterhouse Coopers

The 2012 global multichannel retail consumer survey was completed by more than 11,000 respondents from 11 different countries. For PwC, this is our most comprehensive research to date on multichannel retailing. In order to truly understand the trends and spot the patterns in multichannel shopping, we surveyed only those consumers who self-identified as online shoppers.

The 11 countries covered in the survey were:

  • Brazil
  • Canada
  • China
  • France
  • Germany
  • Netherlands
  • Russia
  • Switzerland
  • Turkey
  • United Kingdom
  • United States

New 2011 Survey of Patients with Complex Care Needs in Eleven Countries Finds That Care Is Often Poorly Coordinated

November 14, 2011 Comments off

New 2011 Survey of Patients with Complex Care Needs in Eleven Countries Finds That Care Is Often Poorly Coordinated
Source: Commonwealth Fund

An international survey of adults living with health problems and complex care needs found that patients in the United States are much more likely than those in 10 other high-income countries to forgo needed care because of costs and to struggle with medical debt. In all the countries surveyed, patients who have a medical home reported better coordination of care, fewer medical errors, and greater satisfaction with care than those without one.

Key Findings

  • Sicker adults in the U.S. stood out for having cost and access problems. More than one of four (27%) were unable to pay or encountered serious problems paying medical bills in the past year, compared with between 1 percent and 14 percent of adults in the other countries. In the U.S., 42 percent reported not visiting a doctor, not filling a prescription, or not getting recommended care. This is twice the rate for every other country but Australia, New Zealand, and Germany.
  • In the U.S., cost-related access problems and medical bill burdens were concentrated among adults under age 65. Compared with Medicare-aged adults 65 or older, adults under 65 were far more likely to go without care because of the cost or to have problems paying bills.
  • Adults with complex care needs who received care from a medical home—an accessible primary care practice that knows their medical history and helps coordinate care—were less likely to report experiencing medical errors, test duplication, and other care coordination failures. They were also more likely to report having arrangements for follow-up care after a hospitalization and more likely to rate their care highly.
  • Sicker adults in the U.K. and Switzerland were the most likely to have a medical home: nearly three-quarters were connected to practices that have medical home characteristics, compared with around half in most of the other countries.

The Hidden Costs of U.S. Health Care for Consumers

July 14, 2011 Comments off

The Hidden Costs of U.S. Health Care for Consumers
Source: Deloitte
From press release:

Rising health care costs, coupled with the current state of the economy, have prompted many consumers across the globe to delay care, alter household spending and worry about their ability to pay for future health care costs according to the 4th annual Deloitte Center for Health Solutions “2011 Survey of Health Care Consumers.”

Deloitte surveyed more than 15,000 health care consumers in 12 different countries including Belgium, Brazil, Canada, China, France, Germany, Luxembourg, Mexico, Portugal, Switzerland, the United Kingdom and the United States during April and May.

In the United States, three in four (75 percent) consumers say the recent economic slowdown has impacted their health care spending. Four in 10 (41 percent) are being more cautious about it, 20 percent cut back on spending, and 13 percent have reduced it considerably. In addition, 63 percent say their monthly health care spending limits their household’s ability to purchase other essentials such as housing, groceries, fuel and education. To save money, 36 percent of prescription medication users have asked their doctor to prescribe a generic drug instead of a brand name drug. These findings follow Deloitte’s, “The Hidden Costs of U.S. Health Care for Consumers: A Comprehensive Analysis,” published in March 2011, which revealed consumers spend $363 billion more on health care than traditionally reported, outpacing housing and utility costs as a discretionary household expense.

Additionally, one in four (25 percent) U.S. consumers skipped seeing a doctor when sick or injured. Of those consumers who decided not to see a doctor in the past year, those that did so due to costs ranged from a high of 49 percent in the United States, followed by Belgium (39 percent), China (35 percent) and Mexico (34 percent), to a low of 5 percent in Canada and 7 percent in the United Kingdom and Luxembourg.

More than half of all respondents from the 12 countries surveyed, with the exception of the United Kingdom (24 percent) and Canada (39 percent), also confirmed that household spending on health care limits their ability to spend on other household essentials. Additionally, between 4 in 10 and 5 in 10 respondents experienced an increase in household spending on health care in the past year with the exception of the United Kingdom (22 percent), Canada (29 percent) and China (37 percent).

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