Pharma & Life Sciences – The future is now: from digitalization in tax to AVIS28

On November 15, in Lugano we have been honored to host the annual Tax Forum, which represents for PwC the main tax event in the Ticino area. This year we had the pleasure to host, as guest speaker, the Federal Councilor Ignazio Cassis, head of the Federal Department of Foreign Affairs.

We and Dr. Cassis focused our attention not only to the most actual topics in the tax environment (as TRAF – Tax Proposal and AHV Financing – OECD BEPS 2.0 regulations and VAT topics) but also to the future that are crucial for pharma & life sciences companies. With the slogan: the future is now, we wanted to point out what we have to expect from the future, both from a pure direct and indirect tax perspective and a more political view.

During my speech, I launched an issue that was of great interest: the asymmetry of information that is involving the new tax context. In a world where the technology is revolutionizing the way how organizations use data, even the tax authorities can take advantage of this incredible technological revolution in order to better, faster and deeper understand the nature and scope of data.

Combining this mastery of data with the increasing exchange of such data between authorities and not least the investments that tax authorities are doing in AI, machine learning and Big Data, the asymmetry of information in tax environment is about to finish. Data will be soon treated in real time and companies are asked to become more transparent: the tax Disruption is already a challenge for all the professionals.

Hon. Ignazio Cassis in his speech, addressed the issue of the future from a broader perspective. He gave us an overview of the driving factors of the world that will await us tomorrow. The future he talked about is not science fiction but a true vision of the future in 10 years’ time.

Political, ecological, technological, economic and social factors will be the driving force behind our future.

Hon. Cassis illustrated, during his speech, the challenges ahead and a range of options for adapting Swiss foreign policy instruments to future realities. To consolidate Switzerland’s position in an increasingly unstable world, recommendations are to develop a whole-of-Switzerland approach involving all national stakeholders, as well as a more targeted, better interconnected and more reactive foreign policy.

Do you wish to discuss further the above topics?

Please do not hesitate to contact us.

Sandra Ragaz, Partner
Tel. +41 58 792 4469

Louis Macchi, Partner
Tel. +41 58 792 6516

Picture from left to right: Dieter Wirth (PwC), Louis Macchi (PwC), Ignazio Cassis – Federal Councilor -, Sandra Ragaz (PwC), Matteo Gamboni (PwC) and Paolo Pamini (PwC).