Glossary

Income which a company may freely dispose of.

Business that has its own legal status (corporation or limited liability company).

For corporations, 5% of the net income until 20% of the capital stock has been reached.

Legal and optional reserves appearing on the balance sheet.

Difference between the equity appearing on the balance sheet and actual equity.

Mandatory insurance of associates (in the majority of cases) with the Swiss National Accident Insurance Fund [Caisse nationale suisse d’assurance en cas d'accident (Suva)] or with another union.

Mandatory insurance of associates (in the majority of cases) with the Swiss National Accident Insurance Fund [Caisse nationale suisse d’assurance en cas d'accident (Suva)] or with another union.

Classification of all receipts and disbursements, meaning all receivables and payables.

Payments concerning the current financial year, but for which invoicing or payment will only be made during the subsequent year.

Assets obtained by the spouses during the marriage which are not deemed personal property.

Refers to the acquisition and ownership of goods, services or rights. May refer to the acquisition/ buy-out of a business as part of a development strategy.

Stratégie de recrutement. Recherche proactive d'employés potentiels et prise de contact avec ceux-ci, notamment via les réseaux sociaux personnels (Facebook, Instagram) et de carrière (LinkedIn).

Company, organisation or individual that pays for advertising space or airtime in order to display an advertisement or message to a target audience.

The extent to which the knowledge, reactions and behaviors of a target group are influenced and spurred by a method of advertising.

Intermediary that sends an advertising message from the sender (offeror) to the recipient.

A communication element or channel used to broadcast an advertisement. An advertising support could be media (TV, print, radio, web) or non-media (events, media/press, communications, display advertising).

Loss of value on assets, and in particular capital assets (machines, vehicles, etc.) A differentiation is made between the declining balance method (starting high but decreasing) and the straight-line method (which stays at the same level the entire time).

“Constitution” of a corporation or LLC which determines the purpose, registered office, capital allocation and the rights of the company bodies.

Field of theory and technology focusing on the simulation of human intelligence processes by machines.

Assets such as cash, banking assets and investments.

The right-hand column of an account in the event of a double-entry system.

All of the company’s assets, such as bank accounts, real estate and manufacturing machinery .

Set of controlling procedures to determine whether management processes meet specific requirements and guidelines.

Business to consumer. Process whereby a company sells directly to consumers who are the end users of its products or services.

Current status of an account.

Summary of all assets and liabilities (capital and debts) of a business.

Total estimated assets in CHF. This total must correspond to the total liabilities.

Legal dissolution of a business due to its insolvency.

Process of comparing a company's products, services or practices and performance indicators with those of the leading companies in the sector.

Natural person who enjoys the benefits of ownership from assets resulting from a business relationship.

All private or professional digital data produced when using new technologies.

Decentralized computer network that allows the storing, sharing and transmission of information without the help of a central control body.

Responsible committees of a business (general meeting, board of directors, meeting of shareholders, management, etc.).

Person or business that owes something to someone (debtor).

Marketing strategy designed to boost the image of a company, brand or product.

When a return threshold has been reached.

Independent entrepreneur who assumes the responsibility of acting as an intermediary for other companies or to transact business in their own name.

Business–to-business. Commercial shares with partner companies, dealers, businesses, etc. Not intended for the end user.

Plan of expenses and revenues for the following year(s).

Private investor who chooses to finance promising enterprises and often provides expertise to young entrepreneurs as an adviser and mentor in the early stages of a project.

Calculation of sales and of the minimum prices at which the business is profitable.

Strategy that determines how a company will create value, i.e. generate revenue and profit.

Operating plan. Provides information about the business, its objectives, revenue, markets and financing.

The spreading of information or rumor about a product by word of mouth without a deliberate marketing plan.

Money or property with pecuniary value.

Material and non-material assets belonging to the business (e.g. machines, real property, patents, etc.) that must be kept in the medium- and long-term.

The value of a company obtained by discounting future profits at a capitalisation rate that is adjusted to reflect the relevant valuation date.

Accepted rate at which the return should be profitable in the long-term. It is comprised of the rate for risk-free investments, in addition to a risk factor (for businesses and branches).

The financial markets on which equity capital can be raised or sums of money can be borrowed. Capital markets allow economic agents with excess capital to meet those needing finance.

Cantonal tax on share capital or capital stock, as well as on hidden reserves.

Return net of taxes and amortization.

AI-based computer program that is configured to interact with and answer questions from an internet user in real time.

Distribution channel seeking to reduce the number of intermediaries between the producer and the consumer.

Closed-loop economic model aimed at producing goods and services by limiting the consumption and waste of raw materials (recycling, sustainability, etc).

Set of industrial techniques and services using natural resources with a view to significantly improve efficiency and productivity

Cloud computing network where different geographically distant servers are connected to each other, mostly via the internet, to store data or work together on a task.

Geographical area grouping interconnected companies and institutions active in the same economic field.

Set of laws concerning trade: obligations (commitments), contract law, commercial enterprises, trade register, securities.

Contract between businesses and employee organizations (generally unions) which sets the minimum guaranteed benefits. May be declared as mandatory by the Swiss Federal Council.

Generic term for a general partnership, limited partnership, corporation or LLC.

Interest in the value of transactions negotiated or completed, generally expressed as a percentage.

Combination of communication policy instruments (classic advertising, sales promotion, personal sale, public relations).

Independent, neutral private-sector organisation specialising in the management of 1st pillar pension funds (old age, disability, loss of earnings).

Actual value (real property, vehicles, machines, etc.) as payment for capital stock.

Percentage of visitors who complete an action (purchase, transformation from potential to actual customer) when visiting a website.

A group of individuals working together as a business towards collective interests, with a focus on development and mutual economic assistance.

Internal regulations which guarantee the proper operation and controls as well as the independence of the various company bodies.

The name of a company or business. Official name of a company that is registered with the authorities and used in all commercial transactions.

Identification, assessment and management of risks that a company may face in terms of its leadership, organisation, the market, environment, sales processes, finances, employees, IT systems, etc.

Management concept whereby companies accept responsibility for the effects of their activities on society and the environment.

Type of company. Association of people who have together contributed the capital (at least CHF 100,000), thereby forming a single legal entity. Liability is limited to the share capital. The partners have the right to remain anonymous.

Or even price per thousand contacts; costs per 1,000 readers/contacts due to respective costs.

Price a company must charge for the product to cover manufacturing costs.

Person or business to whom something is owed.

Sales technique which consists of presenting supplementary items in close succession, in the hope that a customer interested in one item might be easily tempted by another.

Crowdfunding is a form of capital raising that involves collecting small contributions from a large number of people. There exist different variants: Crowdinvesting, crowdlending, crowdsupporting and crowddonating.

Virtual currency exchanged peer to peer via a decentralized computer network (blockchain) without traditional monetary channels (central bank, etc.).

Cash on hand or liquid assets that can be rapidly converted into cash (stock of merchandise, work commenced, etc.).

Market price. Price that consumers are willing to pay for a product or service.

The customer's overall impression of their interaction with a brand or company, which encompasses their feelings and perceptions before, during and after the purchase of a product or service.

Set of tools and techniques aimed at retaining customers by proposing tailor-made services. Requires analysis of customer information.

Set of measures to ensure the security of a company's systems and data.

Indemnities paid by insurance in case of illness or unemployment (unemployment insurance).

Infrastructure that houses IT systems and associated components, such as telecommunications and storage systems.

The left-hand column of an account in the event of a double-entry system.

Declaration to the bankruptcy judge confirming incapacity to pay bills (application to open a bankruptcy proceeding).

Penalty charged for late payment in the context of a public procurement contract.

Assets subject to risks.

A transformation within a company to ensure that its methods, processes and organisational structures are fit for the IT and digital age.

Transformation of companies’ methods, processes and structures to adapt to the digital and computer era.

A company's readiness for digital transformation, i.e. to adapt the organisation to incorporate and exploit digital technologies.

Detailed assessment of a company prior to valuation and takeover by the successor which examines the company's potential for profitability and the quality of its employees.

Special distribution policy of producers in which the trade (wholesale and retail) is eliminated and the end customer is directly called on by the sales force, through sale via correspondence, Internet or factory warehouse.

Any form of individual and direct marketing communication between offerors and buyers.

Tax on capital and corporate revenue. In the majority of cantons, this is part of business expenses.

Reduction rewarding an early payment (generally 2%).

Sale. Making products or services available by various means.

Network of businesses or intermediaries through which a product or service passes on its way from the producer or provider to the end customer.

Extension of the offer of products or services. A differentiation is made between the following: horizontal diversification (when the new product conforms to the current technique, experience and practice of the business); vertical diversification (when the business expands its current activity upstream or downstream); lateral diversification (when it features the entry of the business into a new sector of activity, for example the launch of a product on a market that has not yet been exploited).

Distribution of the profits of a corporation.

Method of payment for international transactions, whereby the bank agrees to pay the seller a specific amount upon timely receipt of a document proving that the merchandise has been dispatched or that the service has been performed as specified in the contract.

Taxation paid twice on a single financial service, especially dividends and profits of the business.

Practice of selling a product at a price significantly below market value to eliminate competition.

Someone who uses a new technology or tries out a new product ‒ especially computer software or hardware ‒ before most others.

Method that calculates the value of a company based on its operating profit excluding taxes and interest.

Commercial activity via the Internet, both between offeror and end consumer (Business-to-Consumer), and between manufacturer/wholesaler and commercial customer (Business-to-Business).

Cantonal institutions assist businesses in administrative procedures during their establishment or to ease their financial burden.

Economic principle according to which the cost per unit goes down as the quantity of output goes up.

Individual contract between the employer and employee (as opposed to a collective bargaining agreement).

Seeks to define the environmental impact of an economic activity.

Assets of a business, less foreign funds.

Staging of specific events in the context of corporate communication. The objective is to emotionally and physically appeal to the target group (colleagues, market partners, customers) by organizing events geared towards adventure, society or products.

Expenses for wages, rent, materials, maintenance, etc.

Space that allows the implementation of projects using available digital tools. Allows the company to leverage employees’ creativity to support research and development activities.

Outsourcing of the billing, with the del credere risk, to a bank or factor in exchange for a commission.

Federal law on bankruptcy and debt collection.

The price charged for a service provided as standard or upon request.

Fiduciary Person specialized in accounting and year-end closing.

When a company is over-indebted, it must file its balance sheet with the bankruptcy judge.

A warning or notice, usually by registered letter, expressing an intention or a complaint on the part of the initiator.

Person who contributes equity, i.e. capital in the form of assets or money, to fund a business enterprise.

Services that use new digital technologies to improve financial activities.

Accounting period of a business. Does not have to be identical to the calendar year. The first fiscal year may be longer or shorter than 12 months.

Promotional sale offering very short-term discounts.

Fixed tax rate applicable in certain industries.

Group of economic, political, social and cultural factors that contribute to the economic development of a region and encourage the creation and growth of businesses.

Right to exploit a brand and an experienced trade, limited in terms of time and also frequently in terms of region.

Freely available funds. Free flow of funds (after taxes) from investments made (or planned) in fixed assets and changes in short-term net assets.

A check to ascertain whether a product can be launched without any risk of infringing patents or other intellectual property rights held by third parties.

International agreement between two or more countries to facilitate international trade. Free trade agreements remove barriers to trade in foreign goods, services, labour and capital by reducing or eliminating taxes, customs controls and administrative formalities.

A type of company. An association of private individuals who contribute their entire private capital.

Non-material fixed assets. The goodwill is the excess amount of the value or usefulness.

Economic model where the production and consumption are less resource intensive.

Economic indicator that quantifies the total value of wealth produced by a State in one year.

Unconventional manner of acting that is somewhat counter to trends, used to strengthen public relations. Spontaneous communication policy with a small budget.

The tangible components that form part of a computer system.

Place where the company administration is located, which must be recorded in the commercial register.

Reinvestment of profits in the business (rather than distributing them).

Space enabling the communication and meeting of stakeholders active in the same field (entrepreneurs, policymakers, foundations, etc) in order to stimulate innovation and economic development.

Earnings and expenditure statement.

Proportional or progressive tax on net profit.

Process by which a search engine lists, stores and sorts web pages

Figures and ratios which provide information about a company's health.

Also known as the Fourth Industrial Revolution, a new era in industry driven by current and future technologies which permit the optimisation of processes through increased digitalisation and connectivity.

A way to raise cryptocurrency funds similar to crowdfunding, in which investors pledge virtual currencies as a source of capital for startup companies.

Value-added tax which the company paid to the supplier and may thus claim (deduction of input tax).

Inability to pay.

Invention, trademark, design, geographical indication or literary or artistic work protected by intellectual property laws.

Financing using a company's own means.

Rate at which the business will be viable: bank rate plus (generally) 3% to 6% of the risk margin, plus 3% profit.

Refers to the interaction and interconnection between physical objects and the internet.

The equity of a company after deducting its liabilities from its assets.

Statement of all provisions and investments.

Interest in the share capital entailing a risk.

Acronym of the International Organization for Standardization, which develops international standards in various sectors of industry and commerce.

Advertising space or links in search engines which, when a term is consulted, directly refer to certain websites.

A company’s know-how.

Indicator used to assess the effectiveness of a marketing campaign, i.e. its impact and return on investment.

Brand under which a company presents itself, alone or with its products.

Entrepreneurial management method aimed at optimizing the productivity, costs, deadlines and quantity by reducing waste in all its forms (time, money, materials, etc).

Type of rental-sale of machines or vehicles. Contrary to individuals, businesses may indicate leasing expenses as charges.

Ability to hold rights and have obligations.

Statement of all liabilities (debts) of a business.

The members of the board of directors and all of the people concerned by the management or liquidation, as well as by the auditing of the annual financial statements, are liable towards the company and the shareholders and creditors for damage they cause by violating their obligations.

Authorization to use a patent, procedure or protected trademark.

Legal entity with its own legal personality, where the assets of the entrepreneur and enterprise are separate. Includes limited liability companies (GmbH/Sàrl) and public limited companies (AG/SA).

A type of company. An association of private individuals of which at least one is fully responsible (General Partner). You also need at least one partner to contribute a fixed maximum amount (sponsorship).

Strategy to get links from other websites to your site to improve your search engine rankings and increase traffic.

Cash or cash equivalents that can be rapidly withdrawn.

Dissolution of a company.

Capacity of a business to honor its short-term commitments.

Limited liability company. Association of people who have together contributed the share capital (at least CHF 20,000, up to a maximum of CHF 2 million). Partners are liable for the amount of their stakes in the company. Their names are published in the trade register.

Money that is lent; generally a loan of a set amount.

Management of the purchase of equipment, deliveries and distribution.

Loan on securities (primarily shares).

Excess expenses (revenue less expenses is negative).

Compensation to people serving in the army, civil service or civil protection.

When advertising methods reach recipients that are not part of the target group.

Computers’ ability to improve performance and perform tasks for which they are not explicitly programmed through autonomous data acquisition.

Mass distribution of advertising by post or electronically to inform individual recipients about a product or service.

Operation to buy back a business through a new management team.

Operation to buy back a business through an existing management team.

Creation of a virtual map to visualise an organisation's position compared with that of market competitors.

Difference between the cost price and the sale price.

Contribution of a product or service to fixed costs, after deducting variable costs.

All consumers that have the need, interest and power to buy a product or service, and who are ready to spend a portion of their income to do so.

All measures taken to promote sales. This includes the planning and putting into practice of concepts, the determination of prices and the communication and distribution of ideas, goods and services.

Coordinated series of marketing activities around a product or service, which are carried out during a specific time frame and with a specific aim, often visitor conversion.

Collection and analysis of information about a company's markets as a basis for marketing activities and to improve competitiveness.

Any person or business that enters a market as a buyer for a certain product or a certain service.

Research into all of the informational problems concerning the organization of a sale. This also involves research on the markets.

Price at which an asset can be sold on a given market within a twelve-month period.

Capacity of a certain market to accept a certain product or service.

Optimization approach in the choice of media used for an advertising campaign. The choice is made according to media’s characteristics.

Purchase, sale or merger of businesses.

Immersive virtual universe in which people interact through avatars.

A combination of debt and equity (venture capital) financing. From a legal perspective, mezzanine capital is treated as debt capital.

Systematic, routine collection of comparable data over an extended time period.

Loan on a piece of real property (building, land).

All movable property (office furniture, electronic installations, machines, vehicles, etc.).

Potential of a market segment that is not completely served by the current products.

Optional insurance in addition to accident insurance.

Instrument resembling a share. The NVS authorizes the collection of a dividend but does not provide voting rights.

Obligation set by law for businesses to maintain an inventory, balance sheet and income statement (for corporations and limited liability companies, an annual report is also necessary). The documents must be kept for 10 years.

Mandatory welfare insurance for employees and self-employed workers intended for old-age or death.

Graphic representation of the hierarchies in a business.

Long-term outsourcing, or ‘contracting-out’, of a branch of the business or of certain roles within a unit.

Shares in an asset that are owned by an individual.

General partnership or limited partnership. Partners are liable for the amount of their private assets.

Agreement between various parties who join with one another to form a company.

Registered protection for an invention or process.

An estimation of the customer's willingness/punctuality when it comes to payment, which depends on their receivables turnover and payment term.

Degree or number of recipients that received an advertising message compared to the number of possible contacts.

Principle of compulsory pension provision in accordance with the Occupation Pensions Act (BVG); the second pillar. Most businesses join a collective foundation. Big companies can create their own joint foundation.

Point of Purchase or Point of Sale. Place of purchase viewed by the customer or place of sale of the offeror.

Advertisements that appear in the browser window when internet users visit specific pages.

Efforts made just after a sale to encourage the customer to make another purchase.

Expenses relating to a subsequent year, but which have already been billed and paid.

Data protection by default. Principle that ensures that from the moment a website goes online all the measures necessary to protect and restrict the use of collected data are already in place by default, i.e. without any user intervention.

Principle by which developers integrate the protection and respect of users' privacy into the structure of a website that collects personal data.

Withdrawals that are not material for the business. In the case of individual reasons, private usage and commercial usage must be clearly separated.

Equity provided to businesses not listed on the stock exchange.

Claim for payments not made by the intermediary to the prosecuting and bankruptcy authorities (directly to the registered office or domicile of the debtor).

Set of operations required to manufacture a product from raw materials to market launch.

The stages a product goes through, from conception to withdrawal from the market (decline) including development, introduction, growth and maturity.

The set of all product lines from a certain offeror (producer or merchant). Each product mix is characterized by its span, depth and contents.

Excess revenue (revenue less expenses).

Beneficiary capacity of a business measured using sales or capital.

All communication measures aimed at promoting the demand of consumers and/or the efficacy of merchants.

Money that is set aside to cover any risks (guarantees, disputes, subsequent collection, etc.).

Contract between a public purchasing authority or company and a private contractor.

All activities relating to independent promotion which should positively influence the relationship between the business and the public.

Price for which raw materials and trade merchandise could be independently obtained.

Evaluation of credit capacity carried out by a bank or rating agency.

Percentage of responses to an advertising program.

Real estate (buildings and land).

Assets relating to customers. They come from sales and services that are not paid immediately and in cash.

Set of techniques used to improve the ranking of a website in the results displayed when a user enters a query in a search engine.

Updating of a product (design, packaging, advertising) that is already on the market.

Payment of share capital.

Marketing activity that targets users who have engaged with a website or product page without taking any action (purchase, potential customer transformation, etc.).

A measure of financial performance used to assess the effectiveness of an investment and compare it against other investments.

All profits (from production, banking assets, rental, etc.).

In accounting, the sum of money received in exchange for labour or products.

Right to purchase a property within a certain period and at the price stated in the contract.

Right of first refusal, which grants the holder the right to purchase a property ahead of any third party, should the owner decide to sell.

Contractual provision allowing the seller to repurchase the property after it has been sold.

Resonance, reaction, number of responses, orders, coupons, etc. for an issue.

Operating measures aimed at reducing risks and damage.

Gross profit from operations.

Evolved stage of a start-up. Company whose annual return is above 20 per cent and has at least 10 employees.

The scope indicates the number of people who are in contact with an advertising support. It is the main number of contacts and the basis for media planning.

Paid referencing. Advertising activities that enable a website to improve its search engine rankings in return for payment.

Natural referencing. A set of tools and techniques for increasing unpaid traffic to a website by improving its search engine ranking.

Costs triggered, independently of an interruption, at the time of production (for machines, rent, management, etc.).

Equity interest in the capital of a corporation [société anonyme (SA)]. In the case of registered shares, the name of the owner of the SA is known. In the case of bearer shares, said owner remains anonymous.

Share capital of a limited liability company (LLC).

Agreement between shareholders which regulates voting rights (above all for transfers of shares, situations of corporate failure or orders from management bodies).

Initial investment by the shareholders of a public limited company (SA/AG).

Share in a limited liability company (GmbH/Sàrl), i.e. the initial investment made by the company's shareholders.

Share with a low par value intended to ensure its own influence. These shares must be fully paid-up.

Simple form of a partnership. Communal interest generally aimed at accomplishing a project.

A short, punchy phrase used to promote a product or service.

Small and Medium size enterprises.

Mandatory welfare benefits such as OSI, AI, allocations for loss of profit (ALP) as well as other personal welfare benefits, which are in part optional.

Platform (website/app) that companies can use to promote their products, services or brands.

Pension fund by virtue of the Occupational Pensions Act (OPA).

Company that is owned by an individual business owner. Such party is liable towards their company for the amount of their entire personal wealth.

Capacity and intent to pay of the debtor.

A section of a company that has become independent due to a new management (generally the former management of that section).

A portion of the integrated communications of a business, used nowadays mainly in sports, and cultural and social affairs. A sponsor provides financial or material means, as well as know-how, in the hope of obtaining valuable consideration from the sponsored party.

Physical person or company actively or passively affected by a decision or project.

Shares of the annual income, distributed according to a set key. Basis: the majority of the time, the effective net income.

Indirect federal tax on certain legal transactions, in particular the issue and trading of securities.

New company often active in new technologies and innovative, with high growth potential. The growth of the start-up often involves raising investment funds.

Verification phase during which an insolvent company may, with the help of a court-appointed administrator, prove that it can survive in the long term.

A marketing communication technique that uses a narrative to promote an idea, product or brand for advertising and commercial purposes.

Contrary to operational marketing, this marks a long-term, comprehensive marketing concept, which contains the business and marketing objectives.

Financing method for international transactions where, when placing an order, the buyer commits to pay their bank, which will debit the account when the invoice becomes due.

Guarantee of a third party's financial obligations.

Entrepreneurial approach that ensures that all processes, products and production activities respond to environmental concerns while maintaining profit.

Swiss National Accidents Insurance company based in Lucerne (CNA).

Set of laws concerning the law of persons (individuals and legal entities), family law, inheritance law and real property law.

Directors' shares in profits.

Market segment at which a product or service is directly aimed.

Taxes for foreign employees which the employer must collect and directly repay.

Businesses, often newly formed, which benefit from one another, under the same roof.

Systematic use of the phone to make direct contact with a target group (sales, questionnaires, fixing of deadlines, etc.).

Limited partial market in the region on which tests are conducted.

Operational marketing also known as the 'marketing mix'. The key elements of a marketing strategy: product, price, place and promotion.

Crypto tokens can be used to raise cryptocurrency capital, as currency or to gain access via a platform to products or services offered by a start-up.

The availability of all information and documents needed to trace the journey of a product from production to distribution.

Compromise. A situational decision that balances a loss or reduction in quality, quantity or ownership against gains in other areas.

Public register containing the main information on commercial enterprises (name, year of formation, registered office, purpose, director, partners, members of the board of directors, authorized signatories, capital position, audit body).

Number of visits to a website over a given period. A distinction is made between organic traffic (visitors landing on the site via a search engine) and paid traffic (visitors directed to the site by an online advertising campaign).

Trial period during which an employer and employee can determine whether they have made the right decision. According to the CO, this period lasts 1 month; under the employment contract, it is, at most, 3 months. During this trial period, either party may withdraw at any time, within a period of seven days.

Arises from the name of the company Uber. Refers to an economic phenomenon aimed at putting professionals in direct contact with customers without intermediaries thanks to new technologies.

Mandatory welfare insurance in the event of a period of unemployment.

Refers to a start-up valued at more than a billion dollars.

Scope of a strategic marketing objective. By individualization and a profiling strategy, there is an effort to obtain a product, a type of operation or an image that cannot be confused.

Production approach where the needs and characteristics of end users are considered at every stage of the development process.

The exclusive right to use and to generate income from a property owned by another person.

Consumer tax issued by the Confederation on the internal return and on imported merchandise or services.

Costs which depend on the number of goods or services produced (for personnel, equipment, energy, etc.).

Risk capital.

Communication technique aimed at spreading the word about a product by word of mouth and by carrying out targeted actions with opinion leaders.

Wage supplements such as a company car or free subscription which are not paid for in cash.

Optional legal benefit for personnel (pension fund, daily indemnity insurance, etc.).

Non-cash payment system based on a closed currency circuit in which the businesses concerned may conduct business with one another. Payment occurs by WIR check. The WIR bank uses a clearing body.

Tax on the interests that the bank directly transmits to the tax authority. When the return is correct, the withholding tax may be refunded.

Work on a project that extends beyond the end of the current year and that has not yet been billed.