Swiss tax reform will earn it EU brownie points LJucca
Swiss voters approved by a 66% majority in a referendum on May 19 to reform the country’s corporate tax system. A similar proposal put to a popular vote got rejected in 2017.
Under pressure from the European Union and the Organisation for Economic Co-operation and Development, Switzerland had promised to meet international standards and eliminate special low tax rates that benefit around 24,000 foreign companies based in Switzerland. But companies will be allowed to mitigate the impact by deducting some R&D expenses.
Under the regime to be reformed, foreign companies enjoying a special tax status can use corporate rates of 7.8% to 12%, against 12% to 24% for regular Swiss companies. Switzerland is among 34 countries that the EU is threatening to put on its blacklist of uncooperative jurisdictions next year unless they remove unfair tax competition practices and be more transparent. Blacklisted countries risk losing access to various EU funds, face tougher scrutiny and possible sanctions.
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