Swiss citizens vote this weekend on whether to raise business tax to 15% from an average of 11% to align with a global minimum tax rate, although even with the rise the country would still have one of the lowest corporate tax levels in the world
In 2021 almost 140 countries including Switzerland agreed to an Organisation for Economic Cooperation and Development to ensure large companies pay a minimum tax rate of 15%, to prevent them trying to avoid taxation by transferring profits to low tax countries.
Switzerland hosts the offices of around 2,000 foreign companies including Google, as well as 200 Swiss multinationals like Nestle which will be affected.Each of Switzerland's 26 cantons can set its own corporate tax rate, but the federal government would impose a top-up tax to ensure companies are paying 15 percent, raising up to 2.5 billion Swiss francs in tax revenue.
Fabian Molina, a lawmaker with the left-leaning Social Democrats , described the revenue distribution plan which would see wealthy cantons such as Zug and Basel which have low tax rates having the most cash returned as "absurd". Under the OECD scheme, if companies pay rates below 15% in a particular country, their home governments could "top up" their taxes to that level, eliminating the advantage of shifting profits.
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