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Switzerland wants to levy a minimum tax for large corporations

2022-01-13T17:35:44.381Z


Switzerland is considered a tax haven. But now the country wants to tax companies as heavily as other countries do.


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In order to prevent corporate tax evasion, well over 100 countries agreed last year to introduce a minimum tax in future.

Switzerland has now announced that it will implement the minimum tax of 15 percent for large corporations decided by the international community from January 1, 2024.

"The adoption of minimum taxation in Swiss law ensures that large corporations are not involved in foreign proceedings," said the Ministry of Finance.

"Switzerland should not give away any tax revenue to which it is entitled." The minimum tax is to be levied on internationally active companies with an annual turnover of at least 750 million euros.

Nothing should change for small and medium-sized companies (SMEs) that only operate domestically.

According to Ueli Maurer, Switzerland's Finance Minister, around 200 Swiss companies and around 2,000 subsidiaries of foreign companies in Switzerland would be affected by the new regulation.

For years, Switzerland has been criticized for its low taxation of foreign companies, which attracts countless companies to the country.

Last October, 136 countries agreed on the details of a global tax reform.

The rules should come into force as early as 2023, which is considered ambitious.

Switzerland, for example, had requested more time for implementation.

The industrialized nations organization OECD, which coordinated the years of negotiations, assumes that the minimum tax will result in additional income of around 150 billion dollars per year.

hej / Reuters

Source: spiegel

All business articles on 2022-01-13

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