The measure was approved by nearly 80% of the population that went to vote. This allows Switzerland to apply the reform of the taxation of multinationals adopted by the OECD and the G20.
Switzerland will establish a minimum tax rate of 15% for large multinationals, depending on the favorable result obtained in a referendum proposed by the government to allow the country to connect with the rules of the Organization for Economic Cooperation and Development (OECD). .
The measure was approved by close to 80% of voters, which will allow Switzerland to apply the reform of the taxation of multinationals adopted by the OECD and the G20 after the financial crisis of 2008 and which provides for a minimum rate of 15% on profits of the groups, whose business figures exceed 750 million euros. In this category fall a hundred Swiss companies and thousands of subsidiaries of foreign groups.
This reform was essential because, otherwise, the uncollected taxes could have been claimed by the countries where the headquarters of the company involved are located, according to the government, which asked citizens to vote in favor to prevent the money left the country.
It is estimated that the income from the supplementary tax will oscillate between 1,000 and 2,500 million euros the first year, which will be distributed among the Swiss cantons where the tax is lower than what has been established today, which will receive 75%; and the central State (25%).
The left, the unions and some NGOs considered that this project is unequal because the extra income will go to cantons considered rich and with a large number of multinationals, such as Basel-City and Zoug.
It is not the only country that advanced in this measure
The European Union had already made this decision in December last year. The agreement was made possible during a summit of EU leaders in Brussels, after Poland and Hungary will withdraw their objectionss. The measure should enter into force in the EU on December 31 of this year.
This measure was subject of a historic agreement reached in 2021 by 137 countries under the coordination of the Organization for Economic Cooperation and Development (OECD).
The European Commissioner for the Economy, Paolo Gentiloni, noted in a note that the adoption of this minimum tax “is key to addressing the challenges created by a globalized economy”. According to Gentiloni, “it’s been a long journey, with obstacles every step of the way. Today unity has prevailed and all Member States and all EU citizens benefit.”
Source: Ambito
