Switzerland may come under pressure with global tax plan

Tuesday, 13 April 2021 04:30

Switzerland is likely to find itself under international pressure to conform to a new move to harmonize corporate tax rates around the world.

The US president Joe Biden has floated the idea and now the OECD also wants to present a plan.

This country is known for its low tax base, it’s listed as fifth amongst tax havens for businesses.

But how much remains unclear. The United States is suggesting 21% is reasonable. Here, depending on canton, the rate varies between 11 and 21%.

As Switzerland is a member of the OECD, it could veto the idea. But it’s unlikely to go against a plan which does seem to be gathering momentum.

The finance minister, Ueli Maurer, says the global solution has to be moderate and at a level acceptable to Switzerland.

More from Bitesize News

Telecoms operator hacked

Swiss operator Salt has confirmed hackers stole personal data belonging to its mobile customers
AI assists in recycling issue

A Vaud recycling firm has switched on an artificial intelligence sorting line at its plant near Yverdon, aiming to close Switzerland's poor plastics recycling record
La Poste warning

La Poste chief Christian Levrat warns Switzerland's postal service could disappear within a decade without major changes
Financial gap widens between Switzerland and eurozone

The gap between Swiss and eurozone interest rates has hit a record 2.5 percentage points, after the European Central Bank raised its benchmark to 2.5% at the end of last week while the Swiss National Bank sits at zero
More job cuts in Geneva

Geneva's UN trade agency plans to cut 70 of its 500 staff, as funding pressure mounts
Voting day just 2 weeks away

Geneva heads to the polls on 27 September to decide whether it should be easier for tenants to buy the flat they rent

Download our app