AMN/ WEB DESK
Swiss voters looked set to approve proposals to introduce a global minimum tax on businesses and a climate law that aims to cut fossil fuel use and reach zero emissions by 2050. Projections by public broadcaster SRF showed 88 per cent of those who voted in today’s national referendum backed raising the country’s business tax to the 15 per cent global minimum rate from current average minimum of 11 per cent. 55 per cent supported the climate law.
In 2021, Switzerland joined almost 140 countries that signed up to an Organisation for Economic Cooperation and Development, OECD deal to set a minimum tax rate for big companies. The move aimed at limiting the practice of shifting profits to low tax countries.
Even with the increase Switzerland will still have one of the lowest corporate tax levels in the world. The proposal, estimated to bring 2.5 billion Swiss francs (2.8 billion dollar) per year in additional revenue, has been backed by business groups, most political parties, and the general public.