Switzerland will implement from 2024 the minimal tax rate for massive multinational companies below a global tax deal. The federal authorities will get 1 / 4 and regional and native authorities three-quarters of revenue, it mentioned on Thursday, outlining how the deal could be applied.
This content material was revealed on June 23, 2022 – 17:13
Reuters/Keystone-SDA/sb
“Based on the results of consultations, the Confederation should receive 25% of the receipts from the supplementary tax and use the funds for the benefit of Switzerland as a business location. The remaining 75% will go to the cantons and municipalities,” the finance ministry mentionedExternal hyperlink.
Switzerland mentionedExternal hyperlink in January it might implement from 2024 the minimal tax rate of 15% for corporations with a turnover of greater than €750 million (CHF786 million), agreed final 12 months by the Organisation for Economic Co-operation and Development (OECD)External hyperlink and G20 member states.
For the federal funds, the revenue would have a impartial impression, the federal government mentioned. Cantons can determine for themselves learn how to use the tax cash.
Finance Minister Ueli Maurer has mentioned round 200 Swiss corporations and round 2,000 Swiss subsidiaries of overseas teams could be affected by the transfer, which he mentioned supplied authorized certainty and ensured tax revenue remained in Switzerland. The 600,000 corporations that solely function within the Alpine nation won’t be affected by the deal.
The OECD final month acknowledged that the tax deal might take till 2024 to implement, a 12 months later than first deliberate.
Switzerland estimated in March it may stand up to CHF2.5 billion ($2.6 billion) in additional revenue by implementing the supplemental tax designed to make sure huge corporations pay the usual global minimal tax rate.
Switzerland had been within the worldwide highlight for years as a result of cantons had a particular tax standing for overseas corporations that meant some paid just about no tax over an efficient federal tax of seven.8%. That is now ending.
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More: SWI swissinfo.ch licensed by the Journalism Trust Initiative
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