Back in June this year, Switzerland set an example for other wealthy European countries, by vocally supporting a minimum corporate tax rate, suggested by the Organisation of Economic Cooperation and Development (OECD).
However, Switzerland could now potentially be getting cold feet, with increasing appeals for the tax reform, which was originally supposed to go live on 1 January next year, to be delayed.
Other major Swiss firms include food and drink company Nestlé with its headquarters in Vevey, whereas watch manufacturer Rolex is based in Geneva and UBS bank is split between Zurich and Basel.
Increasing the minimum corporate tax could prompt these companies and several others to look for homes elsewhere, potentially fundamentally changing the fabric of the Swiss economy, which has stayed strong for decades.
Not only this, if Switzerland loses its tax haven status, it may experience a plunge in both individual and corporate funds from overseas in its offshore bank accounts.
Switzerland’s turnaround comes as several other countries, such as the US, India, China, Hong Kong, Singapore, Brazil and the UAE, amongst several others, are also hesitating over whether to implement the OECD deal in 2024.
The original article contains 457 words, the summary contains 190 words. Saved 58%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Back in June this year, Switzerland set an example for other wealthy European countries, by vocally supporting a minimum corporate tax rate, suggested by the Organisation of Economic Cooperation and Development (OECD).
However, Switzerland could now potentially be getting cold feet, with increasing appeals for the tax reform, which was originally supposed to go live on 1 January next year, to be delayed.
Other major Swiss firms include food and drink company Nestlé with its headquarters in Vevey, whereas watch manufacturer Rolex is based in Geneva and UBS bank is split between Zurich and Basel.
Increasing the minimum corporate tax could prompt these companies and several others to look for homes elsewhere, potentially fundamentally changing the fabric of the Swiss economy, which has stayed strong for decades.
Not only this, if Switzerland loses its tax haven status, it may experience a plunge in both individual and corporate funds from overseas in its offshore bank accounts.
Switzerland’s turnaround comes as several other countries, such as the US, India, China, Hong Kong, Singapore, Brazil and the UAE, amongst several others, are also hesitating over whether to implement the OECD deal in 2024.
The original article contains 457 words, the summary contains 190 words. Saved 58%. I’m a bot and I’m open source!