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(Bloomberg) -- In a bid to stay competitive internationally, Swiss cantons will cut their headline tax rate for companies as part of a pending corporate tax reform. High-wage Switzerland is under pressure to do away with the special privileges it grants multinational corporations, and Geneva, home to many of them, is set to cut its rate to 13.49 percent from 24.16 percent, according to KPMG. After an initial proposal was rejected in a 2017 plebiscite, the parliament in Bern may vote on a revised proposal this autumn.

To contact the reporters on this story: Catherine Bosley in Zurich at cbosley1@bloomberg.net, Salome Wittwer in Zurich

To contact the editors responsible for this story: Sheldon Reback at sreback@bloomberg.net, Zoe Schneeweiss

©2018 Bloomberg L.P.

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