Swiss Finance Minister Ueli Maurer has hinted that cantons might lower income taxes for well-heeled executives as the country braces for the impact of a minimum corporate tax rate.
This content was published on
2 minutes
swissinfo.ch/mga
Русский
ru
Кантоны Швейцарии снизят налоги для «капитанов бизнеса»?
Speaking to the NZZ am Sonntag newspaper, Maurer said cantons are discussing the idea of reducing upper rates for high earners. As in many countries, people pay progressively higher rates in Switzerland when their incomes reach a certain level.
“I could well imagine that some cantons will flatten out tax progression a bit to become more attractive for high-income employees,” said Maurer on SundayExternal link. However, he pointed out that this is a decision for individual cantons, rather than the government.
This certainly appears to be a possibility in canton Zug, which is home to many multinational companies. Lowering income taxes in this way would be “a good way to keep Zug as an attractive location”, canton Zug finance director Heinz Tännler told the newspaper. No decision has been taken so far and the canton will meet with companies on Monday to outline possible reforms.
Canton Vaud, in western Switzerland, says it will consider offering more tax deductions for foreign executives for moving home or sending their children to private school. But not every canton has it in mind to offer tax sweeteners to top managers.
The aim of the minimum rate is to stop tax havens from poaching companies and taxable revenues from other countries. The measure will affect an estimated 2,000 Swiss subsidiaries of foreign companies and about 200 Swiss firms. NZZ am Sonntag says up to CHF3 billion in annual corporate tax revenues are at stake.
There are several other measures that cantons could take in addition to adjusting income taxes for individuals. These include tax credits for research activities or lowering social welfare contributions that companies pay.
Other countries might offer land at discount prices to build factories or subsidise companies for creating a large number of jobs.
More
More
Switzerland fears impact of minimum corporate tax rate
This content was published on
Global corporate tax reform could threaten Switzerland’s status as a hub for multinational companies.
Train vs plane: would you take a direct train between London and Geneva?
Eurostar is planning to run direct trains from Britain to Germany and Switzerland from the early 2030s. Would you favour the train over the plane? If not, why not?
Swiss canton coordinates donations for landslide destroyed village
This content was published on
The Swiss canton of Valais to form committee to coordinate CHF 57.4 million donations for village destroyed by a landslide.
Body of Blatten landslide victim found and identified
This content was published on
The body of 64-year-old man, who has been missing since part of the Brich glacier collapsed on the Swiss village of Blatten has been found.
Swiss watch industry calls for ‘clear solution’ with US
This content was published on
Federation of the Watch Industry calls for clear solution to tariff threat and a swift agreement between Bern and Washington.
Swiss youngsters illegally obtain alcohol in a quarter of test purchases
This content was published on
In a quarter of all alcohol test purchases last year, young people in Switzerland were able to obtain beer, wine or spirits illegally.
Global corporate tax deal reshapes how Switzerland attracts multinationals
This content was published on
The global corporate tax deal endorsed by the G20 won’t end tax competition but it will look different. This plays to Switzerland’s advantages.
This content was published on
Switzerland said Thursday it is on board with a global corporate minimum tax after breakthrough negotiations yielded consensus at the OECD.
Global minimum tax deal bad for Switzerland, say experts
This content was published on
The G7 decision to support a global minimum tax of 15% for large corporations is not good news for Switzerland, say some Swiss economists.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.