House votes down tax on bonuses

The House of Representatives on Wednesday narrowly voted against taxing bonuses for top managers.

This content was published on December 7, 2011 - 17:10 and agencies

The proposal, a response to a popular initiative aimed at reining in “abusive salaries” in the wake of the financial crisis, would have seen taxes imposed on companies for bonus payments in excess of SFr3 million ($3.24 million).

The proposal was defeated 98 votes to 85, with parties on the left together with the centre-right Christian Democrats losing out to arguments from the rightwing Swiss People’s Party and others that the plan would hurt business.

But Justice Minister and Social Democrat Simonetta Sommaruga said taxing bonuses would help eliminate the worst excesses.

In a related move, the House of Representatives sent back to the Senate for consideration a proposal to strengthen shareholders’ rights.

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