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Swiss finance minister says global corporate tax to come into force in 2024

Christian Fernsby |
The Swiss government has pledged to implement from 2024 the minimum tax rate for large multinational companies under a global tax deal.

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Topics: SWISS   

Under a timetable presented by Finance Minister Ueli Maurer on Thursday, a temporary regulation will ensure the minimum rate of 15% for companies with a turnover of more than €750 million (CHF786 million) comes into force following a vote on a constitutional amendment in June 2023.

Subsequent legal reforms, affecting an estimated 2,000 Swiss subsidiaries of foreign companies and about 200 Swiss firms, would be decided by parliament at a later stage.

Maurer said the proposed procedure allowed Switzerland to keep up with other countries trying to attract multinationals. It also provided the necessary legal certainty for the business community.

“If 15% is going to be levied, we want to levy that in Switzerland,” he told a news conference. “It will ensure that Switzerland remains competitive as an international business hub.”

Maurer said the procedure was agreed with the 26 cantons and the municipalities, which have wide-ranging financial autonomy, as well as the business community.

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