However, Finance Minister Karin Keller-Sutter is convinced that the majority of countries will introduce the new rule on January 1, 2024.
“Switzerland will wait until the last moment, because we want to be sure that competing places will introduce the minimum taxation as agreed,” she told journalists on Monday. The Federal Council (executive body) will decide by the end of the year when the OECD minimum tax will come into force.
However, some countries are currently behind schedule, as minimum taxation is being debated as part of the budget, as in Ireland and Luxembourg. Poland has already decided not to introduce minimum taxation, but will be subject to infringement proceedings.
Last November, the Committee for Economic Affairs and Taxation of the Senate recommended a postponement of at least one year. It feared that Switzerland would be disadvantaged in terms of profit taxation. On June 18, the Swiss voted in favor of new regulations governing the profits of groups with sales in excess of 750 million euros (CHF710 million). The new regulations call for a minimum rate of 15% worldwide. In Switzerland, a few hundred Swiss companies and a few thousand subsidiaries of foreign groups are subject to this regulation.
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Why is Switzerland backtracking on the plan for a minimum corporate tax rate?
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The Swiss government is considering postponing implementation of the minimum corporate tax rate. What’s the hold up?
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