Switzerland could lose billions in global corporate tax reform push

Switzerland stands to lose up to CHF10 billion ($10.2 billion) as a consequence of attempts by other countries to change how multinationals are taxed. Countries belonging to the G20 and OECD are pushing for changes in corporate taxation rules to capture a larger share of taxes of multinationals based in tax-friendly destinations like Switzerland. They want companies to pay taxes where they generate their sales and not just where they are located. They also want all firms to be subject to minimum taxation. Finance Minister Ueli Maurer had hinted at shortfalls of between CHF1-5 billion in the Swiss treasury if these measures are implemented. However, the NZZ am Sonntag paper claims the country could lose up to CHF10 billion if the impact of tax revenues of cantons and municipalities are taken into account. The pharmaceutical company Novartis was used as an example to illustrate the consequences. The company recently achieved global sales of just under CHF51 billion, of which only ...