Swiss voters soundly reject corporate tax overhaul

by Dramelin 5:00 AM 0 comments

Swiss voters clearly rejected plans to overhaul the corporate tax system, sending the government back to the drawing board as it tries to abolish ultra-low tax rates for thousands of multinational companies without triggering a mass exodus. Most Swiss recognized the country needs reform to avoid being blacklisted as a low-tax pariah. But new measures proposed to help companies offset the loss of their special status breaks had created deep divisions. Just over 59 percent of voters - who have the last word under the Swiss system of direct democracy - opposed the plans, which the country`s political and business elite embraced under international pressure, provisional results on Sunday showed. He played down the risks of blacklists, saying the more immediate danger was that individual countries would start double taxation of Swiss-based companies.