REFORM PROPOSALS
Switzerland vote looms over tax breaks for multinationals
Zurich — Switzerland, long an attractive location for corporations on the lookout for tax savings, is fighting to keep that standing. Under pressure from abroad, it is doing away with a special benefit for multinationals and plans to tax everyone at the same rate. Unhappy with the proposals — which include a reduction in regional rates that could hit municipal budgets — opponents are now forcing a referendum on the issue. Switzerland’s plan to scrap the sweetener is its latest attempt to appease foreign criticism after ending its tradition of banking secrecy. Yet the change, which has been years in the making, may not be enough to maintain the country’s allure, with the UK already lowering its corporate tax rate and president-elect Donald Trump considering cutting the US levy by more than half. "If you think a board in the US is influenced by the mountains in Switzerland or the rain in Dublin? No, it’s about maximising shareholder value," said Dominic Morgan, global tax and transfer...
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