The End of Low Tax Rates?

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Following the Global Anti-Base Erosion (GloBE) rules under the BEPS/G20 Pillar 2 model, the Swiss government contemplates that the cantons may introduce a minimum tax for groups with world-wide gross revenues exceeding EUR 750 million so that the consolidated (federal and cantonal and communal) effective income tax rate should be at least 15% (read also our article BEPS 2.0 Getting Real in Switzerland). On 11 March 2022, the Swiss Federal Finance Department published the Federal Councils’ Draft Federal Decree together with an Explanatory Report and opened the Consultation Process on the implementation of the OECD/G20 minimum taxation in Switzerland.

The next steps until implementation of the minimum corporate tax rate set at 15% are as follows:

  • To achieve an entry into force on 1 January 2024, the Federal Council is to be authorized by means of a transitional provision to temporarily regulate the minimum taxation by ordinance. This temporary ordinance is to be replaced by a federal law passed by parliament as soon as there is sufficient clarity about the application of the international rules.
  • The respective Article in the Swiss Constitution should be changed via a referendum to be held in June 2023.
  • Aiming to globally implement the minimum tax rate from 2023 onwards, the OECD is about to release a Commentary relating to the BEPS/G20 Pillar 2 model rules in early 2022.

The Tax team keeps you posted about further developments.

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