Switzerland will implement 15% Minimum Tax from 01-01-2024
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- Last Updated on 15 January, 2022
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Swiss Presser, dated 13-01-2022
The Federal Council of Switzerland has decided to implement the 15 per cent minimum tax rate for certain companies as agreed by the OECD and G20 member states by means of a constitutional amendment. The Govt. will pass a temporary ordinance to ensure that the 15 per cent tax comes into force on January 01, 2024, and the law will be enacted subsequently.
On 08-10-2021, the major reform of the international tax system was finalised as the OECD will ensure that Multinational Enterprises (MNEs) will be subject to a minimum 15% tax rate from 2023. 137 countries have agreed to a temporary enactment that would provide a minimum tax rate of 15% for corporations with a turnover of more than 750 million euros.
A minimum tax rate under Swiss law ensures that major corporations do not become embroiled in international disputes. Further, Switzerland should also not forego any tax revenues that it is entitled to.
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