[World Tax News] Swiss Government Urges Voters to accept Global Minimum Tax and More

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World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week.

1. Swiss Government urges voters to accept Global Minimum Tax

The Swiss Federal Councilor Karin Keller-Sutter presented arguments urging voters to accept implementing the Pillar 2 global minimum tax ahead of a referendum vote. Switzerland is one of the 140 countries that have signed an OECD/G20 project aiming to apply a minimum tax rate of 15% on multinational corporations.

The Swiss Federal Government unveiled its plan in June 2022 to integrate the GloBE Rules into its domestic legislation, thus establishing their applicability from 1st January, 2024. On 16th December, 2022, the Swiss parliament endorsed an amendment to the Swiss constitution, which will be put to a popular vote scheduled for 18th June, 2023.

If the referendum is successful, the Federal Government will be authorized to proceed with its implementation plan.

The referendum pertains to a Federal Decree passed by the Swiss Parliament, which calls for a constitutional amendment to enable the implementation of a 15% global minimum tax.

If the referendum is passed, the Swiss Federal Council will phase in the global minimum tax, starting with an initial ordinance temporarily regulating the minimum tax in Switzerland through a “supplementary tax”.

This will ensure that the corporate groups with consolidated global revenue surpassing EUR 750 million are subject to a minimum level of taxation. The temporary ordinance will take effect from 1st January 2024, and federal law will eventually supersede it.

Source: Press Release dated 24-04-2023

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