Location : Wabbit Hole
Job/hobbies : Cayman Islands Actuary
|Subject: Swiss Must Draw Up Plan B on Corporate Taxes to Stay Attractive Sun Feb 12, 2017 6:06 pm|| |
|The Swiss government must come up with a new plan and figure out how to limit economic fallout after voters rejected its bid to reform corporate taxation to keep the country internationally competitive.|
Because Switzerland needs to end its current practice of giving thousands of multinationals tax breaks, the government will have to concoct a Plan B to prevent their moving abroad. Their departure would cause a drop in tax revenue and stunt economic growth.
The government is at pains to find a solution at a time when countries such as the U.S. are seeking to gain a competitive edge with their own business tax reductions and after a strong currency-induced slowdown in economic growth. Switzerland, which has succeeded in attracting big global corporations like Procter & Gamble Co. and Caterpillar Inc., already bowed to international pressure and scrapped banking secrecy after a crackdown on tax evasion by other countries.
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