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Switzerland Plans to Share OECD Minimum Tax Profits With Cantons

June 23, 2022, 7:30 AM

The Swiss government plans to give to its cantons most of the profits from the new minimum tax agreement forged among members of the Paris-based Organization for Economic Cooperation and Development.

Beginning January 2024 the Swiss tax authorities will levy a 15% minimum tax on companies with worldwide income exceeding 750 million euros ($792 million).

The federal government said it will take 25% of the supplementary tax and Switzerland’s 26 cantons will receive the remaining 75%, according to the statement. Swiss cantonal officials may decide how to use the funds in order to safeguard their appeal as a business location. ...