tuesday, 14 october of 2014

Swiss pledge to review business taxation

The Swiss finance minister, Eveline Widmer-Schlumpf, and her counterparts from European Union member states have signed a joint statement aimed at ending a controversy over corporate taxes.

The declaration, signed in Luxembourg on Tuesday, includes the Swiss government’s plans to push ahead with abolishing certain preferential tax regimes for foreign holding companies based on international standards by the Organisation for Economic Co-operation and Development.

In return, EU member states confirmed they would lift any sanctions taken against these regimes, according to a finance ministry statement.

“The agreement ends a bilateral controversy which has led to friction and to threats of severer countermeasures from the EU since 2005,” the statement added.

Widmer-Schlumpf stressed the importance of a “level playing field” between all the countries.

She also hinted that Switzerland expected neighbouring Italy to help resolve disputes about suspected tax evasion, according to the Swiss News Agency.

Last month the government presented wide-ranging plans for a corporate tax reform to be discussed by parliament.

Switzerland and the EU initialled a memorandum of understanding in July.

(Published by Swissinfo.ch - October 14, 2014)

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