Swiss bow to EU over lures to global firms
Tuesday 19 March 2013
Switzerland has bowed to pressure from Brussels to reform its corporate tax law after a row over the incentives it offers to multinational firms, its Finance Minister said yesterday.
The nation is home to thousands of global companies, including the commodities trading giant Glencore and online retailer eBay, depriving other countries of up to Sfr36.5bn (£25.6bn) in tax revenue each year, according to the left-wing Swiss think-tank Denknetz.
But the European Union says Switzerland, which remains outside the EU, has used "unauthorised state aid" to lure firms by offering special tax rates on foreign revenues.
Brussels has threatened measures such as trade tariffs if Switzerland does not reform.
"We have until mid-year to hand over the parameters of a possible solution to Ireland, which holds the current EU presidency and also the EU Commission. We will also do that together with the cantons," the Swiss Finance Minister, Eveline Widmer-Schlumpf, said yesterday.
- 1 Renee Zellweger on plastic surgery reports: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
- 2 Disney announces new female-led film Moana
- 3 Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
- 4 Australian café owner sparks debate after saying 'No' to having unruly children on premises
- 5 Video: Boxer Vido Loncar brutally assaults referee following defeat
Ottawa shooting: Canadian soldier dies after being shot at National War Memorial with one gunman killed inside parliament
Renee Zellweger on plastic surgery reports: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
Isis releases first video showing stoning of woman accused of committing adultery as her father shouts 'don't call me Dad'
Oscar Pistorius: The brutal prison life that awaits disgraced athlete
Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Support for EU membership 'at highest level since 1991 with most Brits wanting to stay in'
iJobs Money & Business
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£18000 - £23000 per annum + Commission: SThree: The SThree group is a world le...
£18000 - £23000 per annum + Comission: SThree: The SThree group is a world lea...
£20000 - £25000 per annum + OTE £Competitive: SThree: SThree Group and have be...