'In many areas such as taxation [and] the movement of personnel from one country to another, Switzerland tends to react to developments elsewhere rather than thoroughly reviewing its position. [It needs] to adopt a strategy designed to attract those people and those multinationals that will serve Switzerland's own interests,' tax lawyer and Chamber director, Philip Marcovici explained to the Swissinfo news service at the weekend.

He went on to observe that: 'There seems to be a bit of discomfort in some quarters in Switzerland as to really whether or not there is a desire to bring in multinational companies and the foreigners that accompany them...so the first step is simply to say: Yes, the door is open. We do want to attract the right kind of multinationals.'

Citing the Netherlands, Ireland, and Singapore as countries which have effectively adapted themselves to the increasingly globalised investment environment, Mr Marcovici revealed that tax is a prime concern for foreign investors looking to locate headquarters in the jurisdiction, or invest capital.

The Swiss-American Chamber of Commerce report recommends the abolition of stamp taxes relating to funds that may be established in Switzerland (whether or not they are listed on the Swiss Stock Exchange), arguing that stamp taxes have a 'chilling' effect on some areas of business activity.