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The Swiss Federal Council has asked the Finance Department to draw up new proposals for corporation tax reform by mid-2017 at the latest, following its recent referendum defeat.
The Council said that its objective "remains that of strengthening Switzerland's competitiveness and safeguarding the tax receipts of the Confederation, cantons, and communes." It added that the special tax arrangements for status companies should still be abolished, in line with Switzerland's international commitments.
The Corporate Tax Reform III (CTR III) package was opposed by just over 59 percent of voters in the February 12 referendum. The package proposed the abolition of certain reduced taxation arrangements for holding, domiciliary, and mixed companies. It also proposed giving the cantons the option of introducing a special patent box regime for intellectual property income, and of applying a higher deduction for research and development expenditure.
The Council said that following the referendum, "opponents and proponents were generally in agreement that a new tax proposal should be drawn up swiftly."
The Federal Department of Finance has been instructed to submit the "substantive parameters" for a new proposal by mid-2017 at the latest. Consultations will be held with the various political parties, in collaboration with the cantons, cities, and communes. Business and workforce associations will also be involved in the process.
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