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EU 'Disappointed' By Swiss Corporate Tax Vote

by Ulrika Lomas, Tax-News.com, Brussels

15 February 2017


EU Tax Commissioner Pierre Moscovici has said that the European Commission is "very disappointed" by the result of Switzerland's recent referendum on corporate tax reform.

The package proposed the abolition of certain reduced taxation arrangements for holding, domiciliary, and mixed companies. It was also proposed to give 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 Corporate Tax Reform III (CTR III) package was opposed by just over 59 percent of voters in the February 12 referendum.

Moscovici told reporters: "The rejection of the reform and referendum means we need to redouble our efforts when it comes to taxation. The Commission plans to consult the [EU's] member states so we can decide together how to proceed."

OECD Tax Director Pascal Saint-Amans also pressed Switzerland to quickly find a solution. He commented: "Switzerland's partners will expect it to implement its international commitments within a reasonable time period and this need not happen within the context of a wider reform, which could take longer than the two years originally foreseen for these changes."

TAGS: tax | European Commission | intellectual property | Organisation for Economic Co-operation and Development (OECD) | corporation tax | transfer pricing | Switzerland | tax reform | research and development | Europe | BEPS

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