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IMF Supports Swiss Corporate Tax Review

by Ulrika Lomas,, Brussels

04 June 2014

The Swiss government's plans to reform the corporate tax regime have been welcomed by the International Monetary Fund (IMF).

In its Article IV consultation report for Switzerland, released on May 28, 2014, the IMF noted that recent international developments pose medium-term challenges to the current Swiss economic model. It noted tax transparency changes, and that the tax treatment of corporate income from foreign activities is coming under international scrutiny.

Responding to these international pressures, the Swiss authorities are developing a strategy to reform parts of the current system of corporate taxation that give favorable tax treatment to income from foreign operations, while maintaining Switzerland's attractiveness to international firms, the IMF said. It is envisaged that the reform would enter into force as of 2018.

The IMF recommended that, in designing a new regime, the authorities take into account international efforts to counter base erosion and profit shifting in corporate taxation. Furthermore, to protect the integrity of Switzerland as an international financial center, the authorities were encouraged to forcefully implement the Financial Action Task Force (FATF) and Global Forum standards, in particular with respect to criminalization of tax crimes as predicate offences to money laundering, the transparency of legal persons, and due diligence requirements for politically exposed persons.

TAGS: tax | International Monetary Fund (IMF) | corporation tax | Switzerland | standards | Financial Action Task Force (FATF)

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