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Swiss Corporate Tax Rates Fell In 2011

by Ulrika Lomas,, Brussels

16 November 2011

According to the findings of the KPMG study ‘Corporate and Indirect Tax Survey’, average corporate tax rates in Switzerland have fallen again slightly this year. KPMG notes that in global terms, corporate tax rates also fell slightly in 2011, whereas in Europe the downward trend has levelled out.

In its accompanying release, KPMG explains that compared to the corporate tax rates in other European countries, Switzerland (city of Zurich) lies in 13th place, down one place on last year. Based on comparison of the average rate of all cantons in the Confederation, however, Switzerland remains in 8th position, with an average corporate tax rate of 18.31%, it adds.

The 2011 KPMG survey, which has compared 125 countries worldwide, reveals that the cantonal average in Switzerland (cantonal capitals) fell by 0.49% in the previous year, due mainly to tax cuts in the cantons of Glarus (-3.09%), Freiburg (-1.19%), Uri (-0.7%) and Basel-Stadt (-0.59%). KPMG notes that the only slight increase was observed in Grisons (+0.32%).

Noting that the downward trend in Europe has levelled out, KPMG predicts that this trend is not expected to reach Switzerland until a later point in time, noting that although the Swiss cantons of Lucerne and Neuchâtel have already decided to cut corporate taxes, these cuts will only enter into force over the next few years.

KPMG explains that Lucerne is reducing its profit taxes as of January 1, 2012, and is thus likely to be the new front-runner in Switzerland, while Neuchâtel has announced that it will cut corporate taxes every year until 2016.

TAGS: tax | business | corporation tax | offshore | tax rates | Switzerland

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