With a majority of 59.1%, Swiss voters rejected the Corporate Tax Reform III (CTR III) in a public vote on February 12, 2017. CTR III, the result of a long and complex political process, would have abolished current existing tax regimes, such as the rules for holding or mixed companies. At the same time, the reform would have introduced new internationally accepted measures such as the patent box, research and development incentives, a notional interest deduction, and a basis step-up.
The negative vote raises a number of questions on the future tax landscape for companies in Switzerland and abroad, especially concerning the immediate impact on Swiss taxpayers. At a minimum, the ‘no’ vote means that the current tax legislation and tax rules remain in place and that Swiss taxpayers will not face any immediate, unanticipated changes.
More information about the Swiss Corporate Tax Reform can be found here.