Swiss voters backed raising corporate taxes for large multinationals to the 15% minimum level agreed by OECD countries and signed off on the government’s climate goals.
In a local election, Geneva rejected increasing the levy on its richest citizens.
The OECD minimum tax was supported by 78.5% of the electorate, according to government results published on Sunday. The outcome, which was expected based on polls, clears the final hurdle for the implementation of the higher levy next year.
With the slogan “So the money stays in Switzerland” the government and most parties had been calling for ‘yes’ votes. A rejection of the measure would have allowed other countries to pocket the estimated additional annual revenue of 1 billion to 2.5 billion francs ($1.1 billion to $2.8 billion), according to the OECD agreement.
Swiss citizens were likely swayed by the nature of the topic and the support should not be seen as a vote of confidence in the government, which recently has been under scrutiny over its role in the Credit Suisse Group AG crisis.
The government’s proposal for Switzerland to become climate neutral by 2050 was backed by 59.1% of the electorate, according to results. The bill includes commitments to cut greenhouse gas emissions at 50% below 1990s levels by the end of this decade.
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