ZURICH (HRNW) – Swiss voters looked set to approve proposals to introduce a global minimum tax on businesses and a climate law that aims to cut fossil fuel use and reach zero emissions by 2050, projections by public broadcaster SRF showed on Sunday.
The projections, based on counted votes, showed 88% of those who voted in Sunday’s national referendum backed raising the country’s business tax to the 15% global minimum rate from current average minimum of 11%, while 55% supported the climate law.
The results of the vote were expected later on Sunday.
In 2021, Switzerland joined almost 140 countries that signed up to an Organisation for Economic Cooperation and Development (OECD) deal to set a minimum tax rate for big companies, a move aimed at limiting the practice of shifting profits to low tax countries.
Even with the increase Switzerland will still have one of the lowest corporate tax levels in the world, and the proposal, estimated to bring 2.5 billion Swiss francs ($2.80 billion) per year in additional revenue, has been backed by business groups, most political parties, and the general public.