Switzerland: Tax transparency reporting statistics and global minimum tax update

Statistics on tax transparency reporting and update on the implementation of a global minimum tax

Global minimum tax update

The KPMG member firm in Switzerland reported the following statistics on tax transparency reporting and an update on the implementation of a global minimum tax.

Tax transparency reporting statistics

A KPMG analysis of the 150 largest companies listed on the SIX Swiss Exchange shows that merely 19% of the companies publish tax transparency reports. However, numerous additional enterprises are expected to be subject to the EU’s public country-by-country (CbC) directive from 2025 onward, which will substantially increase the number of tax transparency reports published.

Global minimum tax update

The tax rates of 18 cantons are below the minimum corporate tax rate of 15% targeted by the Organisation for Economic Cooperation and Development (OECD). If these cantons or Switzerland neglect to raise their corporate tax rates to this threshold for the companies in question, the difference could be taxed in another country.

Given the ambitious timetable defined by the OECD and the G20 nations—with the first components of the minimum tax regulation already entering into force on 1 January 2023—Switzerland and its political system are facing a major challenge. The Federal Council has decided to implement the minimum tax by means of a constitutional amendment and to enact a temporary ordinance aimed at ensuring that the minimum tax can be rolled out on 1 January 2024. The electorate is scheduled to vote on the issue on 23 June 2023.

Read a May 2022 report prepared by the KPMG member firm in Switzerland


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