When G20’s big funders approved a tax reform for multinational corporations on Saturday aimed at ending tax breaks, Federal Councilor Julie Murray did not hide her frustration after the decision. “But we can’t stop this reform.”
It was in Venice that the big G20 funders adopted a reform that was considered “revolutionary” in the taxation of multinational corporations, which had already been approved by 132 countries, including Switzerland, promising to shake up international taxes permanently.
U.S. Treasury Secretary Janet Yellen gave a chorus of exciting reactions to the tax, to European Economic Commissioner Paulo Gentiloni, who called on the world to act quickly to finalize the reform.
>> Also read: G20 political green light for multinational companies’ tax deal
“We fell asleep at our awards”
On the Swiss side, responses are more measurable. Finance Minister Yuli Maurer told the media that international tax reform was necessary. However, the federal councilor urged that the interests of small innovative countries be taken into account in a timely manner.
Speaking to SRF, Yuli Murray was even clearer: “We can not prevent this reform. Thousands of companies active in Switzerland could not handle two parallel tax systems. It is very complicated. And we do not want to give tax revenue to other countries. “
>> Interview with Yuli Maurer in La Mattinal:
However, the Federal Councilor concluded in a positive note, “If we can improve the framework conditions of our companies in Switzerland, we can live with this reform. We know it will be a big challenge after good years.” That’s it. We have no desire to change things now. This is a big problem for Switzerland. Other economies adapt much faster than we do. “
Ireland, Luxembourg, the Netherlands and Switzerland, which attracted Apple and Google by paying taxes and levies, will also lose out on the deal. “Beyond the impact on public finances, it is clear that the reforms will affect the economies and jobs of these countries, especially if multinational corporations replace their profits and investments,” the cabinet economist underlined. Oxford Economics Ricardo Amaro.
>> Note the forum response of Professor Xavier Oberson, Professor of Swiss International Tax Law at the Faculty of Law, University of Geneva:
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