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Zurich cancels tax cut: population skeptical about large companies!
Zurich and Basel discuss tax cuts: changing beliefs about economic efficiency and new support measures for companies.
Zurich cancels tax cut: population skeptical about large companies!
The current political discussion about tax policy shows clear changes in the perception of tax attractiveness. This is particularly clear in Zurich, where a broad belief that economic benefits also benefit the general population is increasingly being questioned. According to a report by SRF Many Zurich residents no longer believe that a one percentage point reduction in corporate taxes is necessary. There is a growing view in conservative circles that Zurich is already sufficiently economically attractive without having to make further tax cuts.
There are also concerns that tax relief could further drive up high apartment rents. More and more people are of the opinion that the damage to the cantonal treasury from a tax cut is greater than the possible benefit to large companies. These changing views are also reflected in the votes.
Basel-Stadt as a pioneer
How Basel city reports, the introduction of the OECD minimum taxation of 15% for large international companies has already led to an additional tax burden. Without countermeasures, this could have negative effects on the national economy and cantonal finances. To counteract this, Basel-Stadt has placed a central focus on location promotion that focuses on innovation, society and the environment.
Planned measures to promote the location
In order to ensure economic stability, companies should be able to apply for funding contributions or tax credits from 2025. In the area of innovation, personnel expenses for research and development as well as location commitments are financially supported. There is financial support for society for voluntary parental leave via the legal minimum and new types of research collaborations. Environmentally friendly measures to reduce greenhouse gases and promote energy efficiency are also planned.
A newly established “Innovation-Society-Environment Fund” will support the implementation of these measures with annual funds of 150 to 300 million francs. In terms of taxation, a second tariff level of 8.5% for profits over 50 million francs is planned for cantonal profit tax for ten years. In addition, the maximum reduction due to the patent box is reduced from 40% to 5% of the taxable profit.
These measures are intended to provide planning security for companies and to ensure that smaller companies and start-ups do not suffer from the new regulations. Overall, the federal government is expected to generate additional income of 270 to 310 million francs annually. In this way, Basel-Stadt shows that it is possible to take measures that can benefit both the economy and society.