Switzerland and the European Union, on July 1, initialed an agreement outlining principles and intentions concerning Switzerland’s business taxation regime.
According to the Swiss Federal Council, the agreement, first announced June 20, reaffirms the Council’s intention to propose abolishing Cantonal tax regimes that treat domestic and foreign revenue differently and to create new tax measures in line with international tax standards. In return, EU member states have agreed to lift corresponding countermeasures when the Swiss tax regimes in question have been abolished. Release, prior coverage.
