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Are Switzerland’s new tax breaks for companies a licence to misbehave? Zurich s Paradeplatz is the headquarters of Switzerland s two largest banks. © Gaetan Bally/Keystone Switzerland has announced that companies will be able to deduct multi-million dollar fines incurred abroad from their tax bill. Critics argue it rewards bad behaviour. This content was published on February 2, 2021 - 11:00 February 2, 2021 - 11:00 Andrea Ornelas See in other languages: 3 The Federal Act on the Tax Treatment of Financial Sanctions, which takes effect on January 1, 2022, intends to prevent companies from being used as scapegoats for political retaliation between governments. The issue is stirring controversy because it could let companies off easy for fines received in poorer countries and does little to incentivise responsible business.

Joel weibelNicolas haeslerSerge steinerDominik grossAlex cobhamPascal saint amansSwiss federal tax administrationDemocratic partySwiss bankers associationCentre for bankingTax administrationUniversity of genevaTax justice networkAlliance sudFederal actTax treatment