This is an automatic translation, which is why errors may occur
SwissHoldings regrets that the withholding tax bill was narrowly rejected by the Swiss electorate todayrejected by the Swiss electorate. We note that we were apparently unable to convince a majority with our arguments. Nevertheless, we believe that not only our members but the whole of Switzerland would have benefited from the reform. By sticking to the withholding tax on bond interest, the Swiss debt capital market will remain far below its potential in the future.
The grand alliance consisting of the Federal Council, the majority of the Swiss parliament, the bourgeois parties as well as the business community could not prevail on this tax policy issue at the ballot box. SwissHoldings takes note of today’s decision by the sovereign, but regrets what we see as a missed opportunity to strengthen the debt market and simplify financing for our members.
Missed opportunity with rejection of withholding tax
Particularly against the background of the national debt of around 30 billion Swiss francs decided during the Corona pandemic, it would have been appropriate to adopt reforms that would help to reduce the huge mountain of debt without imposing higher taxes on citizens and SMEs. In the case of the withholding tax reform, the federal government could have expected additional revenues of 350 million francs per year after just five years. The withholding tax reform rejected today would therefore have been a reform that would have benefited us all. A sensible update at the right time.
Even a successful location needs updates
The Swiss business location is in a comparatively good position. Nevertheless, it is not a static entity and must be adapted to new framework conditions from time to time so that we can continue to occupy a top position in the future. We know this from our smartphone or PC: every now and then it needs an update to continue functioning well. SwissHoldings will continue to advocate for sensible economic and tax policy proposals and work to bring the economy and how it works closer to the Swiss people.
For information:
Martin Hess │ Head of Taxes, Member of the Executive Board │ 078 805 04 95
Pascal Nussbaum │ Head of Communications & Public Affairs │ 079 798 52 40
Julia Besnier │Project Manager Public Relations │ 079 586 59 24
