"No other country is going to have lower taxes either. While all would be affected, business groups have welcomed the greater certainty that the new tax would bring, even if Switzerland lost some of its low-tax allure. Switzerland is home to the offices and headquarters of around 2,000 foreign companies, including Google (GOOGL.O) as well as 200 Swiss multinationals, such as Nestle (NESN.S). ![]() In Sunday's referendum, voters also approved extending some provisions of the country's emergency COVID-19 law, required under Switzerland's system of direct democracy, where legislation is put to the public vote. Proponents say the law is the minimum the wealthy country needs to do to prove its commitment to fighting climate change while opponents from the right wing People's Party say it will jeopardise energy security. The climate law, brought back in a modified form after it was rejected in 2021 as too costly, has stirred up more debate with those campaigning against it gaining traction in recent weeks. In 2021, Switzerland joined almost 140 countries that signed up to an Organisation for Economic Cooperation and Development (OECD) deal to set a minimum tax rate for big companies, a move aimed at limiting the practice of shifting profits to low tax countries.Įven with the increase, Switzerland will still have one of the lowest corporate tax levels in the world, and the proposal, estimated to bring 2.5 billion Swiss francs ($2.80 billion) per year in additional revenue, has been backed by business groups, most political parties, and the public. The climate law was likewise approved and received the support of 59% of voters. "It will on top also create legal certainty and a stable framework." "This ensures that Switzerland will not lose any tax revenue to foreign countries," Finance Minister Karin Keller-Sutter said. The results showed almost 80% of those who voted in Sunday's national referendum backed raising the country's business tax to the 15% global minimum rate from the current average minimum of 11%, an unusually strong endorsement. ![]() ZURICH, June 18 (Reuters) - Voters in Switzerland on Sunday approved the introduction of a global minimum tax on businesses and a climate law that aims to cut fossil fuel use and reach zero emissions by 2050, public broadcaster SRF reported. Extension to COVID-19 law wins approval.Ocasio-Cortez and Blumenauer had previously cast their 2019 resolution as a necessary start to a long fight for implementing key parts of the Green New Deal climate change proposal.ĬNN’s Ryan Nobles and Gregory Krieg contributed to this report. The Center for Biological Diversity, an organization backing the bill, said in a statement that declaring a climate emergency would allow Biden to be able “to redirect military funds to build clean energy systems, marshal private industry for clean technology manufacturing, generate millions of high-quality jobs and finally put an end to dangerous crude oil exports.” She added, “Our country is in crisis and, to address it, we will have to mobilize our social and economic resources on a massive scale.” We are out of time and excuses,” Ocasio-Cortez said in the statement. “We’ve made a lot of progress since we introduced this resolution two years ago, but now we have to meet the moment. The bill would push the executive branch to upgrade infrastructure, modernize buildings to curb pollution, and protect public lands, among other investments. If passed, the bill would require Biden to provide Congress with a report detailing the executive branch’s actions in combating the climate crisis. “President Biden has done an outstanding job of prioritizing climate in the first days of his administration, but after years of blatant ignorance from Trump and Congressional republicans, an even larger mobilization is needed,” Blumenauer said in a statement unveiling the proposal. Now, the lawmakers have re-energized their efforts under a new administration committed to combating climate change with an ambitious plan to do so. ![]() They had introduced a similar resolution in 2019 – but it had little hope of advancing in the Republican-led Senate and under former President Donald Trump. Bernie Sanders of Vermont, would direct Biden to declare a national emergency under the National Emergencies Act of 1976, allowing him to unlock sweeping presidential powers and be able to organize resources to mitigate climate change. Alexandria Ocasio-Cortez of New York and Earl Blumenauer of Oregon, along with Independent Sen. The National Climate Emergency Act, introduced by Democratic Reps. Three progressive lawmakers introduced legislation Thursday that would require President Joe Biden to declare a national climate emergency, arguing that the US is “out of time and excuses” to deal with the climate crisis.
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