Switzerland has announced plans to raise corporate taxes for large multinationals to the 15% minimum level agreed by OECD countries, a move that was supported by 78.5% of voters in a recent referendum, according to government results. The measure, which was promoted with the slogan “So the money stays in Switzerland”, is expected to be implemented next year. However, voters' support for the measure should not be seen as endorsement of the current government, which has been mired in controversy over its handling of the Credit Suisse Group AG crisis.
As part of its commitment to tackling climate change, Switzerland also set out plans to become climate neutral by 2050, with a goal of cutting greenhouse gas emissions by 50% below 1990s levels by the end of this decade. This proposal was backed by 59.1% of voters, demonstrating the country's commitment to direct democracy. Switzerland is one of the few countries worldwide that allows its citizens to vote on national climate goals. The legislation was a watered-down version of an earlier proposal which called for a ban on fossil fuels, but was considered too radical.
In a move that revealed divisions over tax policy, Geneva rejected a proposal to increase the wealth tax for its richest citizens. The measure, aimed at boosting fiscal revenue, called for a temporary lift on the wealth tax for individuals with assets over CHF 3 million. Local government opposed the increase, and ultimately, voters sided with them.
Elsewhere in the country, Zurich and Winterthur voters approved minimum hourly wages of CHF 23.90 and CHF 23, respectively. These measures reflect Switzerland's ongoing efforts to ensure that workers can earn a living wage.
Sunday’s referendums were the only ones scheduled for 2023, as the country prepares for parliamentary elections later in the year.