Switzerland: Adoption of a new corporate tax reform
Swiss voters have approved the Federal Act on Tax Reform and AVS Financing (TRAF). TRAF introduces major changes in the Swiss tax system, bringing it closer to EU and OECD standards on taxation of multinational businesses. The reforms include a reduction of ordinary corporate income tax rates, a patent box regime, a possible capital tax relief and a lump-sum tax credit for Swiss permanent establishments. The new measures are expected to take effect on 1 January 2020.