On 12 February 2017, the Swiss People rejected the Corporate Tax Reform III (CTR III) with a clear majority of 59.1%. Only four cantons (Zug, Vaud, Nidwalden and Ticino), out of 26, approved the proposal.
No doubt this is not the result multinational companies and many other stakeholders in Switzerland were hoping for. Nevertheless, there is no reason to see only dark, negative scenarios with regard to the future of Switzerland as a business hub. The fact is that Switzerland has committed to the OECD and EU that it will abolish any ring-fencing schemes like Holding or Mixed Company privileges. This is important to avoid Switzerland from appearing on any type of black list. The abolishment of these and other tax privileges is not controversial for the public.
