Swiss wary as more foreign firms set up low-tax HQ
Monday, November 22, 2010
GENEVA (AP) — Swiss officials are concerned at the growing number of foreign companies taking advantage of Switzerland’s low tax rates by moving their corporate headquarters to the Alpine nation.
A spokesman for the government’s office for international financial matters says the flight of large companies to the country could increase pressure on Switzerland from the European Union and the U.S.
Mario Tuor says Brussels and Washington have in the past expressed concern that foreign corporations can enjoy lower tax rates in some cantons (states) than Swiss companies.
Tuor’s comments, first reported Sunday in Swiss weekly NZZ am Sonntag, come days after U.S. oil field service company Weatherford International Inc. listed on the Zurich stock exchange.