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Swiss voters unexpectedly rejected plans to overhaul the country’s corporate tax regime Sunday.
The government’s proposals were designed to bring the country’s practices closer to global standards and abolish special treatment for multinationals. The current system creates strong incentives for international companies making most of their revenue internationally to relocate their head offices to Switzerland where they can pay little income tax. [...]
Social Democrats, the Greens, trade unions, and the clergy had campaigned for the rejection of the new proposed system, which they saw as too pro-business while arguing that it would trigger a severe shortfall in yearly tax revenue, which would be passed on to citizens through public spending cuts.