SWITZERLAND: Swiss to Vote on 50% Inheritance Tax for Super-Rich in November

Swiss voters will decide in November if the country should inflict a large inheritance tax on the estates of very rich people.

The Young Socialists are pushing for a plan to let the state take half of all assets above 50 million francs ($63 million) passed on after death. A group known as Juso collected 100,000 signatures in favor of the proposal, which aims to use the proceeds to fund measures combating climate change.

While parliament and the government are against it, the rules of Swiss direct democracy now require that a plebiscite must be held on the plan. This will take place on Nov. 30, the government said on Tuesday.

Switzerland has long been known as a haven for the world’s rich, and has recently seen an influx of affluent individuals fleeing the UK’s crackdown on preferential treatment for so-called non doms and Norway’s wealth taxes.

Critics of the Swiss initiative fear a reversal of that dynamic if it wins enough votes, setting up the country for the loss of high-contributing taxpayers. An alliance of parties from the middle to the right of the political spectrum is campaigning against the plan.

“The brutal 50% inheritance tax threatens the existence of family businesses and causes high economic costs,” said that group in a statement. “It’s a setback for everyone.”

10 January 2025

ASIA: South Korea plans institutional crypto trading

South Korea is preparing to lift its ban on institutional cryptocurrency trading, signalling a significant shift in the country’s crypto market. The Financial Services Commission (FSC), South Korea’s

Read More
20 April 2024

BAHAMAS: PM: Bahamas must avoid ‘pitfalls of past’ over FATF

The Bahamas must “avoid stumbling into the pitfalls of the past” by upholding regulatory standards to maintain its perfect rating on anti-financial crime compliance, the Prime Minister says. Philip

Read More
10 January 2025

GLOBAL TAX: Global tax cooperation moves forward with adoption of UN framework ToR

The Ad Hoc Intergovernmental Committee on International Tax Cooperation adopted the Draft Terms of Reference (ToR) for a United Nations Framework Convention on International Tax Cooperation in August

Read More
10 January 2025

US: The IRS faces more cuts under Trump

Donald Trump’s election with Republican House and Senate majorities has put the Internal Revenue Service back in the spotlight. The agency lost $20 billion in funding under the latest deal to avoid

Read More