Switzerland to Amend Global Minimum Tax Law to Allow for New Tax

Switzerland said Wednesday it was amending its legislation implementing part of the global minimum tax, to allow for a tax it imposed in September.

The country’s minimum tax ordinance “must be amended accordingly” to allow Switzerland’s new international supplementary tax to go into effect starting Jan. 1 as planned, Switzerland’s Federal Council said.

• The Swiss international supplementary tax was enacted in September under the income inclusion rule (IIR), part of Pillar Two of the OECD’s 2021 global tax agreement. Under the agreement, large companies must pay at least 15% in taxes no matter where in the world their ...