Swiss voters reject corporate tax overhaul

Swiss voters have rejected a corporate tax overhaul in a referendum, dealing a blow to the government's efforts to modernize the country's tax system. The proposed changes aimed to abolish certain tax privileges for multinational companies and introduce a minimum effective tax rate of 15%. The referendum result shows that 64.9% of voters opposed the tax reform, with a turnout of 52.4%. Critics argued that the changes would have made Switzerland less attractive for businesses and led to job losses. The government, on the other hand, claimed that the reforms were necessary to comply with international standards and prevent the country from being blacklisted. The rejection of the tax overhaul is seen as a setback for Switzerland's efforts to maintain its competitiveness as a business hub. The government will now have to rethink its approach to corporate taxation, balancing the need for international cooperation with the concerns of domestic voters.