News

14 February, 2006

Tax changes in canton Schwyz, Switzerland

Schwyz has become the latest Swiss canton to cut taxes on business and personal.
Schwyz is the second canton in recent months to cut corporate and personal taxes as competition to attract high-net-worth individuals, holding companies and manufacturers heats up.
The canton is also keen to tempt more businesses to relocate, especially small- and medium-sized enterprises, boasting that the area has "no dominating industries". Almost 90% of all companies in the canton employ fewer than ten employees and only 0,6% of the canton’s firms have a workforce of more than 100, a statistic that Schwyz officials say makes the area more immune to the after effects of economic recession.
Companies moving to Schwyz can enjoy special tax breaks for a maximum of ten years after relocation, while preferential tax treatment can be sought by companies in accordance with special directives.
Schwyz is also the only canton in Switzerland with no inheritance or gift tax.