Swiss voters approved the OECD minimum corporate tax rate in 2023.
Keystone / Urs Flueeler
Tax revenues generated by the OECD minimum tax rate for large corporations, which has been in force since 2024, have risen significantly. However, according to an analysis by consulting firm Deloitte, these revenues are likely to fall short of the federal government’s expectations in the coming years.
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According to the analysis published on Thursday, the 50 largest listed corporations in Switzerland would pay around CHF564 million ($718 million) in supplementary taxes at home and abroad for the year 2025. Compared to 2024, this represents an increase of 132%, as shown by Deloitte’s analysis of annual reports.
The tax applies to companies with a turnover of more than CHF750 million. Profits are taxed at 15%. The new rules were introduced in Switzerland at the start of 2024, after the Swiss population approved them by a large majority in a referendum in mid-2023.
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However, experts consider it unlikely that the additional revenue of CHF1.5-3.5 billion anticipated by the federal government will be achieved in the coming years. One reason is the special treatment for US corporations, which has been in force since January 1, 2026. Furthermore, according to the analysis, the supplementary taxes are concentrated in a few sectors.
For instance, the pharmaceutical and financial sectors accounted for 90% of total OECD tax revenue. The two largest contributors alone account for three-quarters of the taxes.
Deloitte points out, however, that due to a lack of data on subsidiaries of foreign corporations, which are also subject to the OECD minimum tax, no definitive assessment can yet be made for last year. This is because these corporations must first submit their tax returns for the year 2024 by June 30, 2026.
The OECD Minimum Tax Impact Analysis 2026 assesses the impact of the OECD minimum tax on the 50 largest listed Swiss groups for the 2025 financial year. The study is based on an evaluation of published annual reports containing provisions concerning the OECD minimum tax. According to Deloitte, a total of 46 groups were analysed.
Translated from German by AI/jdp
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