New environmental tax measures proposed under a revised Swiss carbon dioxide law (CO2 law) could affect the profitability of businesses beginning in 2022, when the law is expected to be effective. The legislation is designed to encourage businesses to take action to reduce further their CO2 emissions.
Assuming that the revised CO2 legislation is approved by a voter referendum on 13 June 2021, the new rules may result in potentially increased tax liabilities for businesses operating across various sectors including oil and gas, manufacturing, automotive, and transportation industries or sectors.
An increase in the CO2 tax levy and the various penalties to which companies could be subject in case of failure to comply would be costs that could affect their profitability and challenge their current business model.
Source KPMG
Latest Posts in "Switzerland"
- EPPO Raids 100 Sites in Probe of Damaged Swiss Cars Smuggled to Poland, €10M Fraud Uncovered
- Foreign Providers of Digital Services in Switzerland: Overview of VAT Obligations
- Swiss Tax Authority Opens Consultation on Draft VAT Guidelines for Car Mileage and Employee Benefits
- Switzerland and EU Open Consultation on Amended AEOI Protocol for Tax Cooperation
- Federal Council Launches Consultation on Amending Switzerland-EU Tax Information Exchange Agreement
