New Geneva tax law vote could lead to catastrophe
It will be catastrophic for canton Geneva if voters reject a new tax law next month.
The head of the finance department, Nathalie Fontanet, says it could cost the canton more than a billion francs in lost revenue. The current budget is 8 billion in total.
If Geneva says no, but the new tax law is passed at a federal level, it could mean companies will flood out of the canton. They will be applying tax rates of 24% - but compared to nearly 14% in Vaud and Fribourg.
Voters will be asked to change the corporate rate to 13.99%. It will mean multinationals will have to pay more – but smaller companies will see a drop in their tax payments.