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Switzerland backs landmark OECD corporate tax agreement
swissinfo.ch - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from swissinfo.ch Daily Mail and Mail on Sunday newspapers.
Switzerland backs landmark OECD corporate tax agreement
swissinfo.ch - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from swissinfo.ch Daily Mail and Mail on Sunday newspapers.
6 billion franc Swiss National Bank payment after new agreement
Switzerland’s Federal Department of Finance (FDF) and the Swiss National Bank (SNB), Switzerland’s central bank, have signed a new agreement on how SNB profits can be distributed.
Source: Swiss National Bank
The new agreement, which applies until 2025, allows for the SNB to make an annual payment of up to CHF 6 billion to the government, should central bank finances permit. Previously, the maximum payment was CHF 4 billion.
The CHF 6 billion payment is made up of a base amount of CHF 2 billion, which is paid if SNB profits are at least CHF 2 billion. On top of this are four further CHF 1 billion payments, which are triggered when retained profits on the balance sheet exceed the thresholds of CHF 10 billion, CHF 20 billion, CHF 30 billion and CHF 40 billion respectively. This formula is designed to smooth out payments over several years.