Swiss voters reject high-value inheritance tax proposal
Swiss voters have overwhelmingly voted down a proposal to introduce a 50% tax on large inheritances, leaving the country’s current tax framework for major private fortunes unchanged, Qazinform News Agency correspondent reports.
According to the official results, 78% of voters in Switzerland opposed the initiative, which sought to tax inheritances and gifts above 50 million Swiss francs. The proposal was put forward by the youth wing of the Swiss Social Democratic Party and was intended to finance climate policies and address wealth inequality.
The business association Economiesuisse welcomed the outcome, warning before the vote that such a tax could lead to forced sales of companies and weaken Switzerland’s attractiveness as a business location. The debate also prompted concerns among some wealthy residents and owners of family-run firms.
Assessments published during the campaign suggested the tax would have affected about 2,000 people, or roughly 0.3% of the population, a group that currently contributes an estimated 5 to 6 billion Swiss francs in annual tax revenues. Analysts also cautioned that a sharp increase in inheritance taxation could have reduced overall tax receipts due to possible capital outflows.
Despite rising competition from financial centers in the Middle East and parts of Europe, Switzerland continues to be viewed by market observers as a leading global hub for private banking and wealth management, supported by regulatory stability and a developed financial services sector.
Earlier, France’s richest man Bernard Arnault criticized a proposal to introduce a 2% wealth tax on fortunes above €100 million, warning that the initiative could harm the country’s economy.
