Geneva’s Hiler Sees Companies Leaving on 15% Tax, Sonntag Says

Geneva plans to charge a flat corporate tax rate of 15 percent, which will probably result in some companies that were paying less under special agreements leaving the Swiss canton, Sonntag reported, citing an interview with David Hiler, Geneva’s finance minister.

The canton will lose about 350 million Swiss francs ($359 million) in revenue and its municipalities will lose about 150 million francs in lower tax from companies that weren’t paying preferential rates, the newspaper quoted Hiler as saying. Geneva will ask the federal government to contribute 200 million francs to compensate, he said.

To contact the reporter on this story: Simeon Bennett in Geneva at sbennett9@bloomberg.net

To contact the editor responsible for this story: Phil Serafino at pserafino@bloomberg.net