Swiss voters have rejected a plan to reform the country's corporate tax system, sending the government back to the drawing board.
Business and political circles in Switzerland had supported the plan, which was designed to prevent taxes rising sharply for foreign investors.
However 59% of voters opposed the plan in the referendum vote.
The government will now need to find an alternative, which may involve higher tax rates for multinational companies.
Ueli Maurer, Switzerland's finance minister told a press conference it could take a year to come up with a new plan, adding that Switzerland risked losing foreign investment as a result.
Currently Switzerland grants special status to foreign, making Switzerland an attractive destination for foreign investors.
Business and political circles in Switzerland had supported the plan, which was designed to prevent taxes rising sharply for foreign investors.
However 59% of voters opposed the plan in the referendum vote.
The government will now need to find an alternative, which may involve higher tax rates for multinational companies.
Ueli Maurer, Switzerland's finance minister told a press conference it could take a year to come up with a new plan, adding that Switzerland risked losing foreign investment as a result.
Currently Switzerland grants special status to foreign, making Switzerland an attractive destination for foreign investors.
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