The tidy towns and mountain vistas of Switzerland are an unlikely setting for an oil boom.when you announce your intent to tax the living daylights out of corporations, you cannot expect them to stay around and take it like a dolt.
Yet a wave of energy companies has in the last few months announced plans to move to Switzerland -- mainly for its appeal as a low-tax corporate domicile that looks relatively likely to stay out of reach of Barack Obama's tax-seeking administration.
In a country with scant crude oil production of its own, the virtual energy boom has changed the canton or state of Zug, about 30 minutes' drive from Zurich, beyond all recognition. Its economy was based on farming until it slashed tax rates to attract commerce after World War Two.
Thursday, March 12, 2009
Energy companies are moving to low tax Switzerland.