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Businesses could show these expenses as expenses and reduce the income tax they paid. In Switzerland, which wants to get rid of the name of tax haven, the new application will go into effect in 2022.
Bribes paid to government officials in the country are currently not tax deductible. Corruption in Switzerland was banned in 2015. The government said it is adapting the tax code to the penal code.
For years, people have been asking for an end to this practice. In 1996, half of the OECD countries allowed tax deductions to public officials in other countries.
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These included Germany, France, Australia, New Zealand, and Switzerland. Companies in these countries said they had to pay bribes in some countries to do business.
As countries’ corruption practices have changed over the years, the OECD has pushed for stricter rules on corruption and money laundering. Switzerland prevented the tax deduction of bribery of civil servants in 2001.
Corporate bribery of individuals was also declared a criminal offense in 2015. The European Union kept Switzerland on the list of paradise countries until last year.
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