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Switzerland is a maritime hub. Swiss companies operate more than 3,600 ships on all seven seas. Quite a lot for a landlocked country. Swiss raw materials companies play an important role in this.
For example, Vitol, the world’s largest oil trader and Swiss company with the highest turnover, operates more than 250 ships. Leading agricultural trader Cargill also offers such logistics services – with 650 ships. The company manages its freight operations from Geneva. Only: Cargill only needs a quarter of its fleet to transport its own raw materials. The rest is sent for third parties.
The Swiss commodity traders’ fleet consists of 2,200 ships
Other Swiss commodity traders offer similar logistics services. This makes you an important player in the local shipping location. The total fleet of Swiss commodity trading vessels now comprises 2,200 vessels. This is evident from extensive data. This has been investigated by the independent organization Public Eye.
But not only commodity traders, traditional shipping companies are also involved in this business. According to Public Eye, the world’s largest container shipping company, the Mediterranean Shipping Company (MSC), operates 800 ships. It has 150,000 employees and an estimated profit of 30 billion francs in 2022. According to the balance sheet, the owner family – the Apontes – is now among the five richest in Switzerland.
The tonnage tax is intended to make the sector more attractive
In addition to MSC, other maritime shipping companies also do their business in Switzerland, the report continues. For example, Nova Marine Carriers SA in Ticino, Atlanship SA in Vaud and Gearbulk Management Switzerland AG in the canton of Schwyz. In total, Swiss shipping companies operated 1,400 seagoing vessels.
To make Switzerland even more attractive as a location for industry, a so-called tonnage tax is being introduced. The bill, which will be debated by the Economic Commission of the Council of States in February, stipulates that Swiss-based shipping companies will no longer be taxed on the basis of their profits, but rather on their transport capabilities.
In May 2022, the Federal Council spoke out in favor – probably under pressure from trade associations. Because he initially considered the tonnage tax to be unconstitutional. Due to the unequal treatment of different sectors. The National Council also approved the tax at the end of 2022. It was a victory for the bourgeois parties; the SP, the Greens and the GLP were against it. They say: “The tonnage tax is a loophole for resource multinationals.”
It’s a lot of money
The financial consequences for Switzerland cannot be predicted precisely. Because: Statistical data are missing. According to the Swiss Trading and Shipping Association, 22 percent of all ships on the world’s oceans are operated from Switzerland. This shows that a lot of money is involved in the tonnage tax.
Experts also estimate that the tax burden for shipping companies could drop to six to seven percent. In concrete terms, this means that shipping companies have to pay less than half to the tax authorities. Because they actually have to pay 15 percent as required by the OECD minimum tax. This was approved by the population last summer. (oco)
Source:Blick
I am Liam Livingstone and I work in a news website. My main job is to write articles for the 24 Instant News. My specialty is covering politics and current affairs, which I’m passionate about. I have worked in this field for more than 5 years now and it’s been an amazing journey. With each passing day, my knowledge increases as well as my experience of the world we live in today.
