September 4 – Lausanne. #vale SA, the international Brasilian mining company, lost their appeal for receiving unfair Swiss tax credits at the supreme court at the Tribunal-Federal in Lausanne, Switzerland.
Located since 2006 in Saint-Prex in the Swiss canton Vaud, Vale company did not meet the conditions for their tax break: to make at least 20 milion profits and employ a minimum amount of employees. Both conditions as it turned out were not sufficient to meet the tax break and as such they were fined by the Swiss Canton for they are fined to a sum of 212M CHF, payable to the canton Vaud. Vale company earlier this year had lost the court case and had appealed but now lost.
This verdict may certainly influcence the decisions of other multinationals to settle in Switzerland. Recently Yahoo moved out their headquarters back to London for not meeting the conditions of the tax treaty.