date:Jun 25, 2014
as parked overseas, avoiding high U.S. taxes for repatriating the huge cash pile.
While Switzerland has long competed against its European neighbours to attract big corporations, it has recently moved toward more cooperation with the European Union after disagreements over corporate taxation have strained relations with the bloc for almost a decade.
Last week, Switzerland said it would abolish some corporate tax regimes, such as different treatment of domestic and foreign revenues.