Corporate oil booms in low-tax Switzerland

[Joanne98]

Source: Reuters

ZUG, Switzerland, March 12 (Reuters) - The tidy towns and mountain vistas of Switzerland are an unlikely setting for an oil boom.

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.

It still has a chocolate-box old town with views over a lake to the high Alps, but is now surrounded by gleaming corporate offices -- including commodity trader Glencore and oil refiner Petroplus -- shopping malls and housing developments.

http://www.reuters.com/article/rbssEnergyNews/idUSL312427120090312

Read more: http://www.reuters.com/article/rbssEnergyNews/idUSL312427120090312

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Take their patents and give them to small energy companies who want to stay here.

[TheCoxwain]

1. More proof that corporations are leeches that suck the lifeblood out of Human society.

[Blue_Tires]

2. +1