New Swiss tax challenges trading houses

Large oil trading house Vitol will consider moving its headquarters away from Geneva if the company has to pay higher taxes.

Major trading house and one of the world's largest oil traders, Vitol, is threatening to move its headquarters out of Geneva after Switzerland has announced increased tax laws that will impact, among others, the trading houses.

"We could - and we wouldn't be the only ones - move the domicile of our assets elsewhere," says Vitol CEO David Fransen in an interview with Swiss weekly magazine L'Hebdo, according to news angency Reuters.

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