Swiss voters on May 19 overwhelmingly approved a plan to overhaul the country's corporate tax system, clearing the way for Switzerland to remain one of the world's top business hubs.

The tax reform plan, which was approved by approximately 66% of voters, eliminates some special tax breaks afforded to multinational companies and replaces them with deductions on profit from patents and R&D expenses, Bloomberg reported. The change will enable Switzerland to comply with Organisation for Economic Cooperation and Development rules while still remaining a low-tax domicile attractive to large corporations.