How does the effective corporate tax rate build up (national tax plus local business tax), and what rate do you use in a valuation?

a flat headline rate (in this example ~15%).

some jurisdictions add a small surcharge on the corporate tax (here 5.5% on the tax → about 0.825% effective).

set by the municipality, so it varies by location.

• Large cities commonly apply multipliers around 400–490%
• Formula: a base rate × a municipal multiplier
• Example at 460%: 3.5% × 4.6 = 16.1%

• High-tax city: ~33%
• Mid-range locations: ~30%
• Low-multiplier locations: ~28%

Valuation standard used here: ~30% (varies by jurisdiction).

• A neighboring country: ~23% flat corporate rate
• Low-tax regions/cantons: 12–22% (some as low as ~11.9%)