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Swiss Finance Directors Propose Reform Of Flat Rate Tax,
by Ulrika Lomas, Tax-News.com, Brussels
Thursday, February 04, 2010
Eager to maintain the special flat rate tax privilege (Pauschalbesteuerung)
accorded to wealthy foreigners, Switzerland’s cantonal Finance Directors
have announced that the existing system of taxation is to be reformed, and that
the conditions determining the application of the tax are to be toughened.
Key changes to the flat rate tax include the following:
The minimum limit for global expenditure, for both direct federal tax and
cantonal tax, will be seven times the annual rent or rental value of the taxpayer’s
property, or three times the cost of bed and breakfast accommodation.
Regarding direct tax, a minimal threshold of CHF400,000 has been agreed.
Swiss cantons are to determine their own minimum threshold.
The cantons will be required to take wealth tax into consideration in determining
the flat rate tax.
A transitional period of five years will be permitted.
Announced by the Finance Directors, these proposals will require amendments
to both the direct Federal tax law (DBG), the country’s tax harmonization
law (StHG), as well as the cantonal tax laws.
According to the Finance Directors it is vital to maintain the flat rate tax
privilege, given that it is economically beneficial (job creation) and that
it generates additional tax revenue for the country. The flat rate tax is a strategic
instrument designed to secure the attractiveness of Switzerland as a location for individuals,
they emphasized.
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