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Switzerland Anticipates Surplus In 2012

by Ulrika Lomas, Tax-News.com, Brussels

17 August 2012


Switzerland is expecting a surplus of around CHF1.5bn (USD1.53bn) compared to the balanced figure provided for in the Confederation’s 2012 budget, with the improvement due to significantly lower spending. In contrast, a slight shortfall in projected fiscal revenues is expected this year.

Undoubtedly containing a degree of uncertainty, the Confederation’s 2012 extrapolated figures are not expected to have an impact on 2013 budget figures, agreed by the Federal Council on June 27. The extrapolation is based on revenues and spending as at end-June.

According to the Swiss Federal Department of Finance (FDF), the government is now expecting a shortfall in fiscal revenues of around CHF0.8bn compared to the 2012 budget forecast. The FDF says that this shortfall is due on the one hand to an underestimation of revenues within the framework of the 2011 budget and on the other to a slightly less optimistic economic outlook for 2012.

These factors have an effect notably on value-added tax (VAT) revenues, the FDF explains, noting that VAT revenues are expected to be CHF400m less than originally predicted in the 2012 budget. Direct federal tax revenues are also expected to be significantly less forecast in this year’s budget (-CHF165m), primarily attributable to a shortfall in corporate tax receipts.

As regards stamp duty, revenues are predicted to be less (-CHF250m), notably due to the ongoing uncertainty on the financial markets. In contrast, withholding tax revenues are expected to be above the 2012 budget forecast (+CHF200m), although below the 2011 level.

TAGS: Finance | tax | budget | stamp duty | Switzerland | revenue statistics

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