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Switzerland Eyes Surplus Despite Revenue Dip

by Ulrika Lomas, Tax-News.com, Brussels

01 November 2013


The Swiss Federal Department of Finance (FDF) has announced that the Confederation is expecting a budget surplus this year of CHF0.3bn (USD0.33bn), CHF0.3bn less than predicted in June, due to lower than anticipated fiscal revenues. Switzerland's budget provided for a deficit of CHF0.4bn in 2013.

In 2013, revenues are expected to be CHF0.8bn less than provided for in the budget, and down CHF0.5bn compared to the previous June estimate. The additional revenue shortfall is due notably to lower income from federal direct tax. Although revenue collections were very good up to the end of May, levels subsequently dipped, especially income derived from indvidual income tax.

Compared to the budget, federal direct tax revenues are expected to be down EUR0.6bn, while income from value-added tax (VAT) and from the levy imposed on heavy goods vehicles is predicted to fall by CHF0.1bn. Revenues derived from the casino tax, from stamp duty, and from the "sanction tax" applied to tourist vehicles, as part of efforts to reduce carbon dioxide emissions, are not predicted to reach the amounts budgeted. In contrast, income flowing from the carbon dioxide tax, from import customs duties, and from non-fiscal taxes is expected to exceed the budget forecasts.

In accordance with Swiss law, the Federal Council presents revenue and expenditure forecast figures for each year on June 30 and September 30. The latest estimate is based on revenue and spending levels as at end-September. The figures are not definitive, however, and are only an estimate as they contain a number of uncertainties.

TAGS: environment | Finance | tax | value added tax (VAT) | gambling tax | law | budget | environmental tax | gambling | stamp duty | Switzerland | individual income tax

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