CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Switzerland Reports Bumper Tax Receipts For 2019

Switzerland Reports Bumper Tax Receipts For 2019

by Ulrika Lomas, Tax-News.com, Brussels

03 March 2020


Higher tax receipts helped Switzerland to another surplus in 2019, with withholding tax and direct federal tax performing particularly well.

A surplus of CHF1.2bn (USD1.2bn) had been budgeted for 2019, but the total surplus for the year was CHF3.1bn.

Tax receipts for 2019 were up by CHF0.9bn, or 1.2 percent, on target. Withholding tax and the direct federal tax on corporate profits outperformed target by CHF1.3bn and CHF0.5bn, respectively.

However, VAT receipts remained well below target, falling CHF0.9bn below the projected figure. According to the Government, this is attributable "to the fact that nominal economic growth in 2019 lagged well behind the budget forecast (1.3 percent instead of 2.7 percent)."

The Swiss Federal Council has adopted updated budget projections for 2021-2023. Receipts of CHF76.5bn are expected in 2021, increasing to CHF78.8bn in 2022, and to CHF80.9bn in 2023.

The Council has removed from the projections proposals to reform the taxation of couples and families, as Parliament has referred the reforms back to the Council. The updated figures do not include "possible additional burdens that have not yet achieved the necessary planning status," the Council said. This includes a number of tax reforms – including an increase in deductions for health insurance, reform of residential property taxation, and abolition of stamp duty – and "the international corporate tax reforms under the aegis of the OECD, the effects of which are still unclear."

TAGS: tax | property tax | insurance | budget | withholding tax | stamp duty | Switzerland | revenue statistics | tax reform

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »