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Switzerland Unlikely To Need Tax Hikes In Response To COVID-19

by Ulrika Lomas, Tax-News.com, Brussels

10 July 2020


The Swiss Government is anticipating a shortfall in tax receipts of over CHF5bn (USD5.3bn) in 2020.

The Swiss Federal Council discussed fiscal policy and the 2021 Budget at meetings on June 24 and July 1, 2020, which took into account the economic impact of the coronavirus pandemic.

The Council said that the Confederation is expecting a tax receipt shortfall of more than CHF5bn this year. In particular, the temporary suspension of interest on arrears will mean that some of the receipts due in 2020 will be shifted to subsequent years. Direct federal tax and VAT receipts of around CHF3m are likely to be collected later than originally planned.

The Council said that it is assuming that tax rises will not be necessary to reduce the debt associated with the COVID-19 pandemic. However, it also said that it will be another few months before it can estimate more precisely how the pandemic will affect the federal budget, and will therefore wait until the end of the year to decide how the extraordinary debt is to be reduced.

TAGS: tax | value added tax (VAT) | interest | fiscal policy | budget | Switzerland | revenue statistics | individual income tax

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