On 12 January 2022, the Federal Council decided to implement the minimum tax rate for companies that was agreed by the OECD and G20 member states last year. The 15% minimum tax rate is to come into force on 1 January 2024. The new minimum 15% tax rate, which will apply to multinational companies with […]
US court rejects Swiss Gruyere cheese challenge
In Switzerland, Gruyère is a cheese with a strict recipe originally produced in a region (with a town) of the same name in the Swiss canton of Fribourg. On 7 January 2022, a judge at the United States District Court for the Eastern District of Virginia affirmed a ruling by the U.S. Patent and Trademark […]
Cost of Swiss postage hiked for first time in 18 years
From 1 January 2022, the cost of posting a standard letter for next day delivery (A-class) is 10% higher and a B-class letter 6% higher. These price hikes are the first of their kind in 18 years, reported RTS. The cost of posting a standard A-class letter is now CHF 1.10, up from CHF 1.00, […]
Swiss government to support three hydro projects
On December 2021, the Swiss government allocated CHF 45.4 million to three hydro projects. Switzerland’s electricity production was once dominated by hydro. In 1970, 90% of the electricity produced in Switzerland was generated using hydro. The remainder came from nuclear (5%) and fossil fuels (5%). Roll forward to 2020 and hydro makes up only 58% […]
Building construction costs rise sharply in Switzerland
As inflation rises around the world, Switzerland feels the heat too. This week the Federal Statistical Office (FSO) published data on construction, which show an unusually large jump in costs. The costs of construction leapt 2.7% between April and October 2021, according to the data, leaving prices 4.1% higher than a year earlier. The construction […]
Swiss government defends plan to remove stamp duty ahead of vote
The Federal Council has decided to remove the 1% investment stamp duty charged on capital invested in Swiss companies. A majority of parliament are also in favour of the decision. However, some politicians are against the change and have launched a referendum against it. This week the government defended its plan. Switzerland’s relatively low corporate […]
Switzerland most expensive in EU comparison but third on average income (GDP)
Switzerland might not lead Europe on average income (GDP), but it wins on cost, according to recent Eurostat data. The nations leading on per capita GDP in 2020 were Luxembourg and Ireland. Average GDP per resident was 2.63 times the EU average in Luxembourg and 2.09 times in Ireland. Switzerland, came in third with GDP […]
Switzerland no longer classified as a currency manipulator
According to the latest report by the U.S. Department of the Treasury released this week, Switzerland is no longer defined as a currency manipulator, a status it has held for some time. To be classified as a currency manipulator by the U.S. Treasury a nation has to fulfil three criteria. It has to have a […]
Average Swiss household income reaches nearly 115,000 francs
The gross mean household income in Switzerland was CHF 114,984 (US$ 125,000) in 2019, according to the Federal Statistical Office (FSO). Overall, 40% of households in Switzerland had income over this mean while 60% brought in less. 73% of this income came from working, 23% came from pensions, welfare and household transfers such as alimony, […]
Swiss Federal Council rejects two votes on pension reform
This week, the Federal Council rejected two very different initiatives aimed at changing the state pension system. In common with much of the developed world, Switzerland is facing a large gap between the money required to fund state pensions and the money flowing in to pay for them, a challenge driven by increasing life expectancy, […]
