This week, Swiss Post announced it would increase the cost of sending letters and parcels from the beginning of 2024. At the beginning of 2024, nearly everything is set to rise in price as the Swiss VAT rate jumps from 7.7% to 8%. In addition, more and more companies are joining the party, pushing up […]
Swiss government approves blow out budget for 2024
On 28 June 2023, Switzerland’s Federal Council approved a budget for 2024 with a deficit of CHF 6.7 billion. Switzerland’s constitution includes a section designed to constrain spending to prevent the government from living beyond its means. The debt brake, as it is known, allows a limited degree of annual overspending that is expected to […]
Swiss government set to approve more favourable tax treatment for companies
On 28 June 2023, parliament agreed to extend the loss offsetting period for Swiss companies. In Switzerland, any losses made by companies can be offset against future profits for a limited period of time. Currently, the period is seven years. This week parliament agreed to extend this period to 10 years. Any losses generated in […]
Swiss government agrees to help mothers hoping to work more
In Switzerland, mothers are far more likely to have paid work than they were 30 years ago. In 2021, 82% had paid employment compared to 60% in 1991. Over this period, Switzerland has moved from one of the lowest European rates of working mums to one of the highest. However, a sizeable employment gap remains […]
Swiss central bank puts interest rate up this week
In November 2019 before the pandemic hit Switzerland, Thomas Jordan, the head of Switzerland’s central bank was warning that the bank might need to take interest rates below the unusually low -0.75% rate that prevailed at the time. Since then the rate has risen by 2.5% after a 0.25 percentage point rise announced on 22 […]
Swiss building costs continue sharp rise
Between October 2020 and April 2023, Swiss building construction costs rose by 13.9%. On an annualised basis the cost of building has been rising at a rate of 4.3% over this period, a rate higher than general inflation – the consumer price index rose 2.6% over the year to the end of April 2023. Building […]
Latest inflation forecast points to Swiss rate rise
The latest Swiss inflation forecast published this week by SECO points to a further rise in interest rates later this month. Although the expert group on business cycles continues to expect significantly below-average growth for the Swiss economy, with a rate of 1.1% in 2023, followed by 1.5% in 2024, its forecast inflation of 2.3% […]
Practically no gender pay inequality, shows Swiss study
A study done by the University of St. Gallen on behalf of the Swiss Employers’ Association published this week found there was practically no pay inequality between men and women in Switzerland, reported RTS. The study looked at analysis done on 461 companies in Switzerland using a federal government framework. According to the results 99.3% […]
Swiss to vote on higher company taxes
On 18 June 2023, Swiss voters will choose whether to accept the federal government’s plan to raise the company tax rate applied to large multinationals to a minimum of 15%. The minimum 15% tax, which will apply to any company with annual revenues of Euro 750 million or more, has essentially been forced on Switzerland […]
UBS gets 9 billion franc government guarantee for Credit Suisse deal
On 9 June 2023, UBS closed a deal with the Swiss government to cover 9 billion francs of potential losses it could incur from its takeover of Credit Suisse Group, reported Bloomberg. The guarantee relates to a specific portfolio of Credit Suisse’s assets currently valued at CHF 44 billion, equivalent to roughly 3% of the […]
