In 2022, together, Switzerland’s cantons were expected to spend CHF 1.1 billion more than they brought in from taxes. Instead, they made a collective profit of CHF 3.5 billion, a positive delta of CHF 4.6 billion, reported RTS. Switzerland collects tax at three levels: municipal, cantonal and federal. Cantonal taxes are typically the largest slice. […]
Swiss parliament votes for tough new banking rules
Many Swiss politicians and members of the public remain angry about the recent rushed government deal to head off the potential collapse of Credit Suisse. This week a majority of the National Council, Switzerland’s federal parliament, voted in favour of measures to reduce the risk systemic big banks pose to taxpayers, reported RTS. Spearheaded by […]
1 in 20 suffer material deprivation in Switzerland
On 2 May 2023, Switzerland’s Federal Statistical Office published its annual report on income, poverty and living conditions. In 2021, 448,000 people, 5.2% of the population, refrained from buying goods, services and social activities for financial reasons, something described as material and social deprivation. And Switzerland’s poverty rate was 8.7%. At the same time, the […]
Swiss inflation flat in April
Data published this week by Switzerland’s Federal Statistical Office (FSO) show no monthly inflation in April 2023. No inflation in April shifted annual inflation from 2.9% in March to 2.6% in April 2023 as the monthly rise in prices in April 2022 fell out of the annual calculation to be replaced by zero monthly inflation […]
Swisscom could soon force price increases on existing customers
Switzerland’s strong currency and the widespread influence of the administration on many prices means the country has escaped much of the recent inflation afflicting many nations. But increasingly, inflation is entering the scene. This week, Swisscom announced it plans to change its general terms and conditions to make it possible to increase the price of […]
Theft of electric bikes triples in Switzerland
Electric bike theft has tripled in Switzerland since 2019, reported RTS. Recent police statistics show rising levels of theft across the country with rates rising most sharply in Basel and Geneva, two cities bordering on neighbouring countries. In 2022, 2,000 electric bikes were reported stolen, a figure double the number in 2021. Zurich, Switzerland’s largest […]
Swiss efforts to cut energy consumption deliver mixed results
On 31 August 2022, when an energy shortage loomed, Switzerland’s federal government launched a campaign to cut the nation’s energy consumption. Targets were set to cut gas consumption by 15% and electricity use by 10%. Data published this week showed cuts to gas consumption exceeded the voluntary target set, while cuts to electricity were well […]
Credit Suisse: Swiss parliament rejects 109 billion government backstop
When a bank run started at Credit Suisse in mid-March 2023, a rushed acquisition deal involving UBS, the Swiss National Bank and Swiss federal government was agreed. The deal, which includes CHF 109 billion of federal government guarantees, was agreed by the Federal Council, Switzerland’s executive. This week Switzerland’s parliament rejected the CHF 109 billion federal […]
Price of Swiss train tickets to rise in December
From 10 December 2023, average Swiss train prices are set to rise by an average of 4.3%, reported RTS. However, not everyone will feel the same level of pain. Those travelling on second class AG passes will be particularly hard hit, according to the Alliance Swiss Pass, an organisation that creates travel passes covering different […]
Switzerland to tax electric vehicles from 2024
Vehicles imported into Switzerland are subject to a 4% tax, with the exception of electric vehicles that attract none. This week, the government decided to end the exception from the beginning of next year. The import tax, along with fuel and other taxes, is used to build and maintain roads. Given current federal budget pressures, […]
