Switzerland’s Federal Office of Public Health (FOPH) recently announced it had reduced the price Swiss healthcare providers and patients will pay for 257 drugs by 16.3%. These lower prices, which take affect on 1 December 2019, are expected to save CHF 100 million annually. The FOPH looked at the prices of 478 drugs and achieved […]
Swiss remain world’s richest in 2019
According to a recent report by the bank Credit Suisse, the Swiss are worth more on average than the residents of any other nation. The bank’s annual Global Wealth Report calculates average net worth per Swiss adult to be US$ 564,653 (CHF 560,643) at mid-2019. The median figure was US$ 227,891 (CHF 226,273). Switzerland’s combined […]
Swiss central bank makes 388 million from negative interest rates
The Swiss National Bank (SNB), Switzerland’s central bank, has earned CHF 388 million from negative interest rates since introducing them in 2014 to tame the rising strength of the Swiss Franc, according to the newspaper SonntagsBlick. On 15 January 2015, the SNB announced that it was abandoning its policy of maintaining an exchange rate cap […]
Raising Switzerland’s retirement age – big differences of opinion
Switzerland’s government has long discussed the importance of raising the retirement age to ensure the financial viability of the pension system. However, it is not clear whether voters would support such a plan. According to a survey by Deloitte, an accounting and consulting company, raising the official retirement age might not find majority support among […]
Referendum to ban tobacco advertising in Switzerland reaches 100,000 signatures
An initiative demanding a ban on tobacco advertising has collected 109,969 valid signatures, more than the 100,000 minimum required to launch a popular vote, according to RTS. The planned vote entitled: “Yes to the protection of children and young people against tobacco advertising” demands the federal government ban all forms of tobacco advertising towards children […]
Swiss upper house calls on executive to end marriage tax penalty
In Switzerland, some married couples pay more tax than unmarried ones, something referred to as the marriage tax penalty. The issue has been doing the rounds of the halls of Switzerland’s government for around 30 years. On 28 February 2016, a vote to change the current system was narrowly rejected by 50.8% of voters. Then […]
Zurich homes market in highly overvalued territory, says UBS
Every quarter UBS, a bank, publishes its real estate bubble index, a report that covers real estate prices in 24 cities around the world. In the third quarter of 2019, Munich was listed as the most overvalued housing market in the world. Bubble risk was highest in Munich, Toronto, Hong Kong and Amsterdam. Frankfurt, Vancouver […]
EU removes Switzerland from tax haven list
In December 2017, the European Union (EU) set up a blacklist and a grey list of tax havens, countries it deemed were being used to help companies and wealthy individuals reduce their tax bills. Switzerland ended up on the grey list. Nations on these lists faced reputational damage and stricter controls on financial transactions with […]
Vaud’s 2020 budget – higher spending, higher taxes
The Swiss canton of Vaud has managed to balance its 2020 budget with a small surplus of 76,000 francs. This is the 14th time in row that the canton’s budget has been in the black. At the same time planned spending is up by 2.43%, well ahead of Swiss inflation – prices were lower in […]
Updated Swiss-US tax treaty goes into force
After years of stalemate an updated double taxation agreement (DTA) between Switzerland and the United States has been ratified and is now in force. American and Swiss representatives signed the necessary documents last week. #AmbMcMullen and State Secretary Daniela Stoffel at the @efd_dff exchanged instruments of ratification of the Protocol of Amendment to the Double […]
