Tag Archives: Business & Economy

Switzerland consumed significantly less gas in November 2022, according to the Swiss Federal Office of Energy (SFOE). Photo by Magda Ehlers on Pexels.comIn November 2022, Switzerland imported 3084 giga watt hours of gas, 29% less than the monthly November average of the prior five years, reported RTS. October 2022 saw a similar year on year decline (-40%). However, despite lower consumption the amount spent on gas rose significantly. During November 2022, Switzerland paid CHF 430...

A survey published on 27 December 2022 shows Swiss consumer sentiment is at its lowest since 2017. Photo by Andrea Piacquadio on Pexels.comMore than one in four of those surveyed expects their financial situation to deteriorate. Rises in health insurance premiums and energy costs were cited as the main reasons for financial pessimism by the 27.5% of people expecting their financial situation to worsen. The same percentage was 13% in 2019, 17.6% in 2020 and 16% in 2021. Unsurprisingly,...

This week, after two years of negotiating, France and Switzerland reached an agreement on the tax treatment of workers employed in one country who work remotely in the other, announced the Swiss government. © Itzhaki | Dreamstime.comFrom 1 January 2023, up to 40% of an employee’s annual working hours can be worked from home without having any impact on how they are taxed. Cross-border commuters, who typically live in France and work in Switzerland, are taxed in Switzerland....

On 25 September 2022, Swiss voters voted in favour of raising the rate of VAT to pay for state pensions. On 9 December 2022, the government announced the date the new higher rates will start. Photo by Anna Shvets on Pexels.comFrom 1 January 2024, the standard rate of VAT will rise from 7.7% to 8.1% and the reduced rate will move from 2.5% to 2.6%. The government said it wanted to implement the new rates at the beginning of a fiscal year to avoid the extra administrative burden for...

Switzerland’s federal government plans to restrict the use of electric vehicles if there is a serious shortage of electricity, reported RTS. Photo by Mike B on Pexels.comElectric vehicles consume substantial amounts of electricity. An average Swiss car travels 13,500 km per year. An average electric cars consumes nearly 200 Wh/km. This means a household with two electric cars could be consuming 5,400 kWh annually powering their vehicles, a substantial amount and more than the electrical...

On 12 January 2022, Switzerland’s Federal Council decided to implement the minimum tax rate for companies that was agreed by the OECD and G20 member states in 2021. The 15% minimum tax, which will be applied to large companies from 1 January 2024, will generate extra tax revenue. This week, after a degree of wrangling, the government agreed to split the extra tax collected 75%/25% in favour of the cantons. © Ginasanders | Dreamstime.comThe new rate of 15% will be applied to all companies...

In November 2022, Switzerland’s consumer price index remained stable. At the end of November 2022, the price of the same basket of goods was 3% higher than it was at the end of November 2021, the same level as it was at the end of October 2022, according to the Federal Statistical Office. Photo by Karolina Grabowska on Pexels.comHowever, the headline inflation figure of 0% for the month of November 2022 hid a mixed bag of price movements. The prices of rents (+0.4%), gas (+2.1%), petrol...

On 23 November 2022, Switzerland’s Federal Council adopted the latest round of EU sanctions against Russia. © Petr Pohudka | Dreamstime.comIn response to Russia’s ongoing military aggression against Ukraine, as well as Russia’s continued efforts to destabilise and undermine Ukraine’s territorial integrity, sovereignty and security, the European Union (EU) adopted new measures against Russia on 6 October as part of the eighth package of sanctions, said the Swiss government. Following...

The Swiss cheese fondu “moitié-moitié”, which means half-half in English, will soon have its own figurative trademark, reports RTS. On 16 November 2022, the cheese producers’ association in the canton of Fribourg announced that it had applied for a trademark for the well-known “moitié-moitié” cheese fondu, which is made up of a 50/50 mix of Gruyere AOP and Vacherin Fribourgeois AOP cheeses made in the canton of Fribourg. According to the association, the trademark is needed because the...

After construction workers went out on strike for two days in French-speaking Switzerland, construction workers protested in Zurich over hours and pay on 11 November 2022, reported RTS. Photo by Rodolfo Quirós on Pexels.comWith inflation in Switzerland running at 3%, construction workers are demanding higher pay. However, the construction industry has responded with an offer of better pay tied to higher maximum hours. The industry would like maximum weekly hours to rise to 58 and the...