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Tag Archives: Personal finance

Higher tax deductions for parents in Switzerland starting in 2023

This week, Switzerland’s government set a date for the introduction of more generous tax deductions for childcare. © Zsv3207 | Dreamstime.comFrom 1 January 2023, parents will be able to deduct up to CHF 25,000 per child in childcare costs from their annual taxable income, reported RTS. Currently, the maximum is CHF 10,100 per child. The change is the result of a new law that was created in autumn last year. Only external expenses incurred for the care of children under 14 years old...

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Vote against Swiss “Netflix tax” passes signature hurdle

In October 2021, Switzerland’s government created a law requiring online streaming services to pay money into a Swiss cinema fund. Under the law, from 2024, streaming services such as Netflix and Disney+ will need to pay a levy equivalent to 4% of their Swiss turnover into the fund, which would be spent on producing Swiss films. © Bekirugur Bekir Ugur | Dreamstime.comA group of young politicians objecting to the 4% surcharge on streaming services decided to organise a referendum to have...

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Long term mortgage rates rising in Switzerland

Over the last few years mortgage interest rates have been exceptionally low in Switzerland. However, since mid-December 2021 they have risen and are at levels last seen in 2018. © Clement Mantion Pierre Olivier | Dreamstime.comAccording to recent data collected the newspaper Finanz und Wirtschaft, Swiss mortgage interest rates are 0.25 percentage points higher than a month earlier. 10-year guide rates at large banks such as Credit Suisse and Raiffeisen are now over 1.6%, according to the...

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New Swiss company tax rate set for 2024

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. © Marekusz | Dreamstime.comThe new minimum 15% tax rate, which will apply to multinational companies with turnover of more than EUR 750 million, was agreed by 137 countries. Under the agreement, if a country maintains lower tax rates then other countries can impose an...

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No weakening expected in Swiss house prices

© Alyssand | Dreamstime.com The Swiss housing market continues to rise with no signs of weakening, reported RTS this week. According to the real estate platform immoscout24, the average price per m2 for a family home in Switzerland has risen from CHF 6,700 to CHF 7,200 over the last 12 months, a rise of 7%. Apartment prices have risen even further in some places. According to Roxane Montagner, who works for CiFi, a company that advises real estate professionals, the...

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No weakening expected in Swiss house prices

The Swiss housing market continues to rise with no signs of weakening, reported RTS this week. © Alyssand | Dreamstime.comAccording to the real estate platform immoscout24, the average price per m2 for a family home in Switzerland has risen from CHF 6,700 to CHF 7,200 over the last 12 months, a rise of 7%. Apartment prices have risen even further in some places. According to Roxane Montagner, who works for CiFi, a company that advises real estate professionals, the trend is not about...

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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. © Christin Millhill | Dreamstime.comThe cost of posting a standard A-class letter is now CHF 1.10, up from CHF 1.00, the cost until 31 December 2021. The price of posting a standard B-class letter is now CHF 0.90, up from CHF 0.85. The price rise, announced in mid-August 2021,...

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Man must reimburse welfare payments with inheritance, rules Bern tribunal

In some parts of Switzerland, welfare payments are sometimes considered more like bridging loans to help someone through a financially difficult period rather than a one-way payment. A recent case in the canton of Bern shows this system in action. © Andrey Anisimov | Dreamstime.comAccording to 20 Minutes, a man who received welfare over 20 years was asked to repay the money he’d received after an inheritance windfall in 2020. During the summer of 2020, the man received CHF 261,000 in...

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Tax burden set to rise in 10 Swiss cantons in 2022

The tax burden is set to rise in 10 Swiss cantons and fall in 16 in 2022, according to data published this week by the Federal Finance Administration (FFA). Nationally, the tax burden in 2022 will represent 24.6% of Switzerland’s tax potential, down from 24.8% in 2021. © Francisco Javier Zea Lara | Dreamstime.comWhile the national tax burden percentage offers some indication of the average rate of income tax, it can differ significantly because of the complexity and incomparability of the...

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New laws that will help Swiss consumers in 2022

On 1 January 2022, new laws aimed at helping Swiss consumers will come into force. © Alexey Novikov | Dreamstime.comFrom 1 January 2022, foreign companies and brands will no longer be able to use geographic blocking to force consumers with Swiss IP addresses to shop on local Swiss web pages with different prices. Laws aimed at ending the practice of foreign brand and product owners forcing higher wholesale prices on Swiss retailers and consumers will also come into force on 1 January...

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