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Higher Tax Revenue Helps Switzerland To Surplus

Monday, April 15, 2019

Switzerland's tax take increased by nearly CHF2bn (USD2bn) in 2018, according to new figures released by the Government.

The Swiss Federal Council has approved the federal consolidated financial statements for 2018. For the purpose of these statements, the Confederation is treated as a group, together with its funds, decentralized administrative units, enterprises, and social insurance funds.

The statements show that there was a surplus of CHF5.7bn in 2018, down CHF3.1bn on the previous year. According to the Federal Council, this change was due primarily to negative results in the social insurance segment.

The Federal Administrative segment closed the year with a surplus of CHF4.5bn. This figure was up CHF1bn on the previous year. The Federal Council said that this is attributable mainly to higher tax revenue, which increased by CHF1.9bn on the previous year. Direct federal tax revenues rose by CHF1.5bn year-on-year.