Monday, January 21, 2019
The advisory board tasked with reporting on the state of Switzerland's financial center has recommended changes to the country's withholding tax and property tax regimes.
At its meeting on January 16, the Swiss Federal Council discussed the annual report published by the advisory board for the future of the Swiss financial centre. The report focused on ways of strengthening the capital market and on the situation in the Swiss real estate market.
The advisory board report concluded that withholding tax reform should be tackled as a matter of urgency. It said that there had been inadequate development of the capital market in recent years.
The advisory board also recommended reform of the residential property tax system. It said that mortgage debt is high and growing fast, attributing this to the tax incentives available and low interest rates.