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Switzerland

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About

Switzerland

Capital
Official languages
Population 
Currency

ISO 4217

Bern

German, French, Italian, Romansh

8,570,146 (as of July 2020)

Swiss Franc

CHF

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Economy

Switzerland is known for its strong economy and is consistently ranked as one of the most competitive countries in the world. According to the World Economic Forum, Switzerland is the world’s most competitive economy in 2020, with a score of 85.7 out of 100. The country has a GDP of $717.3 billion, making it the 20th largest economy in the world. Switzerland also has a low unemployment rate of 3.2%, and its inflation rate is 0.7%. The country has a strong banking sector, with assets totaling $2.3 trillion, and a high per capita income of $83,716. Switzerland is also a major exporter, with exports totaling $302.3 billion in 2019. The country is known for its strong manufacturing sector, with exports of pharmaceuticals, chemicals, and machinery accounting for the majority of its exports. Switzerland is also a major tourist destination, with over 16 million visitors in 2019. Overall, Switzerland is a strong and stable economy with a bright future.

Taxation

Switzerland is known for its unique taxation system, which is characterized by cantonal autonomy and federal coordination. The federal government is responsible for the overall tax framework, while cantons and municipalities have a significant degree of autonomy in setting tax rates and policies.


Corporate taxation in Switzerland is applied at both the federal and cantonal levels. The federal corporate tax rate is 8.5%, while cantonal tax rates can vary from 6% to 24%. There are also additional taxes, such as stamp duties and withholding taxes on dividends and interest, that may apply. Companies are required to file annual tax returns and make payments to the tax authorities by the deadline set by the government.


Personal taxation in Switzerland is applied at both the federal and cantonal levels, and taxes are assessed based on the taxpayer's income, wealth, and residence status. Tax rates can vary significantly between cantons and municipalities, and can range from 1% to 35%. In addition, there are taxes on capital gains, gifts, and inheritance. Individuals are required to file annual tax returns and make payments to the tax authorities by the deadline set by the government.


Value Added Tax (VAT) is applied to most goods and services in Switzerland at a standard rate of 7.7%, with reduced rates of 2.5% and 3.7% for certain goods and services. Businesses registered for VAT must file quarterly or annual VAT returns and make payments to the tax authorities by the deadline set by the government.


The tax calendar in Switzerland varies depending on the canton and the type of tax. Generally, tax returns and payments are due by the end of March or April of the year following the tax year. However, some cantons may have different deadlines, and businesses may be required to make advance payments throughout the year.


It's important to note that tax laws and regulations in Switzerland can be complex, and it may be necessary to consult with a tax professional or legal expert to ensure compliance with Swiss tax laws. Additionally, tax rates and regulations can vary depending on the location and industry, and it's important to check the local tax laws and regulations to ensure compliance.

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