Federal coffers to suffer in financial crisis
Swiss Finance Minister Hans-Rudolf Merz has confirmed his forecast that revenue this year in the federal coffers will be down by about SFr1 billion ($900 million).
In an interview in Saturday’s edition of the Neue Zürcher Zeitung newspaper, Merz said there were three revenue sources that were suffering as a result of the financial crisis at banks and insurance companies.
He cited the fall in tax on profits, the lower level of income from stamp duty and the fall in withholding tax.
Merz said the reduction in the money entering the federal coffers would in part be compensated by “dynamism” in other service sector activities.
Despite the shortfall in tax revenue, the state is expected to end the year with a surplus of SFr3 billion.
Merz also expressed surprise at the amount of money paid out this year in bonuses at financial institutions, in particular the SFr10 billion approved by Switzerland’s largest bank, UBS.
“It’s unbelievable. And it should not be repeated,” he commented.
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