On the basis of figures available at the end of June, the government forecasts an additional CHF1.3 billion in revenue thanks to more withholding taxes (CHF500 million), federal taxes (CHF500 million) and value added tax (CHF200 million). The increase in tax collection was attributed to economic growth. Swiss GDP is expected to grow by 3% instead of a projected growth of 2.8%.
The government remains cautious due to large uncertainties surrounding withholding tax collection. It could still be subject to significant variations, as claims are generally filed in the second half of the year.
Projected cost savings of CHF700 million will also contribute to the budget surplus. Most of the savings are due to a decrease in social assistance to asylum seekers (CHF79 million) due to fewer claims, as well as a drop in operating expenses for federal asylum centres (CHF54 million).
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A listicle of ideas how to spend surplus half billion
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Money the army doesn't spend on the latest technology could instead be used on a crowd-pleasing changing-of-the-guard pageant.
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Negative interest rates encouraged tax payers, particularly in the corporate world, to use up some of their spare cash to settle bills early last year. By doing so, they avoided being charged for parking their cash in bank accounts, and received an early bird bonus from the tax authorities. However, the government confirmed on Thursday…
Swiss public accounts better than expected in 2017
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Swiss government accounts closed with a surplus of CHF2.8 billion ($3 billion) for 2017, compared with a forecast deficit of CHF250 million.
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If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.