The Swiss Times - Swiss News in English

Zurich Government Wants to Lower Taxes Despite Million Deficit

Ernst Stocker, the Zurich Financial Director (SVP), is proposing a tax cut of one percentage point from 99 to 98 percent, despite the 2024 budget being in the red. Originally, Stocker wanted to cut taxes by two percentage points, but due to the "not very rosy financial outlook" he had to settle for one. If the Parliament agrees, the people of Zurich will pay 75 million francs less in taxes next year. Stocker hopes that this tax cut will prevent Zurich from falling behind in the tax competition among cantons. Two years ago, the Parliament agreed to a first tax cut for natural persons from 100 to 99 percent. Stocker is convinced that lower taxes will bring in more money in the long run. The main reason for the red numbers in the upcoming year is the Swiss National Bank, with a projected loss of 600 million francs in dividends. The Zurich government is creating 1,337 new jobs, mainly in hospitals, schools, for digitalisation and the police, but these will be funded by the airport. The Credit Suisse closure has had little effect on the 2024 budget.nnnnnnnnnnnn

©Keystone/SDA

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