Swiss Income Tax Rates Will Be Left Unchanged

Swiss Income Tax Rates Will Be Left Unchanged

Switzerland’s federal authorities announced that they will not amend the federal income tax brackets for 2013. 

Federal Department of Finances is required to adjust federal income tax rates annually in order to compensate inflation and avoid so called fiscal drift effect (a situation whereby salaries are raised due to adjustment for inflation and it makes taxpayers to pay taxes at higher rates).

The Swiss law provides that income tax thresholds to be revised every summer for fiscal drift compensation in accordance with consumer price index (CPI). However, in case of deflation income tax rates to be left without any change until the CPI surpass the level prior to the deflation.

Due to the minor deflection of the Swiss CPI in 2012, the income tax rates for 2013 will not be changed

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