Switzerland’s Federal Council accepted a resolution rejecting the Swiss people’s initiative calling for an end to the flat tax regime currently benefiting wealthy foreigners in the Confederation on 1 July 2013.
Switzerland’s flat tax regime is depending on the living cost, rather than a person’s wealth or income. Switzerland’s Conference of Cantonal Finance Directors (FDK), figures published 5,634 wealthy foreigners were subject to the flat tax in 2012, compared to 5,445 in 2010. The product of the tax totaled CHF695m (USD717m) last year, up 4% from 2010 (CHF668m).
