Switzerland has declared plans for increase two percent value-added tax (VAT) rate, which will be started on a transitional basis beginning in 2020.
On June 21, 2013 the Swiss Government announced the tentative proposals include an increase in the 8% value-added tax rate by 1% in 2020, and further 1% increase in the following years; base on the pension system’s financing needs. A draft bill to be introduced the proposals to equalize the retirement age for women and men, at 65; permit early retirement for persons who began making social security contributions when younger than 21; allow persons to gradually retire, taking part-time work from the age of 62; and reduce social security contributions by 0.2% each year for four years.
