(First sentence clarified)
BERN (dpa-AFX) – In order to ease the burden on the economy and reduce high consumer prices, Switzerland has abolished tariffs on imported industrial goods since the beginning of the year. This means that the country is foregoing around 600 million Swiss francs (644 million euros) in annual income, as the State Secretariat for Economic Affairs (SECO) announced on Tuesday in Bern. The repeal affects not only consumer products, but also raw materials, semi-finished products and machines. However, tariffs on agricultural products remain.
Free trade agreements between Switzerland and the European Union as well as 43 other countries and communities of states were already in force.
The measure is also intended to save the economy annual administrative costs of at least 100 million francs. In addition, 270 million francs in productivity increases are to be achieved, according to the Economic Secretariat.
As SECO expert Thomas Zimmermann explained, tariffs have only accounted for around 1.5 percent of government revenue in recent years. Nevertheless, according to Zimmermann, the taxes reduced the competitiveness of the Swiss economy and contributed to the high price level, which is significantly higher than that of neighboring countries.
2024-01-02 13:38:53
#WDH #Switzerland #abolishing #tariffs #industrial #goods
