24.10.2014. Switzerland gets ready for referendum on lump-sum taxation


06 October 2014 the Federal Council rejected the initiative entitled ‘Stop the tax privileges for millionaires (abolition of lump-sum taxation)’.
The revision of expenditure-based taxation aimed to reach a well-balanced compromise between tax equity and locational appeal which should not be called into question again. The revision was adopted by the Federal Assembly in autumn 2012 and will come into force on 1 January 2016.
At the same time ‘Stop the tax privileges for millionaires’ campaign  has received sufficient support to force a national referendum on the issue. The referendum is scheduled on 30 November 2014. If the proposal will receive the majority of votes, the Swiss government have to enact the relevant laws within three years.