Switzerland

Import duty on cars, clothes and other products in Switzerland may be scrapped

cde.news desk 28 November 2019, 16:32 · 1 min read

epa03549936 (FILE) A file photo dated 05 December 2008 showing new cars of Volkswagen, Mercedes-Benz, BMW and Porsche ready for shipping in the harbour of Bremerhaven, Germany. Investor confidence in Germany surged to a two-and-half year high in January amid hopes that the worst of the eurozone debt crisis might be over, a key survey released 22 January 2013 showed. The Mannheim-based ZEW economic research institute said its index gauging the mood among analysts and institutional investors jumped to a more-than-forecast 31.5 points this month from 6.9 points in December. Analysts had expected the forward-looking indicator to have climbed to 12 points in January. The gain represented the second-consecutive increase in the indicator. Based on a survey of 271 analysts, the indicator now stands at its highest level since May 2010. This also followed signs that the German economy will rebound in the coming months from last year's slowdown and that the threat of a breakup of the 17-member eurozone has diminished. EPA/INFO WAGNER

Import duties on various products including cars, clothes, and household appliances are set to be removed in Switzerland. If parliament approves the plan, the measure will enter into force in 2022.

Economics Minister Guy Parmelin announced the plan after what the government described as a very positive consultation process with stakeholders.

The removal of the duties on a range of industrial products, which also includes bicycles and healthcare products, is part of a range of measures announced last year to tackle Switzerland’s unenviable status as a “high-price island”.

Consumers and businesses will directly benefit, the government said. It also expects that lost state tax receipts will be partly compensated by increased spending and commercial activity.

Via SwissInfo

Filed under Economy Switzerland

Topics Economy Switzerland Trade

Import duty on cars, clothes and other products in Switzerland may be scrapped

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