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Ready Benefit from Canton of Vaud in 1862, Making It a Part of the Ticino and Geneva) Available in two languages : English and French NEWSLETTER N°9 Editorial Lump sum taxation: new impetus? n the history of lump sum taxation, there The date of 30 November 2014 marks a turning referendum held at the end of November 2014, Iwill be a period before and a period after point in the history of Swiss lump sum taxation. voted massively in favour of keeping this tax 30 November 2014. Indeed, that was the It is the day when the Swiss people were invited regime. day when the Swiss people validated lump to cast their vote on the federal popular initiative sum taxation, or more precisely, voted to which proposed the abolition of lump sum tax- The federal referendum of 30 November 2014 uphold it. Two initiatives aimed at abolishing ation. On the same day, the people of Geneva put an end to a long period of uncertainty. By it, one federal and one in the Canton of were to decide on the cantonal popular initiative this vote rejecting the federal popular initiative Geneva, were clearly rejected by the elec- which also aimed at abolishing this tax system at on the abolition of lump sum taxation, the Swiss torate. The federal law of 28 September cantonal level. These two initiatives were resound- people showed that it gave its unreserved sup- 2012 will therefore come into effect on 1 ingly defeated, thus conveying a powerful signal port for the very principle of taxation based on January 2016. This introduces many new fea- from the Swiss people and from virtually all the expenditure. It should be pointed out that all tures relating to authorisation to pay tax on cantons in support of lump sum taxation and its the cantons, with the exception of Schaffhausen, a lump sum basis, which is why it struck us as continued application. rejected the federal initiative, whereas the lump relevant to present the changes concisely in sum taxation system is only particularly present this newsletter. A five-year transitional pe- So the population decided to keep and consol- in four cantons (75% of people paying lump sum riod is also planned before this law takes idate this institution, which has its origins in the taxation reside in the cantons of Vaud, Valais, effect for those who already benefit from canton of Vaud in 1862, making it a part of the Ticino and Geneva). This vote probably put an lump sum taxation. Swiss tax system for more than 150 years. It is end to the wave of cantonal referenda on the highly appreciated by wealthy people who wish subject. Thanks to this new model, the lump sum sys- to move to Switzerland, and as a tax method, it tem of taxation will undoubtedly have a is often advantageous from several viewpoints. 2 New features sounder legal basis. But we cannot help think- Under certain conditions, it replaces the ordinary ing that Switzerland is lagging behind the times: income and wealth taxes by a lump sum of tax On 28 September 2012, the Parliament adopted lump sum taxation only affects a limited "tar- calculated on the basis of certain expenditure. the federal law on taxation based on expenditure get group" (wealthy retired or semi-retired with a view to providing firmer foundations to the people). However, the example of countries as The referendum of 30 November 2014 allows lump sum taxation system. As we will see below, diverse as Belgium, Portugal or the United the entry into force of the new federal law of there are many new features. They mainly con- Kingdom shows that what we really need is a 28 September 2012, which will take effect from cern the general conditions for granting lump sum new, different tax instrument, to attract a 1 January 2016. We will see together below what taxation, the introduction of a minimum expend- younger, more active "fiscal clientele", who al- measures were taken by the legislator to consoli- iture threshold, the revaluation of the coefficient ready have established business credentials, date the future of lump sum taxation. of the rental value or the annual rent or the obli- but who are in an earlier stage of their working gation for the cantons to determine how taxation life. Opening up this debate would mean – at 1 Challenge to and changes in the based on expenditure will cover wealth tax. last – moving from reactivity to proactivity, lump sum taxation system from management of the status quo to the 3 General conditions for granting dynamic offensive to lay the foundations of In recent years, taxation based on expenditure future prosperity! has aroused controversy, both at federal and can- Until now, the lump sum system was not reserved tonal level. Some criticised this regime as a privi- for foreign nationals, and Swiss citizens could ben- It is even more appropriate since the number lege that no longer has any reason to exist, while efit from it but only for a period limited to one of lump sum taxpayers, which was already not others see it as an economic promotion regime year. From 1 January 2016, the lump sum taxation very high – we are only talking about 5382 that is essential at a time of fierce international system will be reserved exclusively for foreign na- people in 2014 for the whole of Switzerland – competition in this field. tionals. We believe that the impact of this change went down by 252 in two years, or –4.5% in practice will be minimal. Many cantonal popular initiatives have been put forward with the aim of amending or abolishing The other conditions in order to be eligible for this type of taxation. In 2009, Zurich was the first this mode of taxation will be kept. Apart from not canton to eliminate lump sum taxation at can- holding Swiss nationality, it will be necessary to tonal level, followed by the cantons of Appenzell have no professional activity in Switzerland, and Ausserrhoden, Schaffhausen, Basel-Stadt and Ba- be taking up residence for the first time in Swit- sel-Landschaft. Other cantons, such as Thurgau, zerland, or for those who have previously been Thierry Barbier-Mueller St. Gallen, Lucerne, Berne and Nidwald decided subject to unlimited taxation in Switzerland, be CEO to tighten up their legislation without abolishing returning to Switzerland after a minimum of ten this system. The canton of Geneva, in the recent years' absence. Finally, for couples, both spouses will have to fulfil in a hotel or similar institution. Pursuant to the five years, both for the direct federal tax and for the conditions for granting the lump sum taxation. legislative amendment introduced, these multiples the cantonal tax. That period will expire on 31 The question of whether "mixed" lump sums will will be increased to seven times the annual rent December 2020, so that the new law will apply to continue - consisting of taxing only one of the or rental value, or three times the annual price all persons subject to lump sum taxation as from spouses according to their expenditure, and the for board and lodging. By way of example, when 1 January 2021. other according to the ordinary system - remains a lump sum taxpayer renting an apartment for controversial in our opinion. a monthly rent of CHF 7000.– cannot be taxed Therefore, it is interesting to note that persons on expenditure less than CHF 420,000.– (CHF who move to Switzerland before 1 January 2016 4 Raising the threshold of expend- 7000.– x 12 x 5), this amount will, in future, be will only be subject to the new minima as from 1 CHF 588,000.– (CHF 7000.– x 12 x 7). January 2021. Therefore, in our opinion, there is iture an obvious window of opportunity to be seized For direct federal taxes, a new minimum expend- 6 New wealth tax component by people planning to transfer their residence to iture threshold has been introduced, so that the Switzerland in the near future. lump sum taxation system is more acceptable to This is probably the most important new feature public opinion. In future, the taxable base will have brought in by the legislative change, although it has 8 Conclusion to be at least CHF 400,000.–. We point out that received little media coverage. The cantons will be this amount corresponds to the taxable base on obliged to regulate explicitly in their cantonal law In view of the controversy stirred up by lump which tax is calculated at the standard income tax the way in which the wealth tax (in addition to sum taxation, amendments and adjustments rates. income tax) will have to be paid in the context were necessary. The result which emerges from of lump sum taxation. However, they will be free the new law is the fruit of a typically Swiss com- Until now, there had been no legal requirement in to define how wealth tax should be included, and promise, both between parties of the Left and this regard. However, the introduction of this min- retain complete discretion as to the method. Right, and between urban and rural cantons. It is imum amount will not involve major changes for true that these new measures could increase the those applying for lump sum taxation and mov- Among the various cantons, the majority trend, tax burden connected with the lump sum, but ing to the cantons of Geneva and Vaud, because even if it is not unanimous, is moving towards that seemed necessary or even indispensable, in these cantons almost stopped accepting lump a multiple of expenditure, usually set at a coef- order to uphold this tax system and ensure its sums with a lower taxable base many years ago.
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