2024-01-02 13:10:13
Since January 1, Switzerland no longer levies customs duties on imports of industrial products, regardless of the origin of the goods, the State Secretariat for the Economy (Seco) recalled on Tuesday. The measure allows “an annual prosperity gain” of 860 million francs.
The reform, approved by Parliament in October 2021, came into force following around ten years of preparatory work. It will benefit both importers, through the lifting of customs duties and administrative relief, and consumers, who will benefit from lower prices, notes Seco.
The measure, continues Seco, also facilitates the supply of competitive inputs, which promotes diversification and increases the productivity of Swiss companies. “Commercial relations will overall become more efficient and competition will be strengthened,” believes Seco.
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Protection maintained for agriculture
In Switzerland, industrial products include inputs to production processes (e.g. capital goods, raw materials, salt, semi-finished products and machinery) and consumer goods, such as bicycles, household appliances, clothing or the shoes. On the other hand, agricultural and fishing products are not considered as such and will continue to be subject to customs duties.
Where competition works, consumers should benefit from lower costs. The Confederation will ensure this via a monitoring system.
No direct compensation
Berne does not plan any direct compensation measure for the loss of customs revenue due to this lifting of customs duties. Nevertheless, notes Seco, we must expect an increase in economic output and therefore tax revenue for the State, which should compensate for around 30% of the loss of customs revenue in the medium term.
If we consider the economy as a whole, “the positive effects far exceed the loss of revenue of the Confederation”, further specifies Seco.
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