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Switzerland: Plans to scrap expat Millionaires' tax breaks rejected01:22

Switzerland: Plans to scrap expat Millionaires' tax breaks rejected

Switzerland, Bern
November 30, 2014 at 04:56 GMT +00:00 · Published

The Swiss Federal Councillor, Evelin Widmer-Schlumpf, announced that the voters have rejected both, "An end to the tax breaks for millionaires" and the "Save our Swiss gold" initiatives, in Bern on Sunday.

"An end to the tax breaks for millionaires", aimed to ban a 152-year-old tax break for rich foreigners, that is still in force in wealthy areas such as Geneva. A total of 59 per cent voted against the initiative, which was sponsored by the country's Socialist Party. Widmer-Schumpf said that she believes the majority rejected the proposal, as the parliament already reinforced "the requirement of lump sum taxation" two years ago.

"Save our Swiss gold", which required Swiss banks to hold a certain amount of unsellable gold, was rejected even more clearly, with nearly 77 per cent casting a "no" vote. Widmer-Schrumpf reiterated that the value of the Swiss Franc is "is ensured through credible monetary policy of the National Bank and not through a minimum share of gold."

The third proposed initiative, "Ecopop" was also rejected by voters on Sunday.

Switzerland: Plans to scrap expat Millionaires' tax breaks rejected01:22
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Description

The Swiss Federal Councillor, Evelin Widmer-Schlumpf, announced that the voters have rejected both, "An end to the tax breaks for millionaires" and the "Save our Swiss gold" initiatives, in Bern on Sunday.

"An end to the tax breaks for millionaires", aimed to ban a 152-year-old tax break for rich foreigners, that is still in force in wealthy areas such as Geneva. A total of 59 per cent voted against the initiative, which was sponsored by the country's Socialist Party. Widmer-Schumpf said that she believes the majority rejected the proposal, as the parliament already reinforced "the requirement of lump sum taxation" two years ago.

"Save our Swiss gold", which required Swiss banks to hold a certain amount of unsellable gold, was rejected even more clearly, with nearly 77 per cent casting a "no" vote. Widmer-Schrumpf reiterated that the value of the Swiss Franc is "is ensured through credible monetary policy of the National Bank and not through a minimum share of gold."

The third proposed initiative, "Ecopop" was also rejected by voters on Sunday.

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