News: Swiss Getting Rid Of Import Tariffs On Industrial Goods

Switzerland is a high-price kind of town, and not just when it’s Baselworld. In an effort to strengthen the competitiveness of the Swiss economy, the Federal Council is aiming to get rid of import tariffs on Industrial Goods (note: Industrial goods are all goods with the exception of agricultural products, foodstuffs and animal feedstuff). The resulting loss in income for the federal budget would be considered manageable given the positive macroeconomic effects of the measure.

The Federal Council clarified the measures previously by stating “At the same time, many businesses in Switzerland will benefit from cheaper intermediate goods and have less paperwork to complete. This will enable them to produce their own goods more cheaply and so be more competitive on international markets. Studies show that the removal of industrial tariffs will result in substantial savings for the Swiss economy and its consumers. In terms of state revenue, however, it means losses of several hundred million francs. The proposal put to consultation will therefore be closely aligned to the Federal Council’s fiscal policy.”

The lifting of industrial tariffs is part of the package of measures adopted by the Federal Council on 20 December 2017 against the high Swiss prices. The consultation period lasts until 21st March 2019.

This change gives us all a glimmer of hope that these savings will result in lower Swiss (watch) prices.

Official statement here

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