Swiss authorities have abolished tariffs on the import of industrial products to reduce high consumer prices.
This means that importers will no longer pay customs duties on consumer products and on raw materials, semi-finished products and machinery. Tariffs on the import of agricultural products remain in force.
The state will lose about 600 million Swiss francs (645 million euros) in annual revenue with that move, the Swiss State Secretariat for Economic Affairs (SECO) announced on Tuesday.
On the other hand, the effect on the economy and citizens was estimated at 860 million francs (924 million euros).
This amount includes 490 million francs in savings for companies on customs duties and at least 100 million on administrative procedures.
According to Thomas Zimmermann, an expert from the Swiss Ministry of Economic Affairs, customs duties accounted for only about 1.5 percent of state revenues in recent years, and they reduced the competitiveness of the Swiss economy and kept prices high, significantly higher than in the surrounding countries, Klix.ba writes.
Photo ©️ Pinterest
