News
19.08.2022

Potential gain of CHF 900 billion from vote in favour of withholding tax reform – background and calculation basis

The Swiss Bankers Association (SBA) welcomes the interest shown in the estimated potential gain from a vote in favour of the withholding tax reform and is happy to provide an explanation for those who asked how it arrived at this figure. 

On 27 April 2022, the SBA stated that a vote in favour of the withholding tax reform could potentially bring business worth CHF 900 billion back to Switzerland within five years. The article can be found here.

How did we work out this estimate?

The SBA’s estimate is based on statistics supplied by the Swiss National Bank (SNB) on fiduciary investments, by the Bank for International Settlements (BIS) on bonds and by the Swiss Structured Products Association (SSPA). Specific market observations and qualitative analysis by experts and product specialists from member institutions were also used, and the findings were validated by the SBA. The background and calculation basis table are summarised in this table.

Reform will lend Switzerland a boost

The SBA is convinced that the reform will benefit the Swiss economy. It will allow companies to finance themselves more easily and cost-effectively via the Swiss capital market, and Switzerland stands to recover lost business worth some CHF 900 billion within five years, boosting value creation, jobs and tax revenue.

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