**The 2023 annual financial statements of the Canton of Geneva show a record surplus of CHF 1.398 billion, compared with a deficit of CHF 476 million in the 2023 budget. The surge in tax revenues explains this discrepancy.**
Trading, finance, and watchmaking, the pillars of Geneva’s economy, experienced unprecedented growth, notes the Conseil d’Etat. Tax revenues from legal entities rose by CHF 928 million compared with the 2023 budget, including CHF 544 million in corrections for previous years.
Taxes on individuals are CHF 348 million higher than in the 2023 budget.
This surplus will be entirely allocated “to the accounting amortization of the recapitalization of the Caisse de prévoyance de l’Etat de Genève (CPEG)” [SchoggiToeff: The pension funds of the canton. 2019 it had a coverage ratio of just 53% !].
The canton’s good results will also make it possible to propose a tax cut for the middle classes and free public transport for young people up to the age of 24.
that’s 3 or 4 years in a row that the canton registers surpluses of over 10% of its budget, equivalent to 3-4% of its GDP (estimated at 60bn in 2023), and the municipalities are awash with money.
Thanks mostly to the companies in commodity trading, and I suppose that MSC also contributes to this more secretly, as well as luxury and watchmaking, and now banking with the increase in interest rates and the good performance of the banks focused in wealth management like Pictet, Lombard Odier, UBP, Rothschild, EFG group etc Just a couple of days ago there was another set of good news, as Bunge, the 2nd largest cereal trader, has decided to shift its global headquarters from Bermuda to Geneva.
Although these revenues are very volatile, hence why there was a +2bn prediction error, given that it’s becoming a bit persistent now, the government has announced that they’ll reduce taxes on the middle class next year for around 400 million swiss francs (a reduction was already in the budget what it will increase), i.e. families who don’t receive subsidies, and grant a free transport ticket for the canton for young people under 24 years, a fantastic measure.
In 2023, income tax amounted to 5.3bn, so 400m less would represent a reduction of 7.5% in taxes. According to the news, the reduction would be of 11.4% for the middle class and 5.3% for the higher salaries.
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**The 2023 annual financial statements of the Canton of Geneva show a record surplus of CHF 1.398 billion, compared with a deficit of CHF 476 million in the 2023 budget. The surge in tax revenues explains this discrepancy.**
Trading, finance, and watchmaking, the pillars of Geneva’s economy, experienced unprecedented growth, notes the Conseil d’Etat. Tax revenues from legal entities rose by CHF 928 million compared with the 2023 budget, including CHF 544 million in corrections for previous years.
Taxes on individuals are CHF 348 million higher than in the 2023 budget.
This surplus will be entirely allocated “to the accounting amortization of the recapitalization of the Caisse de prévoyance de l’Etat de Genève (CPEG)” [SchoggiToeff: The pension funds of the canton. 2019 it had a coverage ratio of just 53% !].
The canton’s good results will also make it possible to propose a tax cut for the middle classes and free public transport for young people up to the age of 24.
Translated with [DeepL.com](http://DeepL.com) (free version)
that’s 3 or 4 years in a row that the canton registers surpluses of over 10% of its budget, equivalent to 3-4% of its GDP (estimated at 60bn in 2023), and the municipalities are awash with money.
Thanks mostly to the companies in commodity trading, and I suppose that MSC also contributes to this more secretly, as well as luxury and watchmaking, and now banking with the increase in interest rates and the good performance of the banks focused in wealth management like Pictet, Lombard Odier, UBP, Rothschild, EFG group etc Just a couple of days ago there was another set of good news, as Bunge, the 2nd largest cereal trader, has decided to shift its global headquarters from Bermuda to Geneva.
Although these revenues are very volatile, hence why there was a +2bn prediction error, given that it’s becoming a bit persistent now, the government has announced that they’ll reduce taxes on the middle class next year for around 400 million swiss francs (a reduction was already in the budget what it will increase), i.e. families who don’t receive subsidies, and grant a free transport ticket for the canton for young people under 24 years, a fantastic measure.
In 2023, income tax amounted to 5.3bn, so 400m less would represent a reduction of 7.5% in taxes. According to the news, the reduction would be of 11.4% for the middle class and 5.3% for the higher salaries.