The first item on the agenda is the abolition of customs duties on industrial products, announced last February and due to come into force on January 1, 2024. Customs duties are taxes levied on products imported into the country. From now on, it will no longer be necessary to have a certificate of origin (with some exceptions); copies of invoices for imported products will suffice for declarations. Customs procedures remain unchanged. The products not affected by this abolition are agricultural products, fishery products, certain chemical products and so-called everyday products.

Why has Switzerland taken this decision, and what economic impact will it have? Tariffs are a way for a country to regulate international trade. For Switzerland, the abolition of these duties is intended to facilitate trade by cutting red tape, which will in turn boost the country’s economy. Companies and individuals will be able to access products at lower cost thanks to the abolition of these duties.

A point on the VAT change: from January 1, 2024, VAT will rise to 8.1%, compared with 7.7% until now. The aim is to ensure the sustainability of the Swiss tax system. This change will affect the way companies and individuals do business.