June 22 2022

Federal Council Proposes Increases in Deductibility of Interest and Insurance Premiums

Source: IBFD Tax Research Platform News

The Federal Council has proposed to increase the federal deductions for (i) interest received from savings accounts; and (ii) insurance premiums paid for life, sickness and private accident insurance (see Note). The decision to propose these increases was taken during its meeting of 22 June 2022.

The deductions will be increased as follows:

  • from CHF 1,700 to CHF 3,000 for single taxpayers;
  • from CHF 3,500 to CHF 6,000 for married couples; and
  • from CHF 700 to CHF 1,200 for children and persons that need support.

For the full text of the announcement of 22 June 2022, see here (in French), here (in German) and here (in Italian).

Note: The Federal Council is the executive branch of the federal government of Switzerland.