February 2023 / Switzerland

On 1 February 2023, the Italian Senate approved a draft law ratifying the Italy – Switzerland Tax Agreement (Frontier Workers) (2020), its final protocol and the exchange of letters, all signed on 23 December 2020, under the Italy – Switzerland Income and Capital Tax Treaty (1976), as amended by the 1978 and 2015 protocols. Once in force and effective, the new agreement will replace the agreement on taxation of frontier workers between Italy and Switzerland, signed on 3 October 1974.

According to a press release of 16 February 2023, published by the EFTA, officials from the EFTA states (Iceland, Liechtenstein, Norway and Switzerland) and Singapore launched negotiations on a digital economy agreement (DEA) between them, during a meeting held virtually on the same date.

The DEA will create new opportunities for companies and individuals, provide a clear and secure framework that will foster trade in goods and services. The agreement will complement other international processes and initiatives including the ongoing negotiations in the context of the WTO Joint Statement Initiative on E-Commerce.

Turnover adjusted for sales days and holidays rose in the retail sector by 0.7% in nominal terms in January 2023 compared with the previous year. Seasonally adjusted, nominal turnover rose by 1.2% compared with the previous month. These are provisional findings from the Federal Statistical Office (FSO).

Real turnover adjusted for sales days and holidays fell in the retail sector by 2.2% in January 2023 compared with the previous year. Real growth takes inflation into consideration. Compared with the previous month, real, seasonally adjusted retail trade turnover registered an increase of 0.6%.

Retail sector excluding service stations

Adjusted for sales days and holidays, the retail sector excluding service stations showed a 0.4% increase in nominal turnover in January 2023 compared with January 2022 (in real terms –2.4%). Retail sales of food, drinks and tobacco registered an increase in nominal turnover of 1.4% (in real terms –3.3%), whereas the non-food sector registered a nominal negative of 0.3% (in real terms –2.3%).

Excluding service stations, the retail sector showed a seasonally adjusted increase in nominal turnover of 1.1% compared with the previous month (in real terms +0.6%). Retail sales of food, drinks and tobacco registered a plus of 4.0% (in real terms +3.1%). The non-food sector showed a minus of 1.0% (in real terms –1.2%).