Europe's Richest Country Has Decided To Raise Taxes To Strengthen Its Defense Capabilities

The new tax will be temporary - for 10 years.

Due to the worsening geopolitical situation, the Swiss Federal Council has decided to significantly strengthen defense capabilities, for which it will have to raise taxes. This is stated in a press release of the Swiss government.

It is noted that to strengthen the Swiss army and civilian security services will need additional funds in the amount of about 31 billion Swiss francs (about 33.8 billion euros).

To finance these costs, the government is proposing a temporary and targeted increase in value added tax (VAT) by 0.8 percentage points starting in 2028 and for a period of ten years. The additional revenue generated will be channeled into a special armament fund, which will have the ability to borrow. Priority will be given to the purchase of weapons for the army.

"Additional financial resources are needed to protect the population and the country and to avoid any future security risks in the European defense architecture; the planned increase in army spending to 1 percent of GDP until 2032 is not enough," the press release said.

According to Swiss rules, after the relevant decision is formalized and passed through parliament, it must be approved by a popular referee If approved, the VAT increase will take effect on January 1, 2028.

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