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The value added tax (VAT) payable on every purchase will increase from 7.7% to 8.1% from January 1, 2024. This increase in the main sales tax rate by 0.4 percentage points results from the vote on September 25, 2022 and is intended to be used to stabilize the AHV.
The reduced rate for certain goods is increased from 2.5 to 2.6%. The special VAT rate for accommodation is now 3.8% compared to 3.7%.
According to the federal government’s calculations, the additional costs for a shopping cart of 100 francs amount to a maximum of 40 centimes. If it includes food, the surcharge is 10 cents.
Purchasing power at half-mast
The increase in the price of goods, which is painless for some consumers, will be more painful for others. Due to its universal application, VAT is considered the most unfair tax because it does not arise from individual income, emphasized Gianluca Tarolli, chief economist at the Bordier Bank in Geneva.
Above all, the most disadvantaged households are the brunt of the increase in VAT, which affects essential products and is part of a general increase in the cost of living – electricity, health insurance premiums, rent – the expert continued on Tuesday, speaking on the microphone of La Matinale de la RTS.
>> Read also: Why does the price of electricity continue to rise?
If inflation in 2023 were offset by wage growth averaging 2.2%, purchasing power would likely decline in 2024, forcing households to spend less. The likely decline in consumer sentiment could have ripple effects across the economy.
Radio subject: Cléa Favre
Texts web: mera
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