Switzerland to abolish industrial tariffs from 2024
02 February 2022 11:50
According to a press release, from 2024 onward Switzerland will no longer impose tariffs on imports of industrial products. The abandonment of industrial tariffs aims to simplify economic output in favor of imports and make the export industry more competitive. The Federal Council anticipates that its decision made on February 2 will lead to economic recovery after the pandemic.
With this, companies could benefit from “access to cheaper services from abroad”. Furthermore, the elimination of import duties is said to signify a recovery in the competitiveness of the Swiss economy in both domestic matters and exports. The Federal Council further states that the Swiss population could enjoy lower prices for imported consumer goods.
The duty suspension was determined by a change to the customs tariff law that was decided by the Swiss parliament in October 2021. Parties in the business sector and management are said to be receiving a sufficiently long transition period “for the required technical and organizational changes” until this enters into force at the start of 2024.