Knock on effect of UBS debacle. Swiss finance minister expects tax shortfall.
http://www.marke****ch.com/news/stor...%7D&dist=msr_1

here's the link again.
http://www.marke****ch.com/news/stor...%7D&dist=msr_1

Think you've fallen foul of the censorware there, what could the rude word be?

Can't understand why the link won't post but basically says they expect shortfall of 1 bn since UBS won't have profits to pay tax on. Add to that they expect UBS won't pay dividend so shareholders will pay less taxes.

M a r k e t w a t c h

you mean marke t-wat ch

how funny that we were talking about this word just the other day

Somehow this reminds me of South Park (the movie) and the foul-words brain zapper

I thought we were talking about S****horpe?

Sw-ankthorpe - where's that?

Swiss Federal taxes are much smaller than communal and cantonal taxes. The UBS tsunami is very bad news for the canton and city of Zurich. No profits and no dividends for taxation. Less bonuses being splurged on the Bahnhofstrasse...

It's a Sw-ank place, I've heard.

So I won't be able to place links to those four letter placenames in Austria, either then. Bugger!

Okay, apparently buggery is allowed.

as is twunt .... which is rather nice

Will it only be Zurich that's negatively affected? I just read today that many cantons other than Geneva have budget surpluses and are expected to lower taxes.

Tax shortfall for ZH is estimated at 200 to 300 million in 2008. The Confederation is affected, too. ZH is also a major contributor to the inter-cantonal compensatory payments. So there is some pain for everybody.

Are not UBS registered in Basel?

Do they not pay tax there?



Nigel

With UBS being such a large company , and the amounts in question here , I don't think it matters where they are registered .... The whole of Switzerland will feel the heat of this .

UBS is dual registered in BS and ZH. These were the head office locations of the 2 banks that merged in 1998 to form UBS.

So will this mean that our taxes will rise in ZH?