Go Back   English Forum Switzerland > Living in Switzerland > Complaints corner  
Reply
 
Thread Tools Display Modes
  #1  
Old 13.01.2020, 11:37
Phil_MCR's Avatar
Forum Legend
 
Join Date: Oct 2009
Location: Basel
Posts: 13,559
Groaned at 269 Times in 175 Posts
Thanked 16,073 Times in 6,824 Posts
Phil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond repute
Assymetrical interest on taxes

Actually, this was a rant I wanted to make from last years tax prep time.

If you pay your tax in advance, you get 0.2% interest. If you pay late you get 6% interest penalty.

I think it would be more fair to have this symmetrical or at least reduce the spread to <0.5%.
Reply With Quote
This user would like to thank Phil_MCR for this useful post:
  #2  
Old 13.01.2020, 12:02
aSwissInTheUS's Avatar
Forum Legend
 
Join Date: Nov 2007
Location: Zurich area
Posts: 10,986
Groaned at 85 Times in 76 Posts
Thanked 16,599 Times in 7,398 Posts
aSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond repute
Re: Assymetrical interest on taxes

Quote:
View Post
Actually, this was a rant I wanted to make from last years tax prep time.

If you pay your tax in advance, you get 0.2% interest. If you pay late you get 6% interest penalty.
It is symmetric. And the it is only 0.1% and 3.5% respectively.
https://www.steuerverwaltung.bs.ch/s...erzinsung.html
https://www.steuerverwaltung.bs.ch/s...ungsfrist.html

In Basel taxes for the tax year 20XY are due on 31. May 20XY+1.
Anything you pay before that day is awarded with 0.1% interest.
Anything you paid too much after that day is awarded with 3.5%, anything which you did not pay after that day is penalized with 3.5%.


The rules for canton Zurich are a bit different:
In Zurich the taxes for year 20XY are due on 30. September 20XY.
Anything paid before that date is awarded with 0.25% interest.
Anything paid too much after this date is awarded with 0.25% interest.
Anything not paid after this date is penalized with 0.25% interest.
At some date you will get a final bill. If not all taxes have been paid you must do so within 30 days. Anything paid later is penalized with 4.5%
https://www.zh.ch/internet/de/aktuel...reduziert.html
__________________
"I think so, Brain. But where are we going to find a gallon of whip cream and three yards of lederhosen at this time of night? Narf!"

Last edited by aSwissInTheUS; 13.01.2020 at 12:16.
Reply With Quote
The following 2 users would like to thank aSwissInTheUS for this useful post:
  #3  
Old 13.01.2020, 14:24
Phil_MCR's Avatar
Forum Legend
 
Join Date: Oct 2009
Location: Basel
Posts: 13,559
Groaned at 269 Times in 175 Posts
Thanked 16,073 Times in 6,824 Posts
Phil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond repute
Re: Assymetrical interest on taxes

I'm not in Basel-Stadt.

https://www.allschwil.ch/de/verwaltu...tail.php?i=444
Reply With Quote
  #4  
Old 13.01.2020, 15:33
aSwissInTheUS's Avatar
Forum Legend
 
Join Date: Nov 2007
Location: Zurich area
Posts: 10,986
Groaned at 85 Times in 76 Posts
Thanked 16,599 Times in 7,398 Posts
aSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond repute
Re: Assymetrical interest on taxes

Quote:
View Post
I'm not in Basel-Stadt.
Oh, a Landei. Then please state Basel-Land in your profile In the end New Jersey City is also not New York

Yes, Basel-Land has asymmetric interest rates.
Reply With Quote
This user would like to thank aSwissInTheUS for this useful post:
  #5  
Old 13.01.2020, 15:34
st2lemans's Avatar
Forum Legend
 
Join Date: Dec 2010
Location: Lugano
Posts: 27,719
Groaned at 1,769 Times in 1,343 Posts
Thanked 32,219 Times in 15,422 Posts
st2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond repute
Re: Assymetrical interest on taxes

Quote:
View Post
In the end New Jersey City is also not New York
Nor does New Jersey City even exist!

Tom
Reply With Quote
The following 3 users would like to thank st2lemans for this useful post:
  #6  
Old 13.01.2020, 15:39
Phil_MCR's Avatar
Forum Legend
 
Join Date: Oct 2009
Location: Basel
Posts: 13,559
Groaned at 269 Times in 175 Posts
Thanked 16,073 Times in 6,824 Posts
Phil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond repute
Re: Assymetrical interest on taxes

Quote:
View Post
Oh, a Landei. Then please state Basel-Land in your profile In the end New Jersey City is also not New York

Yes, Basel-Land has asymmetric interest rates.
But my location is currently Basel-Stadt. It's just not where my tax residence is
Reply With Quote
  #7  
Old 13.01.2020, 16:47
aSwissInTheUS's Avatar
Forum Legend
 
Join Date: Nov 2007
Location: Zurich area
Posts: 10,986
Groaned at 85 Times in 76 Posts
Thanked 16,599 Times in 7,398 Posts
aSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond repute
Re: Assymetrical interest on taxes

Quote:
View Post
Nor does New Jersey City even exist!
New York City but Jersey City
Reply With Quote
  #8  
Old 13.01.2020, 17:52
eyebeebe's Avatar
Forum Veteran
 
Join Date: May 2009
Location: Pfäffikon SZ
Posts: 1,624
Groaned at 16 Times in 15 Posts
Thanked 1,775 Times in 822 Posts
eyebeebe has a reputation beyond reputeeyebeebe has a reputation beyond reputeeyebeebe has a reputation beyond reputeeyebeebe has a reputation beyond reputeeyebeebe has a reputation beyond repute
Re: Assymetrical interest on taxes

Quote:
View Post
It is symmetric. And the it is only 0.1% and 3.5% respectively.
https://www.steuerverwaltung.bs.ch/s...erzinsung.html
https://www.steuerverwaltung.bs.ch/s...ungsfrist.html

In Basel taxes for the tax year 20XY are due on 31. May 20XY+1.
Anything you pay before that day is awarded with 0.1% interest.
Anything you paid too much after that day is awarded with 3.5%, anything which you did not pay after that day is penalized with 3.5%.


The rules for canton Zurich are a bit different:
In Zurich the taxes for year 20XY are due on 30. September 20XY.
Anything paid before that date is awarded with 0.25% interest.
Anything paid too much after this date is awarded with 0.25% interest.
Anything not paid after this date is penalized with 0.25% interest.
At some date you will get a final bill. If not all taxes have been paid you must do so within 30 days. Anything paid later is penalized with 4.5%
https://www.zh.ch/internet/de/aktuel...reduziert.html
And in Schwyz if you pay more than the amount they propose, they send it back to you. Presumably so they don’t have to pay you the interest. It can be quite annoying when you know that your tax bill is going to be more than they estimate it to be.
Reply With Quote
The following 2 users would like to thank eyebeebe for this useful post:
  #9  
Old 13.01.2020, 17:53
Phil_MCR's Avatar
Forum Legend
 
Join Date: Oct 2009
Location: Basel
Posts: 13,559
Groaned at 269 Times in 175 Posts
Thanked 16,073 Times in 6,824 Posts
Phil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond repute
Re: Assymetrical interest on taxes

Quote:
View Post
And in Schwyz if you pay more than the amount they propose, they send it back to you. Presumably so they don’t have to pay you the interest. It can be quite annoying when you know that your tax bill is going to be more than they estimate it to be.
Do they still charge you interest on the shortfall?
Reply With Quote
  #10  
Old 13.01.2020, 20:27
eyebeebe's Avatar
Forum Veteran
 
Join Date: May 2009
Location: Pfäffikon SZ
Posts: 1,624
Groaned at 16 Times in 15 Posts
Thanked 1,775 Times in 822 Posts
eyebeebe has a reputation beyond reputeeyebeebe has a reputation beyond reputeeyebeebe has a reputation beyond reputeeyebeebe has a reputation beyond reputeeyebeebe has a reputation beyond repute
Re: Assymetrical interest on taxes

Quote:
View Post
Do they still charge you interest on the shortfall?
I can’t remember to be honest. That would be pretty unfair. I think they charge you interest if you choose to pay in instalments (one in Oct, one in Dec, one the following Feb), rather than settling what they propose by the 30 June. Not something I care too much about tbh given how low the tax is here (low double digits as a percentage of total income!)
Reply With Quote
  #11  
Old 13.01.2020, 21:03
aSwissInTheUS's Avatar
Forum Legend
 
Join Date: Nov 2007
Location: Zurich area
Posts: 10,986
Groaned at 85 Times in 76 Posts
Thanked 16,599 Times in 7,398 Posts
aSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond repute
Re: Assymetrical interest on taxes

Quote:
View Post
And in Schwyz if you pay more than the amount they propose, they send it back to you. Presumably so they don’t have to pay you the interest. It can be quite annoying when you know that your tax bill is going to be more than they estimate it to be.
Addendum: Same in canton ZH if it is for the Federal tax.
Reply With Quote
This user would like to thank aSwissInTheUS for this useful post:
  #12  
Old 13.01.2020, 21:07
roegner's Avatar
Moderately Dutch
 
Join Date: May 2011
Location: Zurich
Posts: 9,177
Groaned at 317 Times in 262 Posts
Thanked 10,160 Times in 5,110 Posts
roegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond repute
Re: Assymetrical interest on taxes

Quote:
View Post
Addendum: Same in canton ZH if it is for the Federal tax.
Also on Gemeinde/Kanton tax in ZH..... Happened to me last year
Reply With Quote
  #13  
Old 13.01.2020, 21:13
aSwissInTheUS's Avatar
Forum Legend
 
Join Date: Nov 2007
Location: Zurich area
Posts: 10,986
Groaned at 85 Times in 76 Posts
Thanked 16,599 Times in 7,398 Posts
aSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond repute
Re: Assymetrical interest on taxes

Quote:
View Post
Also on Gemeinde/Kanton tax in ZH..... Happened to me last year
Never happened. But I did never hugely overpay. Approx a thousand or two.
Reply With Quote
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Comparing Taxes BL and BS with taxes at sources AndreaBi Finance/banking/taxation 2 27.06.2014 20:04
Taxes - Advisors/Accountants / Cantonal Offices / ZH Tax forms / Expat US Taxes Longbyt Finance/banking/taxation 1 15.08.2011 16:48
Swiss taxes on interest from a German bank. silin Finance/banking/taxation 5 18.04.2010 11:20
Taxes will be paid to Geneva, then Geneva returns taxes to Zurich, IS IT OK ? Huonikil Finance/banking/taxation 6 06.12.2008 22:09
Tax for Interest joeyying Finance/banking/taxation 5 27.03.2008 22:56


All times are GMT +2. The time now is 04:37.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0