Geneva’s finance chief warned of the need for belt-tightening because the municipal budget could suffer a 1 billion-franc ($1 billion) shortfall due to the coronavirus pandemic this year, according to an interview with Tribune de Geneve.
The canton is already Switzerland’s most indebted and has some of the highest income tax rates in the country. It’s also in the process of reforming the tax code for corporates, which are a key component of revenue.
With half the working population on reduced hours as a result of the crisis, the local economy is due to slump 6.5% this year, and the...
"correct" - Google News
June 12, 2020 at 07:28PM
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Virus Has Most-Indebted Swiss Canton Bracing for Hit (Correct) - Bloomberg Tax
"correct" - Google News
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