Duties Abolition
Once upon a time, there was a duty
What if I told you that the economic scenario in Switzerland is about to change and that the authorities have decided to significantly revolutionize the international trading system by facilitating imports into Switzerland and exports from the Swiss country?
Let’s take a step back: duties in Switzerland, and as in any other reality, were established in the past to protect its industries and enhance the sale of national goods.
However, on 2 February 2022 Switzerland opted for a change of path and thinking from January 1st, 2024, all Swiss duties for the imports into Swiss territory of industrial products will be abolished, regardless of the preferential origin of the goods themselves. In addition to the purely economic return, it also follows an important simplification of customs procedures. The primary objective of this political and economic manoeuvre is to allow Swiss companies to procure foreign raw materials (not available under more favourable conditions in Swiss territory) at lower prices, thus reducing production costs.
Economic implications and more
This will allow Swiss companies to gain both monetary and in terms of local and global competitiveness. The benefit will also fall on final consumers since duties are currently also levied on the importation of consumer goods such as household appliances, clothing, cars, etc.
Another positive aspect will also fall on companies in nearby Italy and in Europe in general, as there will no longer be the obligation to issue documents certifying preferential origin, such as EUR1 or invoice declarations, for all industrial products.
Specifically, by industrial products we mean all goods, except for agricultural products (including processed agricultural products and animal feed) and fishery products. There will also be a further and important simplification of the customs tariff, which will make it even easier for insiders to complete customs procedures.
The new commercial and economic trend will then be monitored over time to verify the real effects resulting from this to all intents and purposes, revolution!
We’ll keep you posted 😉
