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Swiss voters reject abolition of forfait tax break

In a long anticipated ballot last weekend, the Swiss unambiguously voted in favour of retaining the 152-year-old tax break enjoyed by wealthy foreigners known as the 'forfait'. The initiative would have seen the nationwide abolition of a popular system which offers non-Swiss nationals without gainful employment in Switzerland the option to be taxed on the basis of their deemed income. In addition to the federal vote, a separate ballot on abolishing forfait within the canton of Geneva was also defeated.

To read more of Senior Associate Lydia Essa's views, go to Spears Wealth Management Magazine.

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