SWITZERLAND: EU Hits With New Tax
Some Swiss exports including textile to the European Union are to be subject to new tariffs as of March 1 in a unilateral move by Brussels. The Swiss government on Wednesday said it had been told of the new tax on re-exports by local firms before receiving confirmation from Brussels on the matter.
Egytex News Desk
Egytex
Swiss officials said they were surprised by the decision and would do everything possible to ensure the tax does not come into force.
Until now products and materials imported to Switzerland and subsequently exported back to the EU have not been subject to customs charges.
Officials at Seco said they were unable to put a price tag on the cost to Swiss companies, but warned that many businesses would suffer as a result.
"It is not possible to quantify exactly what this will mean for the Swiss economy," commented Seco Antje Baertschi.
"But we are talking about a considerable sum, especially when you bear in mind the number of companies affected by this," she added.
According to the economics ministry, the new tax will affect a large number of sectors - including the textile, chemical and pharmaceutical industries - which rely on raw materials from EU member states. - Agencies.
From the Egytex news archive, first published on 19 February 2004. Figures and names are as reported at the time.
