Swiss see 2020 budget surplus despite tax and pension reforms

ZURICH: The Swiss government proposed a draft 2020, budget on Wednesday that features a 600 million Swiss franc ($615 million) surplus despite hits from tax and pension reforms next year.

It tweaked its envisaged 2020 structural surplus -- which adjusts for swings in the economy -- to 700 million francs from the 400 million it had projected in February.

Revenue next year was set to rise 2.9pc to 75.7 billion francs, while spending would grow 3.7pc to 75.0 billion.

The government's financial planning pencilled in structural surpluses of 1.0 billion francs in 2021, 0.1 billion in 2022, and 0.3 billion in 2023.

Switzerland ran a federal budget surplus of 2.94 billion francs in 2018, 10 times greater than planned, as tax revenue overshot projections and the state kept a tight grip on spending.