Fiscal / Tax

During its meeting on 22 April 2026, the Federal Council adopted the dispatch on the revision of the Banking Act. In the future, systemically important banks in Switzerland will have to fully back their participations in foreign subsidiaries with Common Equity Tier 1 (CET1) capital. This targeted measure is key to strengthening financial stability. Parliament will be able to debate the legislative proposal from summer 2026. At the same time, the Federal Council amended the Capital Adequacy Ordinance. The amendments concern the capital backing for certain balance sheet items such as software, and will come into force on 1 January 2027. The solution proposed by the Federal Council is more moderate than planned, due to the results of the consultation procedure. In terms of capital requirements, the result is thus a balanced overall package that takes account of the comments received.

President Guy Parmelin and Federal Councillor Karin Keller-Sutter, as well as Martin Schlegel, Chairman of the Governing Board of the Swiss National Bank, will attend the Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington from 15 to 17 April 2026. A meeting of G20 finance ministers and central bank governors, as well as a ministerial meeting of the Financial Action Task Force (FATF) will also take place during the Spring Meetings. The Swiss delegation, led by Federal Councillor Karin Keller-Sutter, will additionally take the opportunity to hold bilateral talks.

Federal Councillor Karin Keller-Sutter will meet her UK counterpart, Chancellor of the Exchequer Rachel Reeves, in London on 24 March 2026. The ministers will discuss the agreement on mutual recognition in financial services and current geopolitical challenges, among other things.

During its meeting on 20 March 2026, the Federal Council approved the strategy on combating money laundering and terrorist financing. With this first-ever comprehensive overview, the Federal Council is strengthening the framework, which will continue to protect the integrity of the Swiss financial centre in years to come.

During its meeting on 20 March 2026, the Federal Council decided to lower the interest rates for outstanding COVID-19 credits with effect from 31 March 2026. The interest rate will now be 0% for credits up to CHF 500,000 and 0.5% for credits exceeding CHF 500,000.

The amending protocol that regulates the taxation of home office for frontier workers for the long term entered into force on 9 February 2026 following the completion of the approval process in Switzerland and Italy.

During its meeting on 12 December 2025, the Federal Council was informed by the Federal Department of Finance (FDF) about the most recent open finance developments in Switzerland. In order to achieve the targets set in 2022, the FDF intends to use precise indicators to review further progress in the banking and insurance sector. For the time being, there will be no regulatory requirements for open data interfaces. Open finance is intended to strengthen the digital self-determination of clients, as well as the innovative capacity and competitiveness of the financial sector.

The Federal Council's objective is for Switzerland to be one of the world's leading digital finance locations and to improve its competitiveness and attractiveness accordingly. During its meeting on 5 December 2025, the Federal Council was informed about the current status by the Federal Department of Finance (FDF).

During its meeting on 5 December 2025, the Federal Council adopted the dispatch on amending the Insurance Oversight Act. With this proposal, the Federal Council wishes to strengthen Switzerland as a reinsurance location.

During its meeting on 26 November 2025, the Federal Council adopted the dispatch on the protocol of amendment to the double taxation agreement (DTA) with Croatia. It implements the minimum standards for double taxation agreements.

During its meeting on 26 November 2025, the Federal Council adopted the dispatch on the additional agreement supplementing the double taxation agreement (DTA) with Belgium. The agreement implements the minimum standards for double taxation agreements.

At its meeting on 26 November 2025, the Federal Council approved the amendment of the Ordinance on the International Automatic Exchange of Information in Tax Matters (AEOI Ordinance). The ordinance contains implementing provisions on amending the Federal Act on the International Automatic Exchange of Information in Tax Matters (AEOIA). Both pieces of legislation are due to come into force on 1 January 2026.

During its meeting on 5 November 2025, the Federal Council adopted the dispatch on the double taxation agreement (DTA) with Zimbabwe. The agreement will create legal certainty for the further development of bilateral economic relations and tax cooperation between the two countries.

During its meeting on 22 October 2025, the Federal Council launched the consultation on the Amending Protocol to the Agreement between Switzerland and the European Union (EU) on the automatic exchange of financial account information to improve international tax compliance. The Agreement will be aligned with the amended OECD standard and also contains new provisions on administrative assistance for the recovery of VAT claims.

During its meeting on 22 October 2025, the Federal Council initiated the consultation on an amendment to the Financial Institutions Act. The bill is aimed at improving the framework conditions for the market development, the attractiveness of the Swiss financial centre and integration of innovative financial technologies into the existing financial system. At the same time, it should mitigate related risks to financial stability, integrity, and investor and consumer protection. The consultation will run until 6 February 2026.

On 20 October 2025 in Brussels, Switzerland and the European Union (EU) signed the Amending Protocol to the Agreement on the automatic exchange of financial account information to improve international tax compliance. With the Amending Protocol, the Agreement will be aligned to the amended OECD standard and supplemented with new provisions on administrative assistance for the collection of VAT claims.

At its meeting on 15 October 2025, the Federal Council launched the consultation on draft legislation to combat money laundering. Under the proposed legislation details of the register of beneficial owners and the extension of the Anti-Money Laundering Act to cover certain consultancy activities will be defined at ordinance level. The consultation will last until 30 January 2026.

Federal Councillor Guy Parmelin, State Secretary Daniela Stoffel and Martin Schlegel, Chairman of the Governing Board of the Swiss National Bank, will attend the Annual Meetings of the International Monetary Fund (IMF) and the World Bank in Washington from 15 to 17 October 2025. The quarterly high-level G20 meeting on financial and monetary issues will also take place before the Annual Meetings. The Swiss delegation will additionally use the event for bilateral talks.

The competent United States District Court in New York has dismissed the civil action brought by a group of AT1 bondholders against the Swiss Confederation, seeking damages of USD 370 million.

The Federal Department of Finance (FDF), the Swiss National Bank (SNB) and the US Department of the Treasury have issued a joint statement on macroeconomic and foreign exchange matters, in which Switzerland and the USA reconfirm that they do not target exchange rates for competitive purposes.