Unintended Consequence of Negative Interest Rate Madness: Swiss Canton Begs Taxpayers “Please Delay Tax Payments”
by Mike “Mish” Shedlock
MISH’S Global Economic Trend Analysis
“Please Delay Tax Payments”
Negative interest rates have had a new and unusual effect on taxing bodies in Switzerland: Swiss Canton Tells Taxpayers to Delay Settling Bills.
Taxpayers in parts of Switzerland this year face an unusual request from fiscal authorities: please delay settling your bill until as late as possible.
Zug, the small but affluent canton outside Zürich, has announced it is ending discounts for early payment of tax bills. The reason? The longer it has cash on its books, the more likely it will incur costs as a result of negative interest rates charged by Swiss banks. The canton calculates that the move will save SFr2.5m ($2.5m) a year.
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Source: http://financialsurvivalnetwork.com/2016/01/unintended-consequence-of-negative-interest-rate-madness-swiss-canton-begs-taxpayers-please-delay-tax-payments/?utm_source=rss&utm_medium=rss&utm_campaign=unintended-consequence-of-negative-interest-rat
