Electoral workers count ballots during Swiss federal elections to elect a new Parliament. AFP
Electoral workers count ballots during Swiss federal elections to elect a new Parliament. AFP
Electoral workers count ballots during Swiss federal elections to elect a new Parliament. AFP
Electoral workers count ballots during Swiss federal elections to elect a new Parliament. AFP

Right and left expected to make gains in Swiss parliamentary elections


Matthew Davies
  • English
  • Arabic

Voters have gone to the polls in Switzerland to select the make-up of their country's parliament.

Polls reveal a resurgence in support for both right-wing Swiss People's Party and the Socialists, eroding some of the ground the Greens took at the last elections four years ago.

The Swiss People's Party (known by its German acronym SVP) has the most seats in parliament, with more than a quarter of the 200 seats in the lower house, the National Council, followed by the Socialists at 39.

Aside from the SVP and the Socialists, a new formation calling itself “The Centre”, which was created from the merger of the centre-right Christian Democrat and the “Bourgeois Democrat" parties, has been taking to the hustings and, potentially, could overtake the Liberal party to become the third-largest party in the lower house.

The Neue Zürcher Zeitung newspaper is predicting that the SVP will win 31 per cent of the votes.

Electoral Swiss People's Party leader Marco Chiesa speaks with a woman at a booth of the right-wing populism party in Lugano. AFP
Electoral Swiss People's Party leader Marco Chiesa speaks with a woman at a booth of the right-wing populism party in Lugano. AFP

Immigration issue

The SVP is seen taking a hard line on immigration, calling for the country's population to be limited to 10 million people.

There are around 8.5 million Swiss citizens, with the majority of them - about 62 per cent - speaking Swiss-German dialects. Around 23 per cent speak French, mostly in the country's west, while the rest are Italian speakers. A small minority of people speak Romansh, a Romance language based on Latin.

At 25 per cent, Switzerland has a relatively high proportion of foreign-born residents and net immigration increased 14 per cent last year compared to 2021.

Like most European countries, Switzerland's election issues have surrounded the economy, migration and climate change.

An aerial photograph taken above Gletsch, in the Swiss Alps shows a hole in the part of the Rhone Glacier revealing its glacial lake due to the melting of the glacier. Climate change was one of the central issues in the elections. AFP
An aerial photograph taken above Gletsch, in the Swiss Alps shows a hole in the part of the Rhone Glacier revealing its glacial lake due to the melting of the glacier. Climate change was one of the central issues in the elections. AFP

Retiree Claudine Juillard in Geneva said she mostly voted for Socialist candidates, because “life is getting more expensive, and it's not easy".

Aside from selecting 200 people serve as parliamentarians in the National Council, there are also 46 seats in the upper chamber, the Council of States, being contested.

In addition to parliamentary elections every four years, the Swiss public are consulted on political decisions through a system of referendums, sometimes up to four times a year.

Switzerland's economy is largely built on pharmaceutical companies, insurance firms and banking. It has the highest densities of multinational company headquarters in the world, thanks to its advantageous tax rates.

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Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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Saturday Atalanta v Sampdoria (5pm),

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126: The length in metres of the legs supporting the structure

1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch

16 A380 Airbuses: The equivalent weight of the wheel rim.

9,000 tonnes: The amount of steel used to construct the project.

5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place

192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.

Updated: October 22, 2023, 1:16 PM