Text of the initiative

Swiss plebiscite (Volksinitiative)
“Micro-tax on cashless Monetary Transactions”

The Federal Constitution¹ is modified as follows:

Art. 128 (new)  Micro-tax on cashless monetary transactions

¹  The Confederation levies a micro-tax on all cashless monetary transactions by charging a single tax rate on each debit and credit. The intention is to simplify the tax code and to make finance flows transparent. The maximum rate of the micro-tax is 5 per mil.

² The micro-tax replaces the Value added tax, the Direct federal tax and the Federal stamp duty.

³  The micro-tax revenue finances the tasks of the Confederation and compensates the cantons for cancelled contributions from the Direct federal tax income.

⁴  When regulating the micro-tax, the legislator is bound to apply following rules:

1. Swiss domestic processors of cashless monetary transactions are legally obliged to collect
   the micro-tax automatically. They will be remunerated adequately for this service.
2. Systematic netting is micro-taxed on full value basis. The tax obligation is fulfilled by selfdeclaration.
3. The micro-tax is levied also on cashless monetary transactions processed abroad for persons
   with fiscal domicile or fiscal residence in Switzerland. The tax obligation is fulfilled by selfdeclaration.
4. If a foreign state introduces a micro-tax equivalent to the Swiss micro-tax, the double taxation
   is regulated by double taxation agreements.

⁵  Intent and purpose of the micro-tax must be respected.

Amendments and specifications as to

Art. 128 (previous) repealed

Art. 130 repealed

Art. 132 heading and alinea 1

Withholding tax

¹repealed

Art.197 Cypher 12²

12. Transitional regulations ad art.128 (micro-tax on cashless monetary transactions), Art.128 (previous) and art.130

¹ The legislator edicts the transitional regulations ad art.128 and annulment of art.128 (previous) and art.130 within 4 years after acceptance by the people and cantons.

² In the first year, the micro-tax rate is 0.05 per mil. The rate is annually adapted in order to compensate the three taxes, first on a reduced scale, then altogether. The three taxes are to be cancelled as soon as possible.

³ After acceptance of article 128 by people and cantons, the Swiss National Bank publishes on a monthly basis the totality of the cashless monetary transactions, inclusive sight deposits, intrabank payments und payments processed by new technologies.