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Art. 128 (previous) repealed

Art. 130 repealed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


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.

     SR 101
     The final cipher of the transitional regulations will be defined by the federal chancellery after the plebiscite.