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The tax, which is generally much lower than the normal income tax, is nominally levied on the taxpayer's living expenses, but in practice (which varies from canton to canton), it is common to use five times or seven times the rent paid by the taxpayer as a basis for the lump-sum taxation.
The canton of Zug has one of the lowest tax rates in Switzerland. Bloomberg L. P. reported that trading houses with ties to Russian oligarchs are peppered all over the low tax canton of Zug. Local officials estimate that there are at least 40 companies connected to Russia that employ about 900 people in the canton.
Freienbach, in the north of the canton, is known for the lowest taxes in Switzerland. This has attracted a number of the rich. The best known, worldwide product of the canton is the Swiss Army Knife manufactured by Victorinox in Ibach just downhill from the main town of Schwyz. As of 2010, Schwyz had an unemployment rate of 2.3%.
In 2007 Obwalden replaced the former regressive income tax (lower tax rates for higher incomes) with a flat 1.8% income tax, which is the lowest in the country. [18] This cantonal tax is in addition to federal and local taxes. As of 2010, Obwalden had an unemployment rate of 1.5%.
The 26 cantons of Switzerland [note 1] are the member states of the Swiss Confederation. The nucleus of the Swiss Confederacy in the form of the first three confederate allies used to be referred to as the Waldstätte .
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Municipalities are financed through direct taxes (such as income tax), with rates varying more or less within a framework set by the canton (see Taxation in Switzerland). As among the cantons, there is a tax transfer among the municipalities to balance various levels of tax income.
The 26 cantons of Switzerland are the member states of the federal state of Switzerland. Each canton was a fully sovereign state [1] with its own borders, army and currency from the Treaty of Westphalia (1648) until the establishment of the Swiss federal state in 1848. Each canton has its own constitution, legislature, government and courts. [2]