Tax

Geneva Citizens approved the reform of personal income taxation in Geneva

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On Sunday, November 24, the people of Geneva approved, by 61.3%, a reduction in income tax.

This measure applies to the entire population, without exception, but varies according to income levels. On average, the reduction will be approximately 8.7%. The middle class is expected to benefit from a reduction of around 11%, while the highest income brackets will only see a reduction of about 5%.

This tax reduction will come into effect on January 1, 2025, and taxpayers should receive a communication from the Geneva Tax Administration in December.

Grant Thornton remains at your disposal to assist you with calculating your tax installments (which will not yet reflect this reduction and, for the first time, will be divided into 12 installments instead of 10) and to plan your 2025 tax situation (including maintenance cost and pension additional contributions/buy-back) in light of this income tax reduction.