On January 4, 2018, the Financial Directorate of the Canton of Zurich issued a media release in which the number of submissions, the subsequently declared assets and the average yield per case of the voluntary declarations submitted in 2017 are published.
Accordingly, a total of 6,150 submissions were made in 2017, almost three times as many as in the previous record year of 2016 (2,100 submissions). The increase is attributed to the imminent launch of the cross-border automatic exchange of information (AEOI). The cantonal tax office was able to process and close 3,800 cases (compared to 1,900 in the previous year).
In total, the tax authorities were able to uncover assets of CHF 1.327 billion. The number of Italian, Portuguese and Spanish properties reported in 2017 was particularly high, as were previously undeclared accounts and other assets from Germany, Austria and Liechtenstein.
On average, however, the 3,800 cases handled in 2017 revealed fewer large assets and proceeds than in previous years. The average revenue for state and municipal taxes per case fell from CHF 36,000 in the previous year to CHF 22,000.
The press release is available here.
