Swiss National Council Approves Extension of Withholding Tax Exemption on "Too-Big-to-Fail" Instruments

On 8 September 2025, the Swiss National Council (lower house of parliament) approved the bill extending the withholding tax exemption on interest from financial instruments issued by systemically important ("too-big-to-fail") banks. The extension was approved by a vote of 146 for and 43 against. The exemption, which has been in place since 2013, was previously extended to the end of 2026 and, as approved by the National Council, will be extended to the end of 2031. The further extension is m…