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Swiss see 2020 budget surplus despite tax and pension reforms

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Swiss see 2020 budget surplus despite tax and pension reforms
FILE PHOTO: A Swiss flag is pictured in front of the Swiss National Bank (SNB) in Bern, Switzerland May 2, 2019. REUTERS/Denis Balibouse   -   Copyright  DENIS BALIBOUSE(Reuters)
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ZURICH (Reuters) – The Swiss government proposed a draft 2020 budget on Wednesday that features a 600 million Swiss franc (485 million pounds) surplus despite hits from tax and pension reforms next year.

It tweaked its envisaged 2020 structural surplus — which adjusts for swings in the economy — to 700 million francs from the 400 million it had projected in February.

Revenue next year was set to rise 2.9% to 75.7 billion francs, while spending would grow 3.7% to 75.0 billion.

The government’s financial planning pencilled in structural surpluses of 1.0 billion francs in 2021, 0.1 billion in 2022 and 0.3 billion in 2023.

Switzerland ran a federal budget surplus of 2.94 billion francs in 2018, 10 times greater than planned, as tax revenue overshot projections and the state kept a tight grip on spending.

(Reporting by Michael Shields; Editing by John Miller)

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