Fire At Scooter Repair Facility; Baselland Accepts E-tax Filings; Switzerland Set To Raise Rates

News For 24 January 2023

Shortly before 2:00 PM yesterday, a fire broke out at a scooter repair facility near the Basel Exhibition Center sending billowing black smoke skyward which could be seen throughout the city.  The fire on Isteinerstrasse was quickly brought under control by the fire brigade and no one was injured.  Many of the electric scooters at the location were badly damaged by the fire, but a cause has yet to be determined.

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After 25 years, Baselland is replacing its tax filing system called "EasyTax" with a new, fully digital system allowing users to submit their filing without having physical signatures starting this February.  In place of having to sign your hard copies by hand, the new system will create accounts for users using dual-factor authentication.  Data protection will be ensured by keeping users tax and financial information on encrypted cantonal servers.  Users will also be able to upload old data to the new system to help reduce paperwork, and the system does not require a download and will work with tablets and PCs.  For those preferring to continue filing physical tax returns, doing so by post will still be possible.

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Thomas Jordan, head of the Swiss National Bank, was at the World Economic Forum in Davos last Friday when he warned that the bank was set to raise interest rates once again.  Although Mr. Jordan was not specific about how much rates would be raised, most analysts expect the bank to raise rates by one half of one percent, bringing the key Swiss benchmark rate to 1.5%.  Whereas some developed economies like the United States experienced average inflation rates in 2022 of 6.5%, the Swiss inflation rate for the same period averaged 2.4% leaving many folks wondering why rates are being raised at all.  The rise in interest rates will affect the cost of borrowing for home buyers, and home-owners with adjustable mortgage rates, as well as companies who regularly borrow money to fund their operations.