August 14, 2019 / 11:41 AM / 6 months ago

Swiss project bigger-than-expected 2019 budget surplus

A Swiss flag is pictured on the Federal Palace (Bundeshaus) in Bern, Switzerland December 7, 2018. Picture taken December 7, 2018. REUTERS/Denis Balibouse

ZURICH (Reuters) - The Swiss federal government projected a 2019 budget surplus of 2.8 billion Swiss francs (2.38 billion pounds), more than double the initially budgeted amount, thanks to expected tax revenue and the auction of mobile communications frequencies.

The increase is due to higher expectations for proceeds, notably from the direct federal tax, the mobile radio frequency auction and a competition authority fine on banks, as well as on lower expected expenses, the government said on Wednesday.

The government proposed in June a draft 2020 budget that features a 600 million Swiss franc surplus despite hits from tax and pension reforms next year.

Reporting by Silke Koltrowitz; Editing by Michael Shields

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