The Federal Constitution1 is modified as follows:
Art. 128 (new) Micro-tax on cashless monetary transactions
1 The Confederation levies a micro-tax on all cashless monetary transactions by charging a single tax rate on each debit and credit. The intention is to simplify the tax code and to make finance flows transparent. The maximum rate of the micro-tax is 5 per mil.
2 The micro-tax replaces the Value added tax, the Direct federal tax and the Federal stamp duty.
3 The micro-tax revenue finances the tasks of the Confederation and compensates the cantons for cancelled contributions from the Direct federal tax income.
4 When regulating the micro-tax, the legislator is bound to apply following rules:
5 Intent and purpose of the micro-tax must be respected.
Amendments and specifications as to
Art. 128 (previous) repealed
Art. 130 repealed
Art. 132 heading and alinea 1
Art.197 Cypher 122
12. Transitional regulations ad art.128 (micro-tax on cashless monetary transactions), Art.128 (previous) and art.130
1 The legislator edicts the transitional regulations ad art.128 and annulment of art.128 (previous) and art.130 within 4 years after acceptance by the people and cantons.
2 In the first year, the micro-tax rate is 0.05 per mil. The rate is annually adapted in order to compensate the three taxes, first on a reduced scale, then altogether. The three taxes are to be cancelled as soon as possible.
3 After acceptance of article 128 by people and cantons, the Swiss National Bank publishes on a monthly basis the totality of the cashless monetary transactions, inclusive sight deposits, intrabank payments und payments processed by new technologies.
1 SR 101
2 The final cipher of the transitional regulations will be defined by the federal chancellery after the plebiscite.