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Tax Question & 3ieme pillier
Jan 7, 2011 @ 00:31

Hi Everyone,


Quick question regarding taxes in Geneva. I'm working in Vaud, but live in Geneva. Been here for 1 year, staying for 18 more months. I'm taxed at source, and just going through the tax process for the first time. 2 questions:


1) I'm going to submit the form to adjust the money they removed at source, and hopefully get a refund since I think they took to much. Other than that, do I need to do anything? Am I missing out on anything important (ie money saving)?


2) Someone from the government keeps calling to try to set me up with a 3rd pillar retirement savings thing. I have a hard time seeing how this will be worthwhile since I'm leaving in 18 months. Am I wrong?


Thanks for the help!


Scott

The text you are quoting:

Hi Everyone,


Quick question regarding taxes in Geneva. I'm working in Vaud, but live in Geneva. Been here for 1 year, staying for 18 more months. I'm taxed at source, and just going through the tax process for the first time. 2 questions:


1) I'm going to submit the form to adjust the money they removed at source, and hopefully get a refund since I think they took to much. Other than that, do I need to do anything? Am I missing out on anything important (ie money saving)?


2) Someone from the government keeps calling to try to set me up with a 3rd pillar retirement savings thing. I have a hard time seeing how this will be worthwhile since I'm leaving in 18 months. Am I wrong?


Thanks for the help!


Scott


Scott MJan 7, 2011 @ 00:31
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Re: Tax Question & 3ieme pillier
Post 1
Jan 7, 2011 @ 23:20

In a nutshell:


(1) Nothing to do other than submit the form along with the paper you get at the end of the year specifying your total salary ("attestation quittance"). After that... patience... It takes time...


(2) Money invested in the so-called 3rd pillar retirement savings thing is deductible from your taxable revenue. In other terms, if you invest 5'000.- in a 3rd pillar retirement fund, and you earned, say, 60k a year, you could ask to be taxed at a rate corresponding to 55k instead - which would allow you to claim a higher adjustment in your favour under (1) above :-) The amount you can deduct in this manner is capped (somewhere around 6-7k a year or so). Also, the monies you invest in a 3rd pillar (usually a bank or life-insurance scheme) can normally be taken back out on leaving the country. So you don't wait for retirement, but just take the money and run.


Question is: can you face the administrative hassle of going through all this at this point, bearing in mind that you're only around for another year and a half? Probably worth the workout if you're here for a few years, but I have to say that the opportunity cost of dealing with tax authorities, in terms of sheer irritation and number of potential nervous breakdowns, may make it a hazardous exercise for your situation... :-P


Hope that helps a tad.


M.

The text you are quoting:

In a nutshell:


(1) Nothing to do other than submit the form along with the paper you get at the end of the year specifying your total salary ("attestation quittance"). After that... patience... It takes time...


(2) Money invested in the so-called 3rd pillar retirement savings thing is deductible from your taxable revenue. In other terms, if you invest 5'000.- in a 3rd pillar retirement fund, and you earned, say, 60k a year, you could ask to be taxed at a rate corresponding to 55k instead - which would allow you to claim a higher adjustment in your favour under (1) above :-) The amount you can deduct in this manner is capped (somewhere around 6-7k a year or so). Also, the monies you invest in a 3rd pillar (usually a bank or life-insurance scheme) can normally be taken back out on leaving the country. So you don't wait for retirement, but just take the money and run.


Question is: can you face the administrative hassle of going through all this at this point, bearing in mind that you're only around for another year and a half? Probably worth the workout if you're here for a few years, but I have to say that the opportunity cost of dealing with tax authorities, in terms of sheer irritation and number of potential nervous breakdowns, may make it a hazardous exercise for your situation... :-P


Hope that helps a tad.


M.


Mehmet T, Jan 7, 2011 @ 23:20
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Re: Tax Question & 3ieme pillier
Post 2
Jan 9, 2011 @ 11:32

thanks Mehmet


much appreciated!


s

The text you are quoting:

thanks Mehmet


much appreciated!


s


Scott M, Jan 9, 2011 @ 11:32
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