What do you do with the owed tax amount?

Hi folks,
I’m a C permit holder and residing in Kanton Schwyz.
Due to my permit, I don’t have tax deducted at source and need to pay it separately either during the tax year or when the final tax bill comes.

Speaking with the local steueramt, they said that the prepaid amount “skonto” gets an interest rate of 0.75% and the late payment gets a penalty of 3.5%.

They further mentioned that the late payment is only on the unpaid amount (i.e., tax owed - tax paid) adding that the final bill usually comes around October with 1 month to pay and the penalty kicks off from the start of the next year. So, the taxes owed for 2023 will start accuring penalty from Jan 1, 2025. This is for the Kantonal and Gemeindesteur and the Bundessteuer (federal) should have a similar timeline but maybe different rates for prepayment and penalty.

Few questions about this:

  1. Does the above information make sense or did something get lost in translation?
  2. Considering the prepayment gives “only” 0.75% and WillBe’s at 1.3%, do you folks pay the bill only when the final amount comes due or do you pay in over the year?
  3. Do you folks keep it in CHF or convert it to USD to use WillBe’s 4.7% / IBKR’s blended rates?


A post was merged into an existing topic: Timing tax payments