The Swiss canton of Geneva and the federal government expect a tax windfall from commodity traders as the Iran war drives up oil prices. + Get the most important news from Switzerland in your inbox Oil traders in Geneva, who handle a third of global oil trade, often book increased profits during periods of turbulence, which translates into higher tax revenues, Geneva’s finance director, Nathalie Fontanet, told Swiss public broadcaster SRF. This was evident in the coronavirus pandemic and the war in Ukraine – and it is likely to happen again because of the war with Iran, Fontanet added. In 2023, Geneva achieved a record surplus of almost CHF1.4 billion, primarily due to commodity trading. The federal government expects additional revenue of between CHF600 and CHF800 million by 2028 thanks to Geneva’s commodity trading sector. This includes corporate taxes, dividend taxes and income taxes on the bonuses of commodity sector executives. Oil prices soar Fontanet cannot yet quantify how …