Comparing taxation across nations is not trivial, because different nations use different means of taxation; just because the VAT is low doesn't mean that the overall tax burden is.
Since you asked about taxes in general, let's look at the OECD statistics for "Total Tax Revenue as % of GDP". Their summary report about Switzerland writes:
Switzerland ranked 30th out of 37 OECD countries in terms of the tax-to-GDP ratio in 2019. In 2019, Switzerland had a tax-to-GDP ratio of 28.5% compared with the OECD average of 33.8%.
However, Switzerland has a somewhat unusual tax structure. Here are the various tax categories (OECD Stats: tax revenue as % of GDP, 2018):
|Total Tax Revenue
|1000 Taxes on income, profits and capital gains
|1100 ... of individuals
|1200 ... of corporates
|1300 ... unallocable between 1100 and 1200
|2000 Social security contributions (SSC)
|3000 Taxes on payroll and workforce
|4000 Taxes on property
|5000 Taxes on goods and services
|6000 Taxes other than 1000, 2000, 3000, 4000 and 5000
As you can see, taxes on income, profits and capital gains are significantly above the OECD average, but most of that difference is the "unallocable taxes" category (specifically, the Withholding Tax and the Property Gains Tax, which the Wikipedia table does not take into account).
However, social security contributions are a lot lower than average. This is caused by the Swiss hybrid pension scheme, which consists of 3 pillars. The first pillar is mandatory, executed by the state, and therefore considered a tax. The second pillar is also mandatory, but executed by independent fund managers. Since the money is paid to private entities rather than the state, this is not considered a tax by OECD. This second pillar amounts to about 6% GDP. If it were counted, social security contributions would be about 13%, well above the OECD average of 9%. The 3rd pillar is voluntary, and thus not considered a tax either. However, since it replaces the 2nd pillar for the self employed (who can't use the 2nd pillar), one might argue that it should be counted, too.
Something similar happens with health insurance: In Switzerland, health insurance is mandatory, but everyone chooses their insurance company. Since the health insurance premiums are paid to a private company rather than the state, the OECD does not consider them a tax. In contrast, in some European countries health insurance is fully tax funded. (and yes, health insurance premiums matter; in Switzerland they amount to 7.8% of GDP).
That is, mandatory social security payments worth 14% of GDP are not considered taxes by OECD because Switzerland chose to have part of their social security systems executed by private entities regulated and supervised by the state, rather than executed by the state directly.
If these mandatory social security contributions were counted, Switzerland's total tax revenue would be about 42% GDP - well above the OECD average of 34%, and comparable to Scandinavian countries such as Norway (39.9%), or Sweden (42.9%) known for their good (and fully state funded) social security institutions.
This shows why comparing taxes in isolation is meaningless. Taxes measure how much money flows to the state. They do not measure what that money does, or how much money flows back. Does it really make a difference whether health insurance premiums are paid to the state, or to a private company? I have to pay either way.
In summary, the Swiss do pay low VAT. They also pay above average income taxes. And they pay hefty mandatory pension fund and health insurance premiums on top.
The Swiss tax wonder is a myth.
PS: Banking contributes only 5% of the Swiss GDP. So much for the infamous reputation ;-)