Home  /  Media  /  Press Releases

12. September 2019

Reversal of around CHF 19 million of deferred taxes

 

<script type="text/javascript">var h=window.location.href;var ch=h.replace(/\?/g, "/_q_/");ch=encodeURI(ch.replace(/\x26/g, "/_a_/"));document.write(unescape("%3C")+"img alt='' src='https://r3.newsbox.ch/wire/d1183/c639/__"+ch+"' border='0' /"+unescape("%3E"));</script>

<noscript>

</noscript>

 

Press release

September 12, 2019

Reversal of around CHF 19 million of deferred taxes

In accordance with today's press release from Canton Zug, the deadline for calling a referendum on the amendment of cantonal tax law of 27 June 2019 implementing the Swiss federal tax proposal has expired unused. As a result the sixth tax law revision of Canton Zug will enter into force on 1 January 2020 along with the related provisions at federal level. This will lead to a reduction in the effective tax rate from 14.5% to 12.0%.

 

Due to this change in the tax rate and based on the deferred taxes reported in the financial statements at 30 June 2019, Zug Estates expects a one-off positive impact of CHF 19 million in financial year 2019 from the reversal of deferred taxes.

 

The 2019 annual report of Zug Estates Group will be published on 6 March 2020.