Swiss Securities Transfer Tax - Home - Ernst & Young - Schweiz

Pension funds newly
became liable to
stamp tax in 2001.
S WISS S ECURITIES T RANSFER T AX
a) Banks and bank-like finance companies in the sense of the Federal
Banking Law and the Swiss National Bank;
b) Individuals, corporate entities and partnerships as well as domestic
branches of foreign enterprises that do not fall within the scope of a)
above and whose activities encompass exclusively or substantially the
trading of securities on third parties’ account or brokering such
securities as portfolio managers (“intermediaries”);
c) Share corporations, limited liability companies and co-operative
corporations whose assets, as per the last balance sheet, consist of
taxable securities in excess of CHF 10 million;
d) Remote members of the SWX, however only in respect of shares
issued by a Swiss party, which are traded at SWX;
e) Domestic institutions for the occupational old age insurance (socalled
“second pillar” institutions) if they own more than CHF 10
million in taxable securities. This can be personnel welfare
institutions and pension funds, security funds, suppletory institutions,
vested institutions and investment foundations in the sense of the
Federal Act on the Occupational Old Age, Survivor’s and Disability
Benefit Plan (“BVG”/”LPP”);
f) Domestic personal old age benefit plans (so-called “third pillar A”
institutions) provided they own more than CHF 10 million of taxable
securities. These essentially encompass bank and insurance
foundations providing recognised forms of personal old age insurance
and saving plans;
g) The Swiss Confederation, political municipalities as well as the
institutions of the public old age and disability insurance and the
compensation funds of the unemployment insurance, collectively
known as the “first pillar institutions” of the social security system.
Domestic investment funds and their fund management companies, which
used to qualify as securities dealers before the amendments of January 2001,
are no longer considered as securities dealers (see section “Exemptions from
transfer tax”).
However, with the new regulations entered into force as of January 2001, the
legislator has extended the scope of entities, which qualify as securities
dealers. Basically, also domestic social security entities have to register as
Swiss securities dealers as from 2001 and have to comply with all register
© 2002 ERNST & YOUNG L TD 5/17