On May 19, 2019, the Swiss electorate passed the Federal Act on Tax Reform and AHV Financing (TRAF). The tax reform abolishes the tax regimes for holding, domiciliary and mixed companies as of January 1, 2020 and introduces new tax measures. To the extent that the tax reform requires cantonal and communal tax law changes, these have to be implemented through modification of the cantonal tax law. On September 1, 2019, in a public vote, the electorate of the canton of Zurich accepted the respective revision of the cantonal tax law. The relevant changes to the Group include a decrease in the statutory income tax rate in the canton of Zurich, effective as from January 1, 2021.


As part of the TRAF and cantonal tax practice, transitional measures were introduced in order to ease the transition from the current reliefs to the new tax measures. For the Group, these measures allow amongst others the tax-effective amortization of a step-up amount over a period of up to 10 years. As a consequence, the Group started to capitalize corresponding deferred tax assets in 2019.


Deferred tax assets capitalized in connection with the step-up amount:





CHF 1,000



Balance at January 1



Write-off deferred tax asset for corresponding tax benefits received in current period



Recognition of deferred tax assets for tax benefits in future periods (non-recurring)






Balance at June 30




The calculation of the deferred tax assets related to the Swiss tax reform required management to make significant estimates and assumptions. The final outcome is still uncertain and might lead to adjustments in future years.