Amendment of the Federal Act on Stamp Duties

On the 13 February 2022 the Swiss electorate voted on the Amendment of the Federal Act on Stamp Duties.


Companies need capital; they use it, for example, to make investments or to cover losses. When a company raises capital by issuing shares or the like, the federal government levies a new issues tax. This amounts to one percent of the capital raised. The tax is only levied on amounts in excess of one million francs. As a rule, small businesses do not pay this tax; revenues come mainly from medium-sized and large companies.

The Federal Council and Parliament want to abolish the new issues tax. Companies should be able to raise new capital without having to pay tax on it. This will reduce investment costs, which will have a positive effect on growth and jobs. In addition, companies with a lot of capital come through crises better than companies with little capital because they have more reserves. Young, high-growth companies that have yet to accumulate sufficient reserves will benefit from the abolition of the new issues tax in particular. In order to finance their growth, they are dependent on additional capital, which is currently subject to the new issues tax. The abolition of the tax would result in a loss of revenue for the federal government estimated at CHF 250 million per year. A referendum against the bill has been called for because, according to opponents, it is mainly large companies that would benefit.

Last modification 10.02.2022

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