The extensive understanding of the notion of activity as an “intermediary” in Swiss stamp duty law as interpreted by the Swiss Federal Tax Administration and confirmed by the latest case law of Swiss Supreme Court and Swiss Federal Administrative Court has significant practical consequences: Domestic M&A advisors, Family Offices as well as intragroup management companies could potentially qualify as “securities dealers” in terms of the Stamp Duty Act, as they act as “intermediary” on transactions involving taxable securities. Furthermore, Swiss securities transfer tax risks may arise if the domestic group parent company is involved as an “intermediary” in the sale or purchase of taxable securities.

By Stefan Oesterhelt / Miriam Kämpf (Reference: CapLaw-2023-05)