tax 2012 geneva

Tax 2012Geneva

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Table of contents

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Individuals 4............................................................................................................................................

1 Income 51.1 Rates 51.2 Coefficients 7 1.3 Privilegedportionforthecommune 81.4 Deductions 91.5 Samplecalculations 111.6 Sourcetax 13............................................................................................................................................

2 Wealth 15............................................................................................................................................

3 Interestrates(ondebtsandtaxliabilities) 17............................................................................................................................................

4 Socialsecurityandoccupationalpensionprovision 17............................................................................................................................................

5 Donationsandsuccessions 18............................................................................................................................................

6 Realestate 20

Tax 2012 Geneva Ernst & Young Ltd. 2

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Corporate 21............................................................................................................................................

7 Profit 227.1 Taxrates 227.2 SamplecalculationfortheCityofGeneva 227.3 Statutorycantonalandmunicipalrates2012(profits) 237.4 Lossescarriedforward 247.5 Lump-sumprovisions 247.6 Depreciations(decliningbalance/straightline) 257.7 Participationdeductionrelief 25............................................................................................................................................

8 Capital 268.1 Taxrates 268.2 SamplecalculationsfortheCityofGeneva 278.3 Statutorycantonalandmunicipalrates2012(capital) 28 8.4 Thincapitalization 29............................................................................................................................................

9 Professionalcommunaltax 30............................................................................................................................................

10 Withholdingtax 31............................................................................................................................................

11 Stampduties 32............................................................................................................................................

12 Interestrates(ontaxreceivablesandpayables) 33............................................................................................................................................

13 VAT 34............................................................................................................................................

14 Realestate 35............................................................................................................................................

15 AgreementontheTaxationofSavingsbetween SwitzerlandandtheEuropeanUnion 36............................................................................................................................................

16 Doubletaxationagreements(asat1January2012) 37_______________________________________________________________________________________

Your contacts 40


Tax 2012 Geneva

TheinformationinthisbrochuregivesageneraloverviewoftaxationatfederallevelandinthecantonofGeneva.ItisaimedatreaderswithasoundknowledgeofSwisstaxlawandoftherelevantlegislationinGenevaandisintendedasasourceofreferencematerial.Thisarticledoesnotclaimtobeexhaustiveandcannotinanywaybeasubstitutefortheadviceofataxationexpert.Itdiscussescommonlawratherthanexceptionstoitoroptimaltaxplanning.

IFD: DirectFederalTax IC: CantonalTax ICC: CantonalandMunicipalTax CHF: AllamountsareinSwissfrancs

July2012


Individuals


Individuals

1 Income

1.1 Rates

Singletaxpayer,withoutdependents,residentintheMunicipalityofGeneva1 :__________________________________________________________________________________________________________________________

Net Cantonal Municipal Total IFD Total Tax Overall tax4, 5 Income Tax Tax ICC2 __________________________________________________________________________________________________________________________

25,000 830 289 1,144 81 1,225 4.9%...................................................................................................................................................................................................... 50,000 5,179 1,802 7,006 445 7,451 14.9%...................................................................................................................................................................................................... 75,000 10,093 3,511 13,629 1,245 14,874 19.8%...................................................................................................................................................................................................... 100,000 15,161 5,274 20,460 2,874 23,334 23.3%...................................................................................................................................................................................................... 125,000 20,259 7,047 27,331 4,955 32,326 25.9%...................................................................................................................................................................................................... 150,000 25,491 8,867 34,383 7,534 42,917 27.9%...................................................................................................................................................................................................... 175,000 30,806 10,716 41,547 10,284 51,831 29.6%...................................................................................................................................................................................................... 200,000 36,309 12,631 48,965 13,562 62,527 31.3%...................................................................................................................................................................................................... 250,000 47,427 16,498 63,950 20,162 84,112 33.6%...................................................................................................................................................................................................... 300,000 58,924 20,497 79,446 26,762 106,208 35.4%...................................................................................................................................................................................................... 400,000 82,509 28,701 111,235 39,962 151,197 37.8%...................................................................................................................................................................................................... 500,000 106,707 37,119 143,851 53,162 197,013 39.4%......................................................................................................................................................................................................1,000,000 230,203 80,078 310306 115,000 425,306 42.5%......................................................................................................................................................................................................

Marriedtaxpayer,withoutdependents,residentintheMunicipalityofGeneva1 :__________________________________________________________________________________________________________________________

Net Cantonal Municipal Total IFD3 Total Tax Overall tax4, 5 Income Tax Tax ICC2 __________________________________________________________________________________________________________________________

25,000 - - 25 - 25 0.1%...................................................................................................................................................................................................... 50,000 1,660 578 2,263 191 2,454 4.9%...................................................................................................................................................................................................... 75,000 5,616 1,954 7,595 796 8,391 11.2%...................................................................................................................................................................................................... 100,000 10,358 3,603 13,986 1,838 15,824 15.8%...................................................................................................................................................................................................... 125,000 15,263 5,309 20,597 3,355 23,952 19.2%...................................................................................................................................................................................................... 150,000 20,185 7,022 27,232 5,724 32,956 22.0%...................................................................................................................................................................................................... 175,000 25,254 8,785 34,064 8,974 43,038 24.6%...................................................................................................................................................................................................... 200,000 30,322 10,548 40,895 12,224 53,119 26.6%...................................................................................................................................................................................................... 250,000 40,517 14,094 54,636 18,724 73,360 29.3%...................................................................................................................................................................................................... 300,000 50,981 17,734 68,740 25,224 93,964 31.3%...................................................................................................................................................................................................... 400,000 72,619 25,261 97,905 38,224 136,129 34.0%...................................................................................................................................................................................................... 500,000 94,855 32,996 127,876 51,224 179,100 35.8%......................................................................................................................................................................................................1,000,000 213,414 74,238 287,677 114,701 402,378 40.2%......................................................................................................................................................................................................

1 EstimationscalculatedbyErnst&YoungLtd.

2 ThetotalICCincludesthebasiccantonaltax,thereductionof12%,theadditionalcantonalandmunicipalcoefficients,theadditionalchargeforthecityofGenevaandthepersonaltaxofCHF25(seesamplecalculationsonpages11and12).Thetaxdiscountnolongerappliesstarting2010,asthesamebasetaxrateisnowusedforalltax-payers,irrespectiveoftheirfamilysituation.Foramarriedcouplelivinginajointhousehold,therateapplyingtotheirincomeistherateequalto50%oftheirincome.Thesameappliestotaxpayerswho

aresingle,widowsorwidowers,divorced,legallyordefactoseparated,andwholiveinajointhouseholdwiththeirminororadultchildrenorafamilymemberconstitutingadependentforwhomthetaxpayeristheprimarilyproviderofsupport.

3 ThetaxbaseforcalculatingtheIFDtaxestakeintoaccountadeductionofCHF2,600fromthenetincome,applicabletomarriedcoupleslivinginajointhousehold.

4 Asperthe2011taxratesforICCand2011-posttaxratesforIFD

5 Taxratesroundedtothenearesttenth.


Individuals

Marriedtaxpayer,onedependent,residentintheMunicipalityofGeneva1 :__________________________________________________________________________________________________________________________

Net Cantonal Municipal Total IFD4 Total Tax Overall tax5, 6 Income Tax Tax ICC2, 3 __________________________________________________________________________________________________________________________

25,000 - - 25 - 25 0.1%...................................................................................................................................................................................................... 50,000 478 166 669 - 669 1.3%...................................................................................................................................................................................................... 75,000 3,927 1,366 5,318 350 5,668 7.6%...................................................................................................................................................................................................... 100,000 8,407 2,925 11,357 1,262 12,619 12.6%...................................................................................................................................................................................................... 125,000 13,301 4,627 17,953 2,649 20,602 16.5%...................................................................................................................................................................................................... 150,000 18,206 6,333 24,564 4,694 29,258 19.5%...................................................................................................................................................................................................... 175,000 23,227 8,080 31,332 7,878 39,210 22.4%...................................................................................................................................................................................................... 200,000 28,295 9,843 38,163 11,128 49,291 24.6%...................................................................................................................................................................................................... 250,000 38,432 13,369 51,826 17,628 69,454 27.8%...................................................................................................................................................................................................... 300,000 48,888 17,006 65,919 24,128 90,047 30.0%...................................................................................................................................................................................................... 400,000 70,395 24,488 94,908 37,128 132,036 33.0%...................................................................................................................................................................................................... 500,000 92,631 32,223 124,879 50,128 175,007 35.0%......................................................................................................................................................................................................1,000,000 210,994 73,396 284,415 113,703 398,118 39.8%...................................................................................................................................................................................................... Marriedtaxpayer,twodependents,residentintheMunicipalityofGeneva1 :__________________________________________________________________________________________________________________________

Net Cantonal Municipal Total IFD4 Total Tax Overall tax5, 6 Income Tax Tax ICC2, 3 __________________________________________________________________________________________________________________________

25,000 - - 25 - 25 0.1%...................................................................................................................................................................................................... 50,000 - - 25 - 25 0.1%...................................................................................................................................................................................................... 75,000 2,364 822 3,211 - 3,211 4.3%...................................................................................................................................................................................................... 100,000 6,532 2,272 8,829 745 9,574 9.6%...................................................................................................................................................................................................... 125,000 11,339 3,944 15,308 1,996 17,304 13.8%...................................................................................................................................................................................................... 150,000 16,244 5,650 21,919 3,822 25,741 17.2%...................................................................................................................................................................................................... 175,000 21,199 7,374 28,598 6,782 35,380 20.2%...................................................................................................................................................................................................... 200,000 26,268 9,137 35,430 10,032 45,462 22.7%...................................................................................................................................................................................................... 250,000 36,405 12,664 49,094 16,532 65,626 26.3%...................................................................................................................................................................................................... 300,000 46,796 16,278 63,099 23,032 86,131 28.7%...................................................................................................................................................................................................... 400,000 68,172 23,714 91,911 36,032 127,943 32.0%...................................................................................................................................................................................................... 500,000 90,408 31,449 121,882 49,032 170,914 34.2%......................................................................................................................................................................................................1,000,000 208,574 72,554 281,153 112,704 393,857 39.4%......................................................................................................................................................................................................

1 EstimationscalculatedbyErnst&YoungLtd..

2 ThetotalICCincludesthebasiccantonaltax,thereductionof12%,additionalcantonalandmunici-palcoefficients,theadditionalchargeforthecityofGenevaandthepersonaltaxofCHF25(seesamplecalculationsonpages11and12).Thetaxdiscountnolongerappliesstarting2010,asthesamebasetaxrateisnowusedforalltaxpayers,irrespectiveoftheirfamilysituation.Foramarriedcouplelivinginajointhousehold,therateapplyingtotheirincomeistherateequalto50%oftheirincome.Thesameappliestotaxpayerswhoaresingle,widowsorwidowers,divorced,legallyordefactoseparated,andwholiveinajointhouseholdwiththeirminororadultchildrenorafamily

memberconstitutingadependentforwhomthetaxpayeristheprimarilyproviderofsupport.

3 ThetaxbaseforcalculatingtheICCtakesintoaccountadeductionofCHF10,000foreachdependent.

4 ThetaxbaseforcalculatingtheIFDtaxesintoaccountadeductionofCHF2,600fromthenetincome,applicabletomarriedcoupleslivinginajointhousehold,aswellasCHF6,400foreachdependent.


6 Taxratesroundedtothenearesttenth.


Individuals

1.2 Coefficients

CityofGeneva (provisional) 45.5...........................................................................................

Aire-la-Ville 50...........................................................................................

Anières 33...........................................................................................

Avully 51...........................................................................................

Avusy 50...........................................................................................

Bardonnex 41...........................................................................................

Bellevue 42...........................................................................................

Bernex 48...........................................................................................

Carouge 39...........................................................................................

Cartigny 41...........................................................................................

Céligny 33...........................................................................................

Chancy 51...........................................................................................

Chêne-Bougeries 34...........................................................................................

Chêne-Bourg 46...........................................................................................

Choulex 44...........................................................................................

Collex-Bossy 46...........................................................................................

Collonge-Bellerive 30...........................................................................................

Cologny 31...........................................................................................

Confignon 47...........................................................................................

Corsier 35...........................................................................................

Dardagny 48...........................................................................................

Genthod (provisional) 25...........................................................................................

Grand-Saconnex 44...........................................................................................

Gy 46...........................................................................................

Hermance 42...........................................................................................

Jussy 42...........................................................................................

Laconnex 45...........................................................................................

Lancy 47...........................................................................................

Meinier 42...........................................................................................

Meyrin 43...........................................................................................

Onex 50.5...........................................................................................

Perly-Certoux 43...........................................................................................

Plan-les-Ouates 37...........................................................................................

Pregny-Chambésy 32...........................................................................................

Presinge 41...........................................................................................

Puplinge 46...........................................................................................

Russin 42...........................................................................................

Satigny 39...........................................................................................

Soral 46...........................................................................................

Thônex 44...........................................................................................

Troinex 40...........................................................................................

Vandœuvres 31...........................................................................................

Vernier 50...........................................................................................

Versoix 48...........................................................................................

Veyrier 38...........................................................................................

________________________________________________________

Cantonal 47.5________________________________________________________

__________________________________________________________________________________________________________________________

Municipal__________________________________________________________________________________________________________________________

Communitycaresurcharge:1% (Coefficients2012)


Individuals

1.3 Privilegedportionforthecommune

...........................................................................................

CityofGeneva 27%...........................................................................................

Aire-la-Ville 80%...........................................................................................

Anières 20%...........................................................................................

Avully 80%...........................................................................................

Avusy 80%...........................................................................................

Bardonnex 72%...........................................................................................

Bellevue 59%...........................................................................................

Bernex 80%...........................................................................................

Carouge 25%...........................................................................................

Cartigny 53%...........................................................................................

Céligny 20%...........................................................................................

Chancy 80%...........................................................................................

Chêne-Bougeries 26%...........................................................................................

Chêne-Bourg 72%...........................................................................................

Choulex 56%...........................................................................................

Collex-Bossy 80%...........................................................................................

Collonge-Bellerive 20%...........................................................................................

Cologny 20%...........................................................................................

Confignon 77%...........................................................................................

Corsier 28%...........................................................................................

Dardagny 72%...........................................................................................

Genthod 20%...........................................................................................

Grand-Saconnex 48%...........................................................................................

...........................................................................................

Gy 79%...........................................................................................

Hermance 53%...........................................................................................

Jussy 62%...........................................................................................

Laconnex 74%...........................................................................................

Lancy 59%...........................................................................................

Meinier 57%...........................................................................................

Meyrin 35%...........................................................................................

Onex 80%...........................................................................................

Perly-Certoux 58%...........................................................................................

Plan-les-Ouates 27%...........................................................................................

Pregny-Chambésy 20%...........................................................................................

Presinge 37%...........................................................................................

Puplinge 74%...........................................................................................

Russin 78%...........................................................................................

Satigny 26%...........................................................................................

Soral 80%...........................................................................................

Thônex 60%...........................................................................................

Troinex 30%...........................................................................................

Vandœuvres 20%...........................................................................................

Vernier 80%...........................................................................................

Versoix 80%...........................................................................................

Veyrier 39%...........................................................................................

(Privilegedportion forthecommune2012)


1 SubjecttothelimitsstipulatedbyFederallaw,CHF6,682givenaffiliationtothe2ndpillarand20%ofthedeterminingincome,butnomorethanCHF33,408withoutaffiliationto2ndpillar.

2 Whenthemarriedcouplelivesinajointhouseholdandeachisgainfullyemployed:ICC:AnamountofCHF500isdeductedfromthelowersalary.IFD:50%ofthelowersalaryisdeducted,betweenmaximumandminimumamountsstatedabove.

3 Taxpayerswhoaremarriedorinaregisteredpart-nershipandwhoarebothgainfullyemployedmaydeducteffectiveandjustifiedchildcarecostsuptotheamountofCHF4,000foreachchildlessthan13yearsofageasof31Decemberofthefiscal

Individuals

1.4 Deductions

__________________________________________________________________________________________________________________________

Related to gainful activities ICC IFD__________________________________________________________________________________________________________________________

Retirementpensionandsurvivingdependents’insurance(AVS) Disabilityinsurance(AI)/Insuranceforlossofearnings(APG) 100% 100%......................................................................................................................................................................................................

Unemploymentinsurance(AC) 100% 100%......................................................................................................................................................................................................

Accidentinsurance(AANP) 100% 100%......................................................................................................................................................................................................

Maternityinsurance(Amat) 100% 100%......................................................................................................................................................................................................

Occupationalpension(LPP) 100% 100%......................................................................................................................................................................................................

3rdpillarA1 100% 100%......................................................................................................................................................................................................

Jointincomeearners2 500 min. 8,100 max. 13,200......................................................................................................................................................................................................

Travelexpenses - 840......................................................................................................................................................................................................

Businessandprofessionalexpenses min. 600 2,000 max. 1,700 4,000......................................................................................................................................................................................................

Mealcosts - max. 3,200......................................................................................................................................................................................................

Costsfortraining,retrainingorrehabilitation 100% 100%......................................................................................................................................................................................................

Childcarecosts max. 4,0003 max. 10,0004

......................................................................................................................................................................................................

__________________________________________________________________________________________________________________________

Medical costs ICC IFD__________________________________________________________________________________________________________________________

Non-reimbursedmedicalcostsinexcessof5%ofnetincome - 100%Non-reimbursedmedicalcostsinexcessof0.5%ofnetincome 100% -......................................................................................................................................................................................................

__________________________________________________________________________________________________________________________

Purchase of (missing) years of insurance ICC IFD__________________________________________________________________________________________________________________________

SubjecttolimitsstipulatedbyFederallaw5 100% 100%......................................................................................................................................................................................................

year.Thesamedeductionisgrantedtotaxpayerswhoaresingle,widowsorwidowers,divorced,le-gallyordefactoseparated,andwhoaregainfullyemployed,andwhosehouseholdincludesminorchildrenwhoareintheircare.

4 AnamountofatmostCHF1,000perchildwhosecareisprovidedbyathird-partyisdeductedfromtheincomeifthechildisyoungerthan14yearsofageandlivesinthesamehouseholdasthetaxpayerprovidingsupportforthechild.

5 Themaximuminsuredsalary,whichservesasthebasisofcalculatingthebuy-backamount,maynotexceedCHF835,200.


Individuals

1 Isconsideredan“otherdependent”theascend-ant,descendant(otherthandependentchild),brother,sister,uncle,aunt,nepheworniecewhoisunabletoprovideforhimself/herselfandwhosewealthdoesnotexceedCHF87,500andwhoseincomedoesnotexceedCHF15,333(fullcharge)orCHF23,000(half-charge).The“otherdepend-ent”isconsideredadependentforthetaxpayerwhoprovidesassistanceforthedependent.

2 ForICC,lifeinsurancepremiumsareaddedtointerestfromsavingscapitalwithintheindicatedlimits.

3 ForIFD,lifeinsurancepremiumsareaddedtointerestfromsavingscapital,withoutrestriction,thenaddedtohealthandaccidentinsurancepremiumswithinthelimitsindicated.

__________________________________________________________________________________________________________________________

Dependents ICC IFD__________________________________________________________________________________________________________________________

Perdependentchild 10,000 6,500......................................................................................................................................................................................................

Per“otherdependent”1 10,000 6,500......................................................................................................................................................................................................

Deductionformarriedcouples - 2,600......................................................................................................................................................................................................

__________________________________________________________________________________________________________________________

Life insurance, return on savings ICC1 IFD2

__________________________________________________________________________________________________________________________

Single4 max. 2,200 1,700......................................................................................................................................................................................................

Married4 max. 3,300 3,500......................................................................................................................................................................................................

Perdependent4 max. 900 700......................................................................................................................................................................................................

__________________________________________________________________________________________________________________________

Others ICC IFD__________________________________________________________________________________________________________________________

Healthandaccidentinsurance 100% -3......................................................................................................................................................................................................

Donationsequivalentto20%ofnettaxableincome 100% 100%5

......................................................................................................................................................................................................

Alimonypaymentsandadditionaldependents6 100% 100%......................................................................................................................................................................................................

Interestonunsecureddebtsandmortgagedebts7 100% 100%......................................................................................................................................................................................................

Interestoncommercialdebts 100% 100%......................................................................................................................................................................................................

4Themaximumdeductionsareapplicableintheeventofpaymentofcontributionstoa2ndpillaror3rdpillarA.

5ProvidedthattheseamounttoatleastCHF100peryear.

6Paidtoaformerspouse,forthebenefitofthelat-terandforminorchildreninthelatter’scare,ortotheotherparent,inthecaseofminorchildreninthelatter’scarebornoutsideofthemarriage.

7Privatedebtsaredeductibleuptothegrossreturnfromtheassets,plusCHF50,000.


Individuals

1.5 Samplecalculations1

Marriedtaxpayer,withoutdependents,withnetincomeofCHF150,000.

I. Workplace and residence in the same municipality (City of Geneva)

__________________________________________________________________________________________________________________________

IFD__________________________________________________________________________________________________________________________

IFD tax (as per 1.1) 5,724__________________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________________

ICC__________________________________________________________________________________________________________________________

Basictax 15,432......................................................................................................................................................................................................

12%reductiononthebasictax (1,852) ......................................................................................................................................................................................................

Cantonalcoefficient (basetaxxcoefficientasper1.2) 15,432×47.5% 7,330......................................................................................................................................................................................................

Communitycaresurcharge 15,432×1% 154......................................................................................................................................................................................................

12%reductiononcantonalcoefficient 7,330×12% (879)__________________________________________________________________________________________________________________________

Total impôts cantonaux sur le revenu 20,185__________________________________________________________________________________________________________________________

PrivilegedshareforGeneva,27%ofbasetaxrate (15,432×27%)×45.5% 1,896......................................................................................................................................................................................................

MunicipalcoefficientGeneva (15,432×73%)×45.5% 5,126__________________________________________________________________________________________________________________________

Total municipal taxes on income 7,022__________________________________________________________________________________________________________________________

Personaltax2 25__________________________________________________________________________________________________________________________

Total ICC (as per 1.1) 27,332__________________________________________________________________________________________________________________________

Total tax expense (ICC and IFD) 33,956__________________________________________________________________________________________________________________________

%Totaltaxexpense(ICCandIFD)3 22.0%......................................................................................................................................................................................................

1 EstimationscalculatedbyErnst&YoungSA.

2 CHF25paidpertaxpayerorpercouplelivingajointhousehold.



Individuals

II. Workplace and residence in different municipalities (City of Geneva / Cologny)

__________________________________________________________________________________________________________________________

IFD__________________________________________________________________________________________________________________________

IFD tax (as per 1.1) 5,724__________________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________________

ICC__________________________________________________________________________________________________________________________

Basictax 15,43212%reductiononthebasictax (1,852) ......................................................................................................................................................................................................

Cantonalcoefficient (basetax×coefficientasper1.2) 15,432×47.5% 7,330......................................................................................................................................................................................................

Communitycaresurcharge 15,432×1% 154......................................................................................................................................................................................................

12%reductiononcantonalcoefficient 7,330×12% (879)__________________________________________________________________________________________________________________________

Total cantonal taxes on income 20,185__________________________________________________________________________________________________________________________

PrivilegedshareforGeneva, 31%on20%basetaxrate (15,432×20%)×31% 957 ......................................................................................................................................................................................................

MunicipalcoefficientGeneva (15,432×80%)×31% 3,827__________________________________________________________________________________________________________________________

Total municipal taxes on income 4,784__________________________________________________________________________________________________________________________

Personaltax1 25__________________________________________________________________________________________________________________________

Total ICC (as per 1.1) 24,994__________________________________________________________________________________________________________________________

Total tax expense (ICC and IFD) 30,718__________________________________________________________________________________________________________________________

%Totaltaxexpense(ICCandIFD)2 20.50%......................................................................................................................................................................................................

1 CHF25paidpertaxpayerorpercouplelivingajointhousehold.


1.6 Sourcetax

I. Gainful activity

__________________________________________________________________________________________________________________________

Taxable Single Married Married Married income2 1 child1 2 children1

__________________________________________________________________________________________________________________________

25,000 - - - -......................................................................................................................................................................................................

50,000 3,625 40 - -......................................................................................................................................................................................................

75,000 9,465 2,843 743 -......................................................................................................................................................................................................

100,000 16,060 8,100 5,140 2,490......................................................................................................................................................................................................

125,000 23,375 14,475 11,013 7,750......................................................................................................................................................................................................

150,000 31,230 21,510 17,865 14,250......................................................................................................................................................................................................

175,000 39,638 29,173 25,323 21,560......................................................................................................................................................................................................

200,000 48,400 37,960 33,740 29,580......................................................................................................................................................................................................

250,000 67,100 55,750 51,525 47,275......................................................................................................................................................................................................

300,000 86,280 73,770 69,450 65,220......................................................................................................................................................................................................

400,000 126,000 110,560 106,160 101,760......................................................................................................................................................................................................

500,000 166,450 148,700 144,200 139,700......................................................................................................................................................................................................

1,000,000 370,700 346,800 341,900 337,100__________________________________________________________________________________________________________________________

Max. rate 37.07% 34.68% 34.19% 33.71%__________________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________________

Deductions2 ICC IFD__________________________________________________________________________________________________________________________

Purchaseofmissingpensionyears(LPP)3 100% 100%......................................................................................................................................................................................................

3rdpillarA3 100% 100%......................................................................................................................................................................................................

Additionaldependentcosts 100% 100%......................................................................................................................................................................................................

Alimonypayments 100% 100%......................................................................................................................................................................................................

Childcarecosts4 100% 100%......................................................................................................................................................................................................

Withholdingtax(forGenevaresidents) 100% 100%......................................................................................................................................................................................................

Effectivecosts(quasi-residentstatus)5 100% 100%......................................................................................................................................................................................................

(2012taxrates)

1 Minorchild(ren)ormajorchildrenwhoareinschool,whoarelessthan25yearsofageon 31Decemberoftheyearinquestion,andiftheirassetsdonotexceedCHF87,500

2Thesedeductionsmaynotbeappliedbythepartyliableforthetaxablebenefit(employer,insurer,etc.),butinsteadaclaimforthemmustbesub-mittedbythetaxpayer.

3SubjecttothelimitsstipulatedbyFederallaw.

4TaxpayerswhoaremarriedorinaregisteredpartnershipandwhoarebothgainfullyemployedmaydeducteffectiveanddocumentedchildcarecostsuptotheamountofCHF4,000foreachchildlessthan13yearsofageasof31December

ofthefiscalyear.Thesamedeductionisgrantedtotaxpayerswhoaresingle,widowsorwidowers,divorced,legallyordefactoseparated,andwhoaregainfullyemployed,andwhosehouseholdincludesminorchildrenwhoareintheircare.

5Inaleadingcaseon26January2010,theFederalSupremeCourtstipulatedthatapersonpayingwithholdingtaxshouldbenefitfromthesamesystemoftaxdeductionsasataxpayersubjecttoordinarytaxation,subjecttocertainconditions.Thetaxpayersconcernedwillbeabletorequestthedeductionoftheireffectivecostsinsteadoftheflatratesincludedinthesourcetaxratebyfilinganannualtaxreturn.


Individuals


Individuals

II. Artists, sportspersons and speakers/lecturers neither domiciled nor resident in Switzerland, nor working cross-border

__________________________________________________________________________________________________________________________

Source tax1

__________________________________________________________________________________________________________________________

Dailyincome Upto200 10% 201 – 500 12% 501 – 1,000 15% 1,001 – 3,000 20% >3,001 25%

Theseratesareappliedtothegrossamountofthebenefitsreceived,lessaflat-ratedeductionof20%,subjecttoincreasedeffectivecosts.......................................................................................................................................................................................................

III. Directors and managers neither domiciled nor resident in Switzerland

__________________________________________________________________________________________________________________________

Source tax1

__________________________________________________________________________________________________________________________

Grossannualbenefits 300andabove 20%

Nodeductionispermitted.......................................................................................................................................................................................................

IV. Mortgagees neither domiciled nor resident in Switzerland

__________________________________________________________________________________________________________________________

Source tax1

__________________________________________________________________________________________________________________________

Grossannualbenefits 300andabove 20%

ApplicabletopersonswhoreceiveinterestonadebtsecuredbyrealestatelocatedinthecantonofGeneva.......................................................................................................................................................................................................

V. Beneficiaries of occupational pension benefits neither domiciled nor resident in Switzerland

__________________________________________________________________________________________________________________________

Source tax1

__________________________________________________________________________________________________________________________

Grossannualbenefits 1,000andabove 10%......................................................................................................................................................................................................

1 Thesourcetaxcomprisesofthecantonal, municipalandfederaltax.


Individuals

2 Wealth1

__________________________________________________________________________________________________________________________

Taxable Cantonal Municipal Total tax Tax rate Global Tax Tax2 on wealth3 __________________________________________________________________________________________________________________________

25,000 65 20 85 0.34%......................................................................................................................................................................................................

50,000 130 40 170 0.34%......................................................................................................................................................................................................

75,000 195 60 255 0.34%......................................................................................................................................................................................................

100,000 260 80 340 0.34%......................................................................................................................................................................................................

125,000 336 102 438 0.35%......................................................................................................................................................................................................

150,000 422 128 550 0.37%......................................................................................................................................................................................................

175,000 508 154 662 0.38%......................................................................................................................................................................................................

200,000 595 179 774 0.39%......................................................................................................................................................................................................

250,000 787 236 1,023 0.41%......................................................................................................................................................................................................

300,000 998 299 1,297 0.43%......................................................................................................................................................................................................

400,000 1,453 431 1,884 0.47%......................................................................................................................................................................................................

600,000 2,464 721 3,185 0.53%......................................................................................................................................................................................................

1,000,000 4,751 1,361 6,112 0.61%......................................................................................................................................................................................................

1,500,000 8,108 2,274 10,382 0.69%......................................................................................................................................................................................................

3,000,000 19,699 5,324 25,023 0.83%......................................................................................................................................................................................................

Max.rate 0.80% 0.20% 1.00% 1.00%......................................................................................................................................................................................................

__________________________________________________________________________________________________________________________

Social deduction on wealth__________________________________________________________________________________________________________________________

Forasingle,widowed,separatedordivorcedtaxpayer 82,200......................................................................................................................................................................................................

Foreachdependent 41,100......................................................................................................................................................................................................

Marriedcouplelivinginajointhousehold 164,400......................................................................................................................................................................................................

Single,widowed,separatedordivorcetaxpayerlivingindependently withhis/herminorchild(ren)whoareconsideredtobedependents 164,400......................................................................................................................................................................................................

__________________________________________________________________________________________________________________________

Other deductions__________________________________________________________________________________________________________________________

Unsecureddebts 100%......................................................................................................................................................................................................

Mortgagedebts 100%......................................................................................................................................................................................................

1 EstimationscalculatedbyErnst&YoungSA.

2 Coefficients:Taxpayersdomiciledinthe municipalityofGeneva

3 Wealthtaxrate2012

Maximum tax liability

FortaxpayersdomiciledinSwitzerland,taxonwealthandincome,includingcantonalandmunicipalcoefficients,maynotexceed60%ofnettaxableincome.However,forthiscalculation,thenetincomefromwealthisfixedatnolessthan1%ofthenetwealth.

Ifareductionisrequired,thisisappliedtothewealthtax,includingcantonalandmunicipalcoefficients.

Individuals



Individuals

3 Interestrates(ondebtsandtaxliabilities)

__________________________________________________________________________________________________________________________

Employer Employee Total__________________________________________________________________________________________________________________________

Fixed rates......................................................................................................................................................................................................

Retirementpensionandsurvivingdependants’ insurance(AVS) 4.200% 4.200% 8.40%......................................................................................................................................................................................................

Disabilityinsurance(AI) 0.700% 0.700% 1.40%......................................................................................................................................................................................................

Insuranceforlossofearnings(APG) 0.250% 0.250% 0.50%......................................................................................................................................................................................................

Unemploymentinsurance(AC)1 1.100% 1.100% 2.20%......................................................................................................................................................................................................

AC(solidarityfund)2 0.500% 0.500% 1.00%......................................................................................................................................................................................................

Familyallowance(AF) 1.400% 0.000% 1.70%......................................................................................................................................................................................................

AMat 0.045% 0.045% 0.09%__________________________________________________________________________________________________________________________

Total 8.495% 6.795% 15.29%__________________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________________

Variable rates......................................................................................................................................................................................................

Occupationalpension(LPP)3,4 7.00% 5.00% 12.00%......................................................................................................................................................................................................

Accidentinsurance(AA)......................................................................................................................................................................................................

–occupational1–5 0.80% 0.00% 0.80%......................................................................................................................................................................................................

–non-occupational1–6 0.00% 1.30% 1.30%......................................................................................................................................................................................................

Insuranceforlossofearningsincaseofsickness (notmandatory)4,7 0.90% 0.90% 1.80%__________________________________________________________________________________________________________________________

Total 8.70% 7.20% 15.90%__________________________________________________________________________________________________________________________

......................................................................................................................................................................................................

Administrativeexpenses4,5 0.30% 0.00% 0.30%......................................................................................................................................................................................................

AMat:maternityinsurance

(2012figures)

1 LeviedonsalaryuptoCHF126,000.

2 SolidaritypercentagebetweensalaryofCHF126,001andCHF315,000.

3 Theemployer’sparticipationisatleast50%.

4 Ratesvaryconsiderablyamonginstitutions,dependingonageandsalary.

5 CalculatedonthebasisofAVS/AI/APGcontributions:Maximum0.3%.

6 Ratesvaryaccordingtothesectorandoperatingrisk.Theratesindicatedareaveragesfor2012,calculatedbyFédérationdesEntreprisesRomandes(FER).

7 Premiumsdependontheextentofthecover.

4 Socialsecurityandoccupationalpensionprovision

(Cf.point12,page33)


Individuals

5 Donationsandsuccessions

• Direct descending line and spouse with children or descendants (category 1) Exemption1

• Spouse without child (category 2): Elimination of this category for the first category1

• Brothers and sisters (category 3)2

__________________________________________________________________________________________________________________________

Hereditary share Donations Successions__________________________________________________________________________________________________________________________

501 – 2,000 0.0% 6.0%......................................................................................................................................................................................................

2,001 – 5,000 0.0% 7.5%......................................................................................................................................................................................................

5,001 – 100,000 9.0% 8.5%......................................................................................................................................................................................................

100,001 – 200,000 10.0% 10.0%......................................................................................................................................................................................................

200,001 – 300,000 11.0% 11.0%......................................................................................................................................................................................................

> 300,000 12.0% 11.0%......................................................................................................................................................................................................

• Uncles, aunts, nephews, nieces, great-uncles (-aunts), great-nephews (nieces) (category 4)2 __________________________________________________________________________________________________________________________


501 – 2,000 0.0% 8.0%......................................................................................................................................................................................................

2,001 – 5,000 0.0% 9.5%......................................................................................................................................................................................................

5,001 – 100,000 10.5% 10.5%......................................................................................................................................................................................................

100,001 – 200,000 12.5% 12.0%......................................................................................................................................................................................................

200,001 – 300,000 13.0% 13.0%......................................................................................................................................................................................................

> 300,000 14.0% 13.0%......................................................................................................................................................................................................

• Other cases (category 5)2 __________________________________________________________________________________________________________________________


501 – 2,000 0.0% 20.0%......................................................................................................................................................................................................

2,001 – 5,000 0.0% 22.0%......................................................................................................................................................................................................

5,001 – 100,000 24.0% 24.0%......................................................................................................................................................................................................

> 100,000 26.0% 26.0%......................................................................................................................................................................................................

1 Thelawmodifyingthelawonsuccessionrightsandlawonregistrationrights(exemptionofspouseandparentsinadirectline)enteredintoforceon1June2004.

2 Calculationofcoefficients:amountofthecantonalbasictaxratemultipliedby110%.


Individuals

Sample calculation

Successionbetweensisterandbrother,foranamountofCHF150,000:

__________________________________________________________________________________________________________________________

from0to500 = -......................................................................................................................................................................................................

from501to2,000 : 6.0% de 1,500= 90......................................................................................................................................................................................................

from2,001to5,000 : 7.5% de 3,000= 225......................................................................................................................................................................................................

from5,001to100,000 : 8.5% de 95,000= 8,075......................................................................................................................................................................................................

from100,001to150,000 : 10.0% de 50,000= 5,000__________________________________________________________________________________________________________________________

Base tax 13,390__________________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________________

Coefficients: 110%×13,390= 14,729......................................................................................................................................................................................................

Totaltaxes: 13,390+14,729= 28,119......................................................................................................................................................................................................

Effectiverate 18.75%......................................................................................................................................................................................................


Individuals

6 Realestate

Rental value1

__________________________________________________________________________________________________________________________

Depreciationperyearofoccupancy2 4%......................................................................................................................................................................................................

Maximumdepreciationforoccupancy2 40%......................................................................................................................................................................................................

Supplementaryrealestatetaxcalculatedonthetaxablevalueoftherealestate 1‰......................................................................................................................................................................................................

Tax on capital gains on real estate as a function of how long the asset is owned__________________________________________________________________________________________________________________________

Lessthan 2years 50%......................................................................................................................................................................................................

From 2to 4years 40%......................................................................................................................................................................................................

From 4to 6years 30%......................................................................................................................................................................................................

From 6to 8years 20%......................................................................................................................................................................................................

From 8to 10years 15%......................................................................................................................................................................................................

From10to 25years 10%......................................................................................................................................................................................................

Morethan 25years 0%......................................................................................................................................................................................................

Transfer taxes__________________________________________________________________________________________________________________________

Fixedrate 3%......................................................................................................................................................................................................

Landregisterfees:–Transfers 2.5‰–Mortgagenotes 1.0‰......................................................................................................................................................................................................

1 Therentalvalueofapropertyoccupiedbyitsowneriscalculatedbyusingthequestionnairedesignatedforthispurpose,inproportiontothecapital,whichisinlinewiththeestimatedtaxtak-ingintoaccountthetaxdepreciation.

2Taxdepreciationonlyapplicabletoproperties occupiedbytheowner.


Corporate


Corporate

7 Profit

7.1 Taxrates

Basiccantonaltax 10.00% Totalcantonaltax(CityofGeneva) 23.38% DirectFederaltax 8.50%__________________________________________________________________________________________________________________________

Total tax on profit 31.88%__________________________________________________________________________________________________________________________

Total tax on profit before tax 24.17%__________________________________________________________________________________________________________________________

7.2 SamplecalculationfortheCityofGeneva

Nettaxableprofit 250,000

DirectFederaltax 250,000×8.5%= 21,250

Basiccantonaltax 250,000×10%= 25,000

Cantonalmultiplier 25,000×88.5%= 22,125

Municipalmultiplier(aspersection7.3) 25,000×80%=20,000 20,000×45.5%= 9,100

Equalizationfund 25,000×20%=5,000 5,000×44.5%= 2,225__________________________________________________________________________________________________________________________

Total 79,700__________________________________________________________________________________________________________________________


Corporate

7.3 Statutorycantonalandmunicipalrates2012(profits)

__________________________________________________________________________________________________________________________

List of municipalities Add. municipal Base rate Profit multi- Total rate multiplier 2012 plier 2012__________________________________________________________________________________________________________________________

Aire-La-Ville 50 10% 2.374 23.74%......................................................................................................................................................................................................

Anières 33 10% 2.238 22.38%......................................................................................................................................................................................................

Avully 51 10% 2.382 23.82%......................................................................................................................................................................................................

Avusy 50 10% 2.374 23.74%......................................................................................................................................................................................................

Bardonnex 41 10% 2.302 23.02%......................................................................................................................................................................................................

Bellevue 42 10% 2.310 23.10%......................................................................................................................................................................................................

Bernex 48 10% 2.358 23.58%......................................................................................................................................................................................................

Carouge 39 10% 2.286 22.86%......................................................................................................................................................................................................

Cartigny 41 10% 2.302 23.02%......................................................................................................................................................................................................

Céligny 33 10% 2.238 22.38%......................................................................................................................................................................................................

Chancy 51 10% 2.382 23.82%......................................................................................................................................................................................................

Chêne-Bougeries 34 10% 2.246 22.46%......................................................................................................................................................................................................

Chêne-Bourg 46 10% 2.342 23.42%......................................................................................................................................................................................................

Choulex 44 10% 2.326 23.26%......................................................................................................................................................................................................

Collex-Bossy 46 10% 2.342 23.42%......................................................................................................................................................................................................

Collonges-Bellerive 30 10% 2.214 22.14%......................................................................................................................................................................................................

Cologny 31 10% 2.222 22.22%......................................................................................................................................................................................................

Confignon 47 10% 2.350 23.50%......................................................................................................................................................................................................

Corsier 35 10% 2.254 22.54%......................................................................................................................................................................................................

Dardagny 48 10% 2.358 23.58%......................................................................................................................................................................................................

Geneva 45.5 10% 2.338 23.38%......................................................................................................................................................................................................

Genthod 25 10% 2.174 21.74%......................................................................................................................................................................................................

Gd-Saconnex 44 10% 2.326 23.26%......................................................................................................................................................................................................

Gy 46 10% 2.342 23.42%......................................................................................................................................................................................................

Hermance 42 10% 2.310 23.10%......................................................................................................................................................................................................

Jussy 42 10% 2.310 23.10%......................................................................................................................................................................................................

Laconnex 45 10% 2.334 23.34%......................................................................................................................................................................................................

Lancy 47 10% 2.350 23.50%......................................................................................................................................................................................................

Meinier 42 10% 2.310 23.10%......................................................................................................................................................................................................

Meyrin 43 10% 2.318 23.18%......................................................................................................................................................................................................


Corporate

__________________________________________________________________________________________________________________________

List of municipalities Add. municipal Base rate Profit multi- Total rate multiplier 2012 plier 2012__________________________________________________________________________________________________________________________

Onex 50.5 10% 2.378 23.78%......................................................................................................................................................................................................

Perly-Certoux 43 10% 2.318 23.18%......................................................................................................................................................................................................

Plan-les-Ouates 37 10% 2.270 22.70%......................................................................................................................................................................................................

Pregny-Chambésy 32 10% 2.230 22.30%......................................................................................................................................................................................................

Presinge 41 10% 2.302 23.02%......................................................................................................................................................................................................

Puplinge 46 10% 2.342 23.42%......................................................................................................................................................................................................

Russin 42 10% 2.310 23.10%......................................................................................................................................................................................................

Satigny 39 10% 2.286 22.86%......................................................................................................................................................................................................

Soral 46 10% 2.342 23.42%......................................................................................................................................................................................................

Thônex 44 10% 2.326 23.26%......................................................................................................................................................................................................

Troinex 40 10% 2.294 22.94%......................................................................................................................................................................................................

Vandœuvres 31 10% 2.222 22.22%......................................................................................................................................................................................................

Vernier 50 10% 2.374 23.74%......................................................................................................................................................................................................

Versoix 48 10% 2.358 23.58%......................................................................................................................................................................................................

Veyrier 38 10% 2.278 22.78%......................................................................................................................................................................................................

7.4 Lossescarriedforward

Lossesinthesevenprioraccountingyearsaredeductiblefromthenetprofitforthecur-renttaxyear,providedtheyhavenotbeenoffsetyet.

7.5 Lump-sumprovisions

Onstockofgoods 331/3%

Swissreceivables 5%

Foreignreceivables 10%

Futureresearchanddevelopmentmandates1 10%

1 IFDonly:uptoamaximumof10%ofthetaxableprofit,butnomorethanCHF1million.


Corporate

7.6 Depreciations(decliningbalance/straightline)

Computers 40%

Officeequipment 40%

Intangibleassets(patents,licenses,goodwill,etc.) 40%

Motorvehicles 40%

Commercialfurnishings 25%

Commercialbuildings –Buildingonly 4% –Buildingtogetherwithland 3%

Factories,warehousesandbuildingsusedfortrades/crafts –Buildingonly 8% –Buildingtogetherwithland 7%

Fordepreciationsontheacquisitionvalue(straightline),thestatedratesarereducedbyonehalf.

7.7 Participationdeductionrelief

Dividends

Applicabletojoint-stockcompaniesandcooperativecompaniesholdingatleast10%oftheequityorsharecapitalofanothercompanyorwithaparticipatinginterestofatleast10%intheprofitandreservesofanothercompany,orholdingparticipationrightsofamarketvalueofatleastCHF1million.

Capital gains

Applicabletojoint-stockcompaniesandcooperativecompaniesholdingatleast10%oftheequityorsharecapitalofanothercompanyorwithaparticipatinginterestofatleast10%intheprofitandreservesofanothercompany,andholdingtheparticipationforatleastoneyear.

Calculation of the reduction

Theamountoftaxontheprofitisreducedproportionallyaccordingtothefollowingratio:

Net return on participating interests

Total net profit


Corporate

8 Capital

8.1 Taxrates

Cantonaltaxleviedonthebaserateof1.8‰(total4.01‰intheCityofGeneva).Intheabsenceoftaxableprofits,thebaserateis2‰(total4.456‰intheCityofGeneva).

Holdingcompaniesaresubjecttoabaserateof0.3‰(total0.67‰intheCityofGeneva)oftheirequity.

FornewcompaniesinthecantonofGeneva,duringthefirstthreeyearsoftheirexistence,thecantonalmultiplierisnotappliedand,accordingly,theaforementionedrateswillbe1.8‰(total2.62‰intheCityofGeneva),2‰(total2.96‰intheCityofGeneva),and0.3‰(total0.44‰intheCityofGeneva),respectively.

Thebasecantonaltaxoncapitalisreducedbytheamountofthecantonalbasetaxonprofits(maximumCHF8,500);thisreductiononlyaffectsthecantonalmultiplieronthecapital(accordingly,amaximumreductionofCHF15,087.50intheCityofGeneva).

Corporate

8.2 SamplecalculationsfortheCityofGeneva

I. Ordinary tax

Taxablecapital 1,000,000......................................................................................................................................................................................................

Basictax 1,000,000×1.8‰= 1,800.00

Cantonalmultiplier 1,800×77.5%= 1,395.00

Municipalmultiplier(aspersection8.3) 1,800×80%=1440 1,440×45.5%= 655.20

Equalizationfund 1,800×20%=360 360×44.5= 160.20__________________________________________________________________________________________________________________________

Total 4,010.40__________________________________________________________________________________________________________________________

II. Holding company

Capital 1,000,000......................................................................................................................................................................................................

Basictax 1,000,000×0.3‰= 300.00

Cantonalmultiplier 300×77.5%= 232.50

Municipalmultiplier(aspersection8.3) 300×80%=240 240×45.5%= 109.20

Equalizationfund 300×20%=60 60×44.5= 26.70__________________________________________________________________________________________________________________________

Total 668.40__________________________________________________________________________________________________________________________


8.3 Statutorycantonalandmunicipalrates2012(capital)

__________________________________________________________________________________________________________________________

List of Municipal Base rate Base rate Capital Total rate Total rate municipalities multiplier (with (without multiplier (with (without 2012 profits) profits) 2012 profits) profits)__________________________________________________________________________________________________________________________

Aire-La-Ville 50 1.8‰ 2‰ 2.264 4.075‰ 4.528‰......................................................................................................................................................................................................

Anières 33 1.8‰ 2‰ 2.128 3.830‰ 4.256‰......................................................................................................................................................................................................

Avully 51 1.8‰ 2‰ 2.272 4.089‰ 4.544‰......................................................................................................................................................................................................

Avusy 50 1.8‰ 2‰ 2.264 4.075‰ 4.528‰......................................................................................................................................................................................................

Bardonnex 41 1.8‰ 2‰ 2.192 3.946‰ 4.384‰......................................................................................................................................................................................................

Bellevue 42 1.8‰ 2‰ 2.200 3.960‰ 4.400‰......................................................................................................................................................................................................

Bernex 48 1.8‰ 2‰ 2.248 4.046‰ 4.496‰......................................................................................................................................................................................................

Carouge 39 1.8‰ 2‰ 2.176 3.916‰ 4.352‰......................................................................................................................................................................................................

Cartigny 41 1.8‰ 2‰ 2.192 3.945‰ 4.384‰......................................................................................................................................................................................................

Céligny 33 1.8‰ 2‰ 2.128 3.830‰ 4.256‰......................................................................................................................................................................................................

Chancy 51 1.8‰ 2‰ 2.272 4.089‰ 4.544‰......................................................................................................................................................................................................

Chêne-Bougeries 34 1.8‰ 2‰ 2.136 3.844‰ 4.272‰......................................................................................................................................................................................................

Chêne-Bourg 46 1.8‰ 2‰ 2.232 4.017‰ 4.464‰......................................................................................................................................................................................................

Choulex 44 1.8‰ 2‰ 2.216 3.988‰ 4.432‰......................................................................................................................................................................................................

Collex-Bossy 46 1.8‰ 2‰ 2.232 4.017‰ 4.464‰......................................................................................................................................................................................................

Collonges-Bellerive 30 1.8‰ 2‰ 2.104 3.787‰ 4.208‰......................................................................................................................................................................................................

Cologny 31 1.8‰ 2‰ 2.112 3.801‰ 4.224‰......................................................................................................................................................................................................

Confignon 47 1.8‰ 2‰ 2.240 4.032‰ 4.480‰......................................................................................................................................................................................................

Corsier 35 1.8‰ 2‰ 2.144 3.859‰ 4.288‰......................................................................................................................................................................................................

Dardagny 48 1.8‰ 2‰ 2.248 4.046‰ 4.496‰......................................................................................................................................................................................................

Geneva 45.5 1.8‰ 2‰ 2.228 4.010‰ 4.456‰......................................................................................................................................................................................................

Genthod 25 1.8‰ 2‰ 2.064 3.715‰ 4.128‰......................................................................................................................................................................................................

Gd-Saconnex 44 1.8‰ 2‰ 2.216 3.988‰ 4.432‰......................................................................................................................................................................................................

Gy 46 1.8‰ 2‰ 2.232 4.017‰ 4.464‰......................................................................................................................................................................................................

Hermance 42 1.8‰ 2‰ 2.200 3.960‰ 4.400‰......................................................................................................................................................................................................

Jussy 42 1.8‰ 2‰ 2.200 3.960‰ 4.400‰......................................................................................................................................................................................................

Laconnex 45 1.8‰ 2‰ 2.224 4.003‰ 4.448‰......................................................................................................................................................................................................

Lancy 47 1.8‰ 2‰ 2.240 4.032‰ 4.480‰......................................................................................................................................................................................................

Meinier 42 1.8‰ 2‰ 2.200 3.960‰ 4.400‰......................................................................................................................................................................................................

Meyrin 43 1.8‰ 2‰ 2.208 3.974‰ 4.416‰......................................................................................................................................................................................................

Onex 50.5 1.8‰ 2‰ 2.268 4.082‰ 4.536‰......................................................................................................................................................................................................

Perly-Certoux 43 1.8‰ 2‰ 2.208 3.974‰ 4.416‰......................................................................................................................................................................................................

Plan-les-Ouates 37 1.8‰ 2‰ 2.160 3.888‰ 4.320‰......................................................................................................................................................................................................

Corporate


__________________________________________________________________________________________________________________________

List of Municipal Base rate Base rate Capital Total rate Total rate municipalities multiplier (with (without multiplier (with (without 2012 profits) profits) 2012 profits) profits)__________________________________________________________________________________________________________________________

Pregny-Chambésy 32 1.8‰ 2‰ 2.120 3.816‰ 4.240‰......................................................................................................................................................................................................

Presinge 41 1.8‰ 2‰ 2.192 3.946‰ 4.384‰......................................................................................................................................................................................................

Puplinge 46 1.8‰ 2‰ 2.232 4.018‰ 4.464‰......................................................................................................................................................................................................

Russin 42 1.8‰ 2‰ 2.200 3.960‰ 4.400‰......................................................................................................................................................................................................

Satigny 39 1.8‰ 2‰ 2.176 3.916‰ 4.352‰......................................................................................................................................................................................................

Soral 46 1.8‰ 2‰ 2.232 4.017‰ 4.464‰......................................................................................................................................................................................................

Thônex 44 1.8‰ 2‰ 2.216 3.988‰ 4.432‰......................................................................................................................................................................................................

Troinex 40 1.8‰ 2‰ 2.184 3.931‰ 4.368‰......................................................................................................................................................................................................

Vandœuvres 31 1.8‰ 2‰ 2.112 3.802‰ 4.224‰......................................................................................................................................................................................................

Vernier 50 1.8‰ 2‰ 2.264 4.075‰ 4.528‰......................................................................................................................................................................................................

Versoix 48 1.8‰ 2‰ 2.248 4.046‰ 4.496‰......................................................................................................................................................................................................

Veyrier 38 1.8‰ 2‰ 2.168 3.901‰ 4.336‰......................................................................................................................................................................................................

8.4 Thincapitalization

Permissible external funding calculated on the basis of the market value of assets

Liquidity 100%

Receivablesfordeliveriesandservices 85%

Otherreceivables 85%

Stockofgoods 85%

Othercurrentassets 85%

SwissandforeignbondsinCHF 90%

Foreignbondsinforeigncurrencies 80%

Listedequities,Swissandforeign 60%

OtherequitiesandsharesinSàrl 50%

Participatinginterests 70%

Loans 85%

Equipment,machinery,tools,etc. 50%

Operatingbuildings 70%

Villas,landforconstruction,etc. 70%

Otherbuildings 80%

Start-upcosts,capitalincreasecosts 0%

Otherintangibleassets 70%

Financecompanies:maximumlimitforexternalfundingat6/7ofthebalance-sheettotal.

Corporate



Corporate

9 Professionalcommunaltax

Staff: CHF 10/person

Rent: 5.0‰

Revenue:

Accountantsandfiduciaries 1.8‰

Airtransport 0.2‰

Antiquedealers,artgalleries 0.5‰

Architectsandgeometers 2.3‰

Artists,journalists,writers 0.7‰

Auxiliarycompanies 2.0‰

Banks,financecompanies,assetmanagers

–oninterestincome 1.6‰

–oncommissionsandotherproducts 6.0‰

Clinics 1.8‰

Companiesmanagingpatentsorlicenses 2.6‰

Doctorsandsimilarprofessions 5.8‰

Employmentagenciesforpermanentandtemporarystaff 0.7‰

Engineers,patentagents,technicalandgeologicalagencies 1.0‰

Foreignexchangeoffices 4.0‰

Information,businessadvisorsandotherservices 1.6‰

Lawyers,bailiffs,notariesandlegaladvisors 6.0‰

Medicalequipmentandsupplies 1.0‰

Metalindustries 0.6‰

OfficeandITequipment 0.5‰

Pressagencies 1.0‰

Profitsrealizedonrealestatetransactions 5.5‰

ProvisionofITservices 1.2‰

Realestatemanagersandagencies 1.1‰

Servicecompanies,liaisoncompanies 3.0‰

Telephony:fixed,mobileandInternetconnections 3.0‰

Travelagencies(onrevenue) 0.1‰


Corporate

10 Withholdingtax

Revenue from investment income

Bank/bondordebentureinterest 35%

Dividends 35%

Participationinprofits,profit-sharing 35%

Otherreturns1 35%

Lottery wins

FromCHF50upwards(cashlots) 35%

Insurance benefits

Capital(lump-sum)benefits 8%

Annuities 15%

Pensions 15%

PaymentofwithholdingtaxondividendspaidtoSwisscompaniesholdingaparticipatinginterestofatleast20%andoninsurancebenefitsmaybereplacedbyadeclarationprocedure.

Paymentofwithholdingtaxondividendspaidtoforeigncompaniesmayalsobereplacedbyadeclarationprocedure2orbypaymentofthetreatyrate.Thisappliestojoint-stockcompaniesresidentinastatewithwhichSwitzerlandhasconcludedadoubletaxationagreement,andwhichholdasignificantparticipatinginterestasdefinedbytheapplicabledoubletaxationagreementorifthereisnostipulation,atleast20%ofthesharecapitaloftheSwisscompany.

Nowithholdingtaxisleviedonroyalties,authors’copyrightpaymentsand,ingeneral,interestonintercompanyloans.

Asfrom1January2011,contributions,premiumsandadditionalpaymentsmadedirectlybyholdersofparticipatinginterestsafter31December1996andopenlyreportedassuchonthecommercialbalancesheetareexemptfromwithholdingtaxonreimbursement.3

Meetingthedeadlineof30days(sincetheduedateofthedividendordeemeddividendsubjecttowithholdingtax)tosendthedeclarationformiscrucialinviewofatighteningofthepracticeestablishedbycaselawoftheFederalCourtissuedonJanuary19,2011.

1 “Otherreturns”include,inparticular,monetarybenefitsgrantedbythecompanytoshareholdersorthosecloselyrelatedtothemwithoutacorre-spondingserviceinreturn,andwhichthecompanywouldnothavegrantedtoathirdparty.

2 Seesection14regardingtheAgreementontheTaxationofSavingsbetweenSwitzerlandandtheEuropeanUnion.

3 TheconditionsforapplicationandthedeclarationproceduresarestatedinFTA(SwissFederalTaxAdministration)Circularno.29/2010.


Corporate

11 Stampduties

Issuance stamp tax

Participationrights 1% (ontheportionofthetotalcontributionwhichexceedsCHF1million)

Dividend-rightcertificate CHF3.00/certificate

Straightbonds 1.2‰/year1

Medium-termnotes 0.6‰/year1

Moneymarketpaper 0.6‰/day1

FromMarch1st,2012,theissuanceofbondsandmoneypaperisnolongersubjecttoissuancestamptaxthisinordertostrengthenthefinancialindustrysector.

Transfer stamp tax2

Swisssecurities 1.5‰

Foreignsecurities 3.0‰

Stamp duty on insurance premiums3

Lifeinsurancepremiums 2.5%

Othersubjectinsurances 5.0%

1 RepealedwitheffectfromMarch1st,2012.

2 Inparticular,securitiestradersincludejoint-stockcompaniesandcooperativesocietieswithtaxablepaperofmorethanCHF10million.

3 Incaseofforeigninsurance,thetaxablepartyistheSwisspolicyholder.


Corporate

12 Interestrates(ontaxreceivablesandpayables)

Interest rates for cantonal and municipal tax (Geneva)__________________________________________________________________________________________________________________________

Years Interest on arrears and on Remuneratory interest on

amounts to be paid back (%) advance payments (%)__________________________________________________________________________________________________________________________

2002 4.00 4.00......................................................................................................................................................................................................

2003 4.00 4.00......................................................................................................................................................................................................

2004 2.00 2.00......................................................................................................................................................................................................

2005 3.00 0.50......................................................................................................................................................................................................

2006 2.90 0.70......................................................................................................................................................................................................

2007 2.95 1.65......................................................................................................................................................................................................

2008 3.20 2.50......................................................................................................................................................................................................

2009 1.50 1.50......................................................................................................................................................................................................

2010 1.50 1.50......................................................................................................................................................................................................

2011 1.50 1.50......................................................................................................................................................................................................

2012 2.00 2.00......................................................................................................................................................................................................

Interest rates for direct Federal tax__________________________________________________________________________________________________________________________

Years Interest on arrears and on Remuneratory interest on

amounts to be paid back (%) advance payments (%)__________________________________________________________________________________________________________________________

2002 4.00 1.50......................................................................................................................................................................................................

2003 4.00 1.50......................................................................................................................................................................................................

2004 3.50 1.00......................................................................................................................................................................................................

2005 3.50 1.00......................................................................................................................................................................................................

2006 3.50 1.00......................................................................................................................................................................................................

2007 3.50 1.00......................................................................................................................................................................................................

2008 4.00 1.50......................................................................................................................................................................................................

2009 4.00 1.50......................................................................................................................................................................................................

2010 3.50 1.00......................................................................................................................................................................................................

2011 3.50 1.00......................................................................................................................................................................................................

2012 3.00 1.00......................................................................................................................................................................................................


Corporate

13 VAT

Applicable rates

Standardrate 8.0%

Accommodation 3.8%1

Foodproductsandnon-alcoholicbeverages(exceptforcateringbusiness) 2.5%

Medicines 2.5%

Newspapers,magazines,etc. 2.5%

RadioandTVtransmissions2 2.5%

Deduction of input tax3

Supplyoftaxablegoods 100%

Supplyoftaxableservices 100%

Transactionsforwhichthepartyconcernedhasoptedtopaytax 100%

GiftofuptoCHF500perperson/peryear 100%

Entertainmentexpenses(entrepreneurialactivity) 100%

Foodandbeverageexpenses 100%

Acquisition,holding,saleandrestructuringofparticipatinginterest4 100%5

1 Rateapplicableuntil31December2013.

2 Exceptforservicesofacommercialnature.

3 Exceptionstothegeneralrulesmustbeanalysedineachcase.

4 Participatinginterest=atleast10%ofthecapital,orlong-termholdingwithdecisiveinfluence.

5 Forholdingcompanies:consolidatedentrepre-neurialactivitiesaretakenintoaccount.


Corporate

14 Realestate

Supplementary real estate tax

Not-for-profitlegalentities 1.5‰

Exclusivelyrealestatecompanies 2.0‰

For-profitlegalentities1 2.0‰

Tax-exemptlegalentities2 0‰

Transfer taxes

Fixedrate 3.0%

Landregisterfees 0.3%

Capitalization rate

Thecapitalizationratesonrentalpropertiesforthe2010-2011taxperiodareasfollows:

• 4.96%forresidentialpropertieslessthan20yearsasat31Decemberorattheendofthetaxableperiod;

• 6.01%forresidentialpropertieswhichare20yearsorolderasat31Decemberorattheendofthetaxableperiod;

• 7.00%forHBM,HLM,HCMandHMproperties;

• 4.45%or5.90%forcommercialpropertiesandotherrentalproperties,accordingtothezoneofuse.

1 Ifthelegalentitymakespartialuseofthepropertyaspartofitsindustryorbusiness,theapplicablerateis1%forthepartusedforitsownoperations.

2 Legalentitieswhosepropertiesaredirectlyaf-fectedbytheirpurposeofpublicservice,publicorculturalutility,orwhosepropertiesaredirectlyusedintheirownindustry,businessoroperations.


Corporate

15 AgreementontheTaxationofSavingsbetweenSwitzerlandandtheEuropeanUnion

Elimination of source taxation on cross-border dividend payments1

TheAgreementontheTaxationofSavingscameintoforceon1July2005.Accordingtoitsprovisions,paymentsofdividendsbyaSwisssubsidiarytoitsparentcompanylocatedinamemberstateoftheEuropeanUnionmay,subjecttocertainconditions,bemadewithoutdeductingwithholdingtax.

Conditionsrequired:

-Distributionofdividends -Joint-stockcompanies -Fiscaldomicileandtaxliability -Directparticipatinginterestof25%,heldfor2years -Anti-abuserules

TheSwisscompanywhichpaysthedividendsmustasktheFederalTaxAdministrationforauthorizationtobenefitfromthedeclarationprocedure.

Elimination of source taxation on cross-border interest payments and license fees1

Theconditionsofapplicationaresimilartothosecitedaboves2. Thisoptionisalsoapplicabletopermanentestablishments.

1 Subject,nevertheless,tothedoubletaxationagreementsinforcebetweenSwitzerlandandthememberstatesoftheEUwhichprovideformorefavourabletaxtreatment.

2 However,theconditionregardingthetypeofparticipatinginterestismorebroadlydefined(seeArticle15,para.2,AFisE[AgreementontheTaxa-tionofSavings]).


Corporate

16 Doubletaxationagreements(asat1January2012)

__________________________________________________________________________________________________________________________

Source country Dividends1 Interest Royalties2

__________________________________________________________________________________________________________________________

European Union3 0% 0% 0%......................................................................................................................................................................................................

Albania 15/5% 5% 5%......................................................................................................................................................................................................

Algeria 15/5% 10% 10%......................................................................................................................................................................................................

Argentina4 15/10% 12% 0%......................................................................................................................................................................................................

Armenia 15/5% 10% 5%......................................................................................................................................................................................................

Australia 15/15% 10% 10%......................................................................................................................................................................................................

Austria 15/0% 0% 0%......................................................................................................................................................................................................

Azerbaijan 15/5% 10% 10/5%5

......................................................................................................................................................................................................

Bangladesh 15/10% 10% 10%......................................................................................................................................................................................................

Belarus 15/5% 8% 10/5/3%5

......................................................................................................................................................................................................

Belgium 15/10% 10% 0%......................................................................................................................................................................................................

Bulgaria 15/5% 10% 0%......................................................................................................................................................................................................

Canada 15/5% 10% 10%......................................................................................................................................................................................................

Chile6 15/15% 15% 10/5%5

......................................................................................................................................................................................................

China 10/10% 10% 10%......................................................................................................................................................................................................

Columbia 15/0% 10%5 10%......................................................................................................................................................................................................

Croatia 15/5% 5% 0%......................................................................................................................................................................................................

CzechRep. 15/5% 0% 5%......................................................................................................................................................................................................

Denmark 15/0% 0% 0%......................................................................................................................................................................................................

Ecuador 15/15% 10% 10%......................................................................................................................................................................................................

Egypt 15/5% 15% 12.5%......................................................................................................................................................................................................

Estonia 15/5% 10% 10%......................................................................................................................................................................................................

Finland 10/0% 0% 0%......................................................................................................................................................................................................

France 15/0% 0% 5%......................................................................................................................................................................................................

1 Ordinaryrate/rateincaseofsubsidiaries.

2 Licenseroyalties.

3 Seesection14.

4 ThistreatywasofficiallyterminatedbyArgentinaasperapublicationmadeon31January2012intheSwissOfficialGazette.Personsconcernedshouldconsultataxadvisor.

5 Accordingtotypeofroyalties.

6 0%dependingontypeofcreditsalestoacompanyoftheothercontractingState.


Corporate

__________________________________________________________________________________________________________________________


__________________________________________________________________________________________________________________________

Georgia 10/0% 0% 0%......................................................................................................................................................................................................

Germany 15/0% 0% 0%......................................................................................................................................................................................................

Ghana 15/5% 10% 8%......................................................................................................................................................................................................

Greece 15/5% 7% 5%......................................................................................................................................................................................................

Hungary 0% 0% 0%......................................................................................................................................................................................................

Iceland 15/5% 0% 0%......................................................................................................................................................................................................

India 10/10% 10% 10%......................................................................................................................................................................................................

Indonesia 15/10% 10% 10%......................................................................................................................................................................................................

Iran 15/5% 10% 5%......................................................................................................................................................................................................

Ireland 0/0% 0% 0%......................................................................................................................................................................................................

Israel 15/5% 10% 5%......................................................................................................................................................................................................

Italy 15/15% 12.5% 5%......................................................................................................................................................................................................

IvoryCoast 15/15% 15% 10%......................................................................................................................................................................................................

Jamaica 15/10% 10% 10%......................................................................................................................................................................................................

Japan 10/5/0%3 10% 0%......................................................................................................................................................................................................

Kazakhstan 15/5% 10% 10%......................................................................................................................................................................................................

Korea(South) 15/10% 10% 10%......................................................................................................................................................................................................

Kuwait 15/15% 10% 0%......................................................................................................................................................................................................

Kyrgyzstan 15/5% 5% 5%......................................................................................................................................................................................................

Latvia 15/5% 10% 10%......................................................................................................................................................................................................

Liechtenstein - - -......................................................................................................................................................................................................

Lithuania 15/5% 10% 10%......................................................................................................................................................................................................

Luxembourg 15/0% 10% 0%......................................................................................................................................................................................................

Macedonia 15/5% 10% 0%......................................................................................................................................................................................................

Malaysia 15/5% 10% 10%......................................................................................................................................................................................................

Mexico 15/0% 5/10%4 10%......................................................................................................................................................................................................

Moldova 15/5% 10% 0%......................................................................................................................................................................................................

Mongolia 15/5% 10% 0%......................................................................................................................................................................................................

Montenegro 15/5% 10% 10%......................................................................................................................................................................................................


2 Licenseroyalties.

3 5%from10%holdingstakeormore,0%from50%holdingstakeormore.

4Dependingonthetypeofinterest.


Corporate

__________________________________________________________________________________________________________________________


__________________________________________________________________________________________________________________________

Morocco 15/7% 10% 10%......................................................................................................................................................................................................

Norway 15/0% 0% 0%......................................................................................................................................................................................................

Netherlands 15/0% 5% 0%......................................................................................................................................................................................................

NewZealand 15/15% 10% 10%......................................................................................................................................................................................................

Pakistan 20/10% 10% 10%......................................................................................................................................................................................................

Philippines 15/10% 10% 15%......................................................................................................................................................................................................

Poland 15/5% 10% 0%......................................................................................................................................................................................................

Portugal 15/10% 10% 5%......................................................................................................................................................................................................

Qatar 15/5% 0% 0%......................................................................................................................................................................................................

Romania 10/10% 10% 0%......................................................................................................................................................................................................

Russia 15/5% 10% 0%......................................................................................................................................................................................................

Serbia 15/5% 10% 10%......................................................................................................................................................................................................

Singapore 15/10% 10% 5%......................................................................................................................................................................................................

Slovakia 15/5% 10% 5%......................................................................................................................................................................................................

Slovenia 15/5% 5% 5%......................................................................................................................................................................................................

SouthAfrica 15/5% 5% 0%......................................................................................................................................................................................................

Spain 15/0% 0% 5%......................................................................................................................................................................................................

SriLanka 15/10% 10% 10%......................................................................................................................................................................................................

Sweden 15/0% 5% 0%......................................................................................................................................................................................................

Thailand 15/10% 15% 10%......................................................................................................................................................................................................

TrinidadandTobago 20/10% 10% 10%......................................................................................................................................................................................................

Tunisia 10/10% 10% 10%......................................................................................................................................................................................................

Turkey3 15/5%4 10/5%5 10%......................................................................................................................................................................................................

UK 15/0% 0% 0%......................................................................................................................................................................................................

Ukraine 15/5% 10% 10%......................................................................................................................................................................................................

Uruguay 15/5% 10% 10%......................................................................................................................................................................................................

USA 15/5% 0% 0%......................................................................................................................................................................................................

Uzbekistan 15/5% 10% 5%......................................................................................................................................................................................................

Venezuela 10/0% 5% 5%......................................................................................................................................................................................................

Vietnam 15/10%6 10% 10%......................................................................................................................................................................................................


2 Licenseroyalties.

3 EntryintoforceasofJanuary1st,2013..

4RatevalidforSwisswithholdingtax.

5Dependingonthetypeofinterest.

6Ifholdingstakeismorethan50%,treatyrateisof7%.

...............................................................................................................................

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