In accordance with today's press release from Canton Zug, the deadline for calling a referendum on the amendment of cantonal tax law of 27 June 2019 implementing the Swiss federal tax proposal has expired unused. As a result the sixth tax law revision of Canton Zug will enter into force on 1 January 2020 along with the related provisions at federal level. This will lead to a reduction in the effective tax rate from 14.5% to 12.0%.
Due to this change in the tax rate and based on the deferred taxes reported in the financial statements at 30 June 2019, Zug Estates expects a one-off positive impact of CHF 19 million in financial year 2019 from the reversal of deferred taxes.
The 2019 annual report of Zug Estates Group will be published on 6 March 2020.