1.3Income taxes
INCOME TAXES
CHF 1,000 | 2025 | 2024 |
|---|---|---|
Current income taxes | 2,538 | 6,208 |
Deferred income taxes | 18,508 | 15,215 |
Total income taxes | 21,046 | 21,423 |
The difference between the expected income tax expense and the income tax expense shown in the income statement can be explained as follows:
CHF 1,000 | 2025 | 2024 |
|---|---|---|
Result before taxes | 173,084 | 267,929 |
Expected Group tax rate | 14% | 16% |
Expected income taxes | 24,232 | 42,869 |
Non-deductible expenses | 71 | 147 |
Tax-free income | –2,470 | –16,982 |
Use of non-capitalised tax losses carried forward | –1,020 | –282 |
Non-capitalisable tax losses for the period | 474 | 236 |
Expenses/income that are taxed at a lower/higher tax rate | –20 | –4,618 |
Tax effects for prior periods | –222 | 54 |
Effective income tax charge | 21,046 | 21,423 |
Effective tax rate | 12% | 8% |
In 2025, the Group’s expected tax rate decreased to 14% (2024: 16%). This reduction is the direct result of the disposal of all Group companies of the Real Estate Services segment during 2024. These entities were subject to higher tax rates compared to the remainder of the Group. Their disposal has therefore led to a lower average applied tax rate for the Group.
The non-capitalised tax assets from losses carried forward amount to CHF 0.9 million (2024: CHF 1.0 million). Prepaid expenses include income taxes of CHF 1.2 million (2024: CHF 0.3 million). Accrued expenses include income taxes of CHF 3.4 million (2024: CHF 2.9 million).
Deferred tax liabilities
CHF 1,000 | 2025 | 2024 |
|---|---|---|
Deferred tax liabilities as at 1 January | 155,957 | 140,839 |
Changes in scope of consolidation | - | –97 |
Changes from valuation of investment properties | 15,567 | 14,881 |
Changes from disposal of investment properties | –396 | –2,025 |
Other changes recognised in the income statement | 3,335 | 2,359 |
Deferred tax liabilities as at 31 December | 174,463 | 155,957 |
Accounting principles |
|---|
The current income tax rates are applied in cantons with a two-tier system. In cantons with a single-tier system, there is a separate property gains tax with speculation surcharges or deductions for the period of ownership, depending on the holding period. For properties that are intended for sale, the actual holding period will apply. For the remaining properties, a residual holding period of 25 years will apply. |
Deferred income taxes are calculated for each subsidiary using the local tax rates. The tax rates applied in the financial year and preceding years lie between 14% and 17%. Deferred tax liabilities are not discounted. |
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which temporary differences or unused tax losses can be utilised. |