Zug Estates: Reversal of around CHF 19 million of deferred taxes Donnerstag, 12. September 2019 - 17:50
Press release
September 12, 2019
Reversal of around CHF 19 million of deferred taxes
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.
Upcoming events:
14.09.2019 | Suurstoffi Open Day
06.03.2020 | Publication of Annual Result
07.04.2020 | General Meeting
For further information, please contact:
Mirko Käppeli, CFO, T +41 41 729 10 10, ir@zugestates.ch
About Zug Estates
The Zug Estates Group conceives, develops, markets and manages properties in the Zug region. It focuses on central sites which are suitable for a wide range of uses and allow sustainable development. The real estate portfolio comprises the two sites in Zug and Risch Rotkreuz. The Group also runs a city resort in Zug incorporating the two leading business hotels Parkhotel Zug and City Garden, augmented by a range of restaurant outlets. As at June 30, 2019, the total portfolio value was CHF 1.61 bn.
Zug Estates Holding AG is listed on the SIX Swiss Exchange, Zurich, (ticker symbol: ZUGN; securities number: 14 805 212).
