Stamp Duties - Part 2: The Turnover Taxes

There are three different types of stamp duties. The most important category is turnover taxes. These are incurred when trading in securities. This second article explains in more detail what this involves.

Conditions for turnover tax

‍The specific conditions are regulated in Art. 13 of the Federal Act on Stamp Duties (StG). Accordingly, the turnover tax is due for the remunerative transfer of ownership of certificates. Such documents include, for example, shares, limited liability company stakes, cooperative share certificates, participation certificates, or profit-sharing certificates. But also bonds and shares in collective investment schemes. Furthermore, one of the contracting parties must be a securities dealer or a securities dealer must act as an intermediary. Securities include in particular banks, but also investment advisors, asset managers, or holding companies.

There are a multitude of exceptions, which are regulated in Art. 14 StG. The most important are certainly trading in subscription rights and options, and the issuance transactions.

‍Assessment

‍The basis for the calculation of the turnover tax is the consideration paid for the certificates (Art. 16 StG). If the certificates are not paid with money, the market value of the agreed consideration is decisive. If the certificates are domestic, the turnover tax is 1.5 per mille. If dealing with foreign securities, 3 per mille must be delivered. This demand must be made by the securities dealer.

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