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Shareholders – In 2018, these companies are again distributing tax-free dividends News

Friday, September 8th, 2017 | Economy

Since the entry into force of "Corporate Tax Reform II" in January 2011, Swiss companies have been able to distribute tax-exempt dividends to the shareholders in the form of a dividend from the so-called capital reserves. Large companies such as UBS, ABB and the Zurich Insurance Group have also made a lot of use of it in recent years.
However, the capital stock reserves are exhausted in the case of the first companies, according to a recent Credit Suisse study published on this subject. This is the case both at Zurich and at ABB, which is why these two companies are no longer expected to pay a tax-free dividend for the private investor.
According to the study, only 30 companies in the much-respected Swiss Leaders Index (SLI) will pay a tax-free dividend to Aryzta, Clariant, Credit Suisse, Julius Baer, ​​LafargeHolcim and UBS.
Good for the private investor, bad for the treasury
From today's point of view, Leonteq sits on the most saturated of the capital reserves. In the case of the same dividend, the supplier of structured products can still feed on his storage reserves for over 42 years. At the pastry maker Aryzta, we still speak of 39 years, the EFG International asset manager of almost 31 years and at LafargeHolcim of 16 years.
SLI companies at a glance (KER = capital storage reserves)
Companies
Dividend 2017 *
Yield *
Covered by KER
ABB
0.80 francs
3.6 percent
2 percent
Adecco
2,32 francs
3.3 percent
0 percent
Aryzta
0.36 francs
1.2 percent
100 percent
Baloise
5.40 francs
3.5 percent
0 percent
Clariant
0.50 francs
2.2 percent
100 percent
Credit Suisse
n / A.
n / A.
n / A.
Dufry
n / A.
n / A.
n / A.
Geberit
10.50 francs
2.4 percent
7 percent
Givaudan
58 francs
3 percent
1 percent
Julius Baer
1.40 francs
2.6 percent
100 percent
Kuehne + Nagel
5,77 francs
3.3 percent
1 percent
LafargeHolcim
2.05 francs
3.6 percent
100 percent
Lindt & Sprüngli
95 francs
1.4 percent
6 percent
Lonza
2.85 francs
1.2 percent
51 percent
Nestlé
2,40 francs
3 percent
0 percent
Novartis
2.86 francs
3.5 percent
3 percent
Partners Group
16.04 CHF
2.6 percent
0 percent
Richemont
1.80 francs
2.1 percent
0 percent
Roche
8,52 francs
3.5 percent
0 percent
Schindler
3.30 francs
1.6 percent
0 percent
SGS
72 francs
3.4 percent
0 percent
Sika
114.45 francs
1.7 percent
0 percent
Sonova
2.53 Swiss francs
1.6 percent
11 percent
Swatch Group
7.15 francs
1.9 percent
0 percent
Swiss Life
13 francs
3.8 percent
57 percent
Swiss Re
CHF 5.20
6 percent
0 percent
Swisscom
22 francs
4.5 percent
2 percent
UBS
CHF 0.65
4.1 percent
100 percent
Vifor Pharma
2 francs
2.1 percent
0 percent
Zurich Insurance
17.65 francs
6.2 percent
11 percent
* Estimates (Source: Credit Suisse)
This is made possible by the company tax reform adopted by the Swiss electorate in February 2008, which was introduced just three years later. Within the framework of this reform, the principle of par value was replaced by the capital injection principle – also known as Agio.
The premium is the amount that is higher than the nominal value when issuing shares. For example, if the issue price of a share is CHF 100 and the par value is CHF 10, the premium amounts to CHF 90. If these 90 francs have been established after 1996, they may be repaid to the shareholders from the capital reserves without tax.
Dividend is a decisive success factor
So far so good. However, in this context, the Swiss tax authorities are escaping tax revenues of an estimated 40 billion Swiss francs. It is therefore no surprise that, in the face of the recent hearings for a new edition of the corporate tax revision, which has been blown off by voters at the beginning of this year, political resistance against tax-exempt dividends is being formed.
According to statistics, dividends pay between 50 and 60 percent of the long-term total return of equities, depending on the period considered. In addition, a stabilizing effect on the total yield results from distributions due to their low volatility. This makes the dividend from investor reporting a decisive success factor.

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