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In the context of unlisted companies, determining company value for the purpose of shareholders’ wealth tax, as well as the potential sale price of shares, has always raised numerous questions for professionals in the field. Unlisted securities represent the largest category, encompassing the widest range of interpretative and valuation challenges. This category also includes specific cases such as real estate companies, service companies, financial firms, and start-ups, which, if not properly regulated, can lead to significant disparities in treatment. In this respect, various valuation methods exist. However, as they must rely on certain and objective data, the methods employed by the cantonal tax authorities are based on Circular No. 28, issued by the Swiss Tax Conference (STC). This circular essentially relies on two models, with the practical method (based on past data) considered by tax authorities to be the simplest and most objective model, ensuring uniformity and equality of treatment across Switzerland. During the webinar, we will address the valuation of unlisted securities according to commercial methods and Circular No. 28 from the perspective of the tax authority of Graubünden. Furthermore, time will be devoted to the valuation of start-up companies, and we will discuss case law related to the determination of unlisted securities' value. Last but not least, we will provide an overview of the situation in other cantons to understand if they have implemented provisions to mitigate the impact of unlisted securities’ valuation under Circular No. 28.

Program and Speakers

Valuation of Unlisted Securities According to Commercial Law
Claudio Cereghetti
Certified Public Accountant, Senior Lecturer, ¾«¶«Ó°Òµ

Valuation of Unlisted Securities by the Tax Authorities of the Canton of Graubünden
Angelo Roberto
Certified Federal Tax Expert, Director, Cantonal Tax Administration of Graubünden

Valuation of Unlisted Securities for Start-ups
Chiara Zilli
Certified Federal Tax Expert, MBA, Senior Tax Manager, KPMG, Lugano

Federal Court Case Law on Unlisted Securities
Peter André Jäggi
Certified Federal Tax Expert, LL.M., Partner at Jäggi & Scheller, Lugano

The reduction in the value of unlisted securities for wealth tax purposes in other cantons
Samuele Vorpe
Prof. Dr., Head of the Center for Tax and Legal Competence, ¾«¶«Ó°Òµ, of counsel at COLLEGAL Law Firm, Lugano

Cost CHF 350.-
CHF 50 discount for members of partner organizations

Registration

Registration Deadline
Monday, January 20, 2025