Taxpayers hold a stake in a company. They complete their tax return and declare the substance value.
The tax authorities, in their taxation, substitute another value which is 6 times higher than the underlying value. The tax authorities took the return into account to determine the company's fiscal value. And the return was comfortable. The tax authorities applied the instructions of the finance directorate, instructions which are published and which reproduce circular CSI No 28 on the estimation of unlisted securities.
Federal judges recall that the valuation principles described in Circular CSI No. 28 are accepted valuation methods, but that other recognised valuation methods are also possible when adapted to the concrete circumstances.
They note that the tax authorities had taken into account certain specific elements of the case and that the method was correct.
The judgment is in German. It is a Zurich case.
Federal Supreme Court, judgment 9C_380\/2025, of 25 February 2026<\/p>","protected":false},"excerpt":{"rendered":"
\ud83d\udc49 Les contribuables d\u00e9tiennent une participation dans une soci\u00e9t\u00e9. Ils remplissent leur d\u00e9claration fiscal et y indiquent la valeur de substance. \ud83d\udc49 Le fisc, dans la taxation, y substitue une autre valeur qui est 6 fois plus \u00e9lev\u00e9e que la valeur de substance. Le fisc a pris en consid\u00e9ration le rendement pour d\u00e9terminer la valeur […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-378","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"\n