From the 2021 tax period, the current tax value will be used as the asset tax value of unlisted securities (previously tax value of the previous year).
In order not to delay the assessment procedure of the shareholders, the Cantonal Tax Office Zurich has until now based its assessment on the tax value of the previous year.
This system will be abandoned as of the 2021 tax period. The current tax value of the relevant tax period will now be used as a basis.
With this change in practice, the new capitalisation rates (cf. our article of 7 November 2020) can already be applied in the 2021 tax period. Any effects of the Covid 19 pandemic on company profits can also be taken into account promptly in the valuation. This change in practice should work in favour of taxpayers in most cases.
The full communication of 24 September 2021 is available here.
