According to the previous practice of the SFTA, the exemption from the issuance stamp duty for restructurings up to CHF 10 million according to Art. 6 para. 1 lit. k StG or the waiver of the issuance stamp duty according to Art. 12 StG was only granted if the capital contribution reserves created by the restructuring measures were compensated with losses in the balance sheet. The companies concerned therefore had to choose between saving the issuance stamp duty at the expense of capital contribution reserves that can be distributed free of withholding tax and the creation of such capital contribution reserves at the expense of the issuance stamp duty.
With its ruling A-5073/2020 of November 29, 2021, the Federal Administrative Court overrules this practice. There is no basis in the law to require the elimination of losses in the balance sheet for the granting of the restructuring exemption or waiver. Accordingly, such a loss elimination cannot be required. In the future, companies will therefore no longer have to choose between the issuance stamp duty and capital contribution reserves in the event of a restructuring. On the contrary, in restructuring cases, no issuance stamp duty is due even if the newly created reserves are not compensated with losses, but are accounted for in the balance sheet as capital contribution reserves and reported to the SFTA on Form 170.
The appeal in public law matters to the Federal Supreme Court is excluded against decisions on the waiver of taxes. Accordingly, this ruling can only be appealed insofar as it relates to the restructuring exemption of up to CHF 10 million according to Art. 6 para. 1 lit. k StG. The statements of the Federal Administrative Court regarding the issuance stamp duty waiver according to Art. 12 StG are therefore legally binding and the SFTA must adjust its practice accordingly.

Elimination of losses no longer needed for issuance stamp duty waiver

Competition

Corporate / M&A

IP / IT

Homburger News

Homburger advises AECOM on its acquisition of Consigli

AECOM acquired Consigli, a leading Norwegian AI company transforming engineering and early-stage project design.
The Homburger team advising AECOM on this transaction comprised Andreas Müller, Luca Ellenberger and Thierry Burckhardt (all Corporate / M&amp;A), Laetitia Fracheboud (Tax), Luca Dal Molin and Joel Fink (both IP / IT) as well as Allegra Arnold (Competition).

Employment and Executive Compensation

Healthcare / Life Sciences

HWP Group

Homburger advised HWP Group on the acquisition of Global Market Access Solutions

On February 23, 2026, Health &amp; Wellness Partners (HWP Group), a leading medical communications and strategic partner to the life sciences industry, has announced the acquisition of Global Market Access Solutions (GMAS), a market access and health economics consultancy with global operations.
The Homburger team advising HWP Group comprised Andreas Müller, Carlo Sulser, Magdalena Stock and Fabia Starkermann (all Corporate / M&amp;A), Luca Dal Molin, Angelika Krull and Noëmie Beck-Schär (all IP / IT), Angela Casey (Employment and Executive Compensation) and Laetitia Fracheboud (Tax).

Financing

Fastned

Homburger advised Fastned B.V. on a green loan credit facility of initial EUR 100 m in committed capital with an additional EUR 100 m option

Homburger acted as Swiss counsel to Fastned Tico Holding I B.V., a direct subsidiary of Fastned B.V., in its capacity as borrower in connection with a Dutch law-governed EUR 100 m committed senior multicurrency term facility agreement with an additional EUR 100 m option with a European lending syndicate consisting of ABN AMRO Bank N.V., Crédit Agricole Corporate and Investment Bank, ING Bank N.V., Invest-NL Capital N.V. and Coöperatieve Rabobank U.A. Fastned B.V. is a Europe-wide operator of electric fast-charging stations and listed at Euronext Amsterdam.
The Homburger team was led by Daniel Hasler (Corporate / M&amp;A) and included Jürg Frick (Financing), Jonas Stähli and Matthias Müller (both Corporate / M&amp;A), Stefan Oesterhelt, Reto Heuberger and Laetitia Fracheboud (all Tax) as well as Gregor Bühler (IP/IT).

Laetitia
Fracheboud

Homburger advises AECOM on its acquisition of Consigli

Homburger advised HWP Group on the acquisition of Global Market Access Solutions

Homburger advised Fastned B.V. on a green loan credit facility of initial EUR 100 m in committed capital with an additional EUR 100 m option

Elimination of losses no longer needed for issuance stamp duty waiver

Real Estate Investment Structure Taxation: Switzerland 2025

Real Estate Investment Structure Taxation: Switzerland

Zulässigkeit der Kooperation mit ausländischen Steuerbehörden

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Laetitia Fracheboud

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LaetitiaFracheboud

Homburger advises AECOM on its acquisition of Consigli

Homburger advised HWP Group on the acquisition of Global Market Access Solutions

Homburger advised Fastned B.V. on a green loan credit facility of initial EUR 100 m in committed capital with an additional EUR 100 m option

Elimination of losses no longer needed for issuance stamp duty waiver

Real Estate Investment Structure Taxation: Switzerland 2025

Real Estate Investment Structure Taxation: Switzerland

Zulässigkeit der Kooperation mit ausländischen Steuerbehörden

Join the Team

Laetitia Fracheboud

Career

Languages

Teams

Laetitia
Fracheboud