On Monday, 22 June 2026, the Swiss Federal Tax Administration (SFTA) announced that, going forward, no declaration will need to be filed if the securities transfer tax owed is zero. This represents a further easing of the burden for taxpayers, following the publication in February of a new practice on the levying of securities transfer tax on awards of employee shares. We present both changes below.
Relief regarding the securities transfer tax – “nil return” no longer required
Companies that qualify as securities dealers (for securities transfer tax purposes) must remit the securities transfer tax on a quarterly or annual basis using Form 9 (or Form 9 FL for securities dealers domiciled in Liechtenstein). By way of Communication 032-S-2026 of 22 June 2026, the SFTA has amended its practice on the declaration mode. Until now, the official Form 9 / 9 FL also had to be filed where – due to a lack of taxable transactions – no securities transfer tax was due.
This obligation to file a so-called nil declaration no longer applies. Going forward, securities dealers no longer need to file the form if no securities transfer tax arises for the relevant period.
The rule applies with immediate effect and will be incorporated into the circular at the next opportunity. This reduces the administrative burden, in particular for companies that carry out transactions subject to securities transfer tax only irregularly, or not at all.
Practical note:
The exemption applies exclusively to periods without securities transfer tax. In all other cases, the obligation to file and pay the tax on an unsolicited basis within 30 days of the end of the business quarter or business year (Art. 24 para. 1 StV) remains in place. Likewise, the obligation to keep the securities transfer tax register remains unchanged (even where no securities transfer tax is owed).
New practice on employee participation
The SFTA has amended its practice on securities transfer tax in connection with employee participation programmes on the basis of a Federal Supreme Court judgment. In the case of the gratuitous award of shares to employees, the SFTA previously argued that the employment remuneration was the consideration and that the securities transfer tax therefore had to be remitted on the market value (provided that the company awarding the shares qualifies as a securities dealer for securities transfer tax purposes). The Federal Supreme Court held that, where employees receive shares free of charge under employee participation plans, i.e., where there is no cash payment, no salary deduction and no other considerations, no securities transfer tax is payable.
Where employee shares are awarded at a preferential price, or where employee options are exercised, the securities transfer tax is levied only on the purchase or exercise price actually paid; the monetary benefit relevant for income tax purposes (the difference between the market value and the agreed price) is disregarded for securities transfer tax purposes.
The SFTA's new practice was set out in Practice Communication 029-S-2026 of 5 February 2026 and is applicable as of the date of the court decision of 25 November 2024.
Practical note:
In light of the changed practice, companies should review their securities transfer tax treatment of the shares awarded to employees since 25 November 2024.