10a Taxes on income
in CHF 1,000 | 2025 | 2024 |
Domestic1 | ||
Current taxes | 2,009 | 6,289 |
Deferred taxes | 214 | –3,521 |
Foreign | ||
Current taxes | 6,666 | 133 |
Deferred taxes | 601 | 896 |
Total current taxes | 8,675 | 6,422 |
Total deferred taxes | 815 | –2,625 |
Total taxes on income | 9,490 | 3,797 |
1From January 1, 2025, due to changes in Liechtenstein regulations, only Liechtenstein will be considered “domestic.” Until December 31, 2024, Switzerland was included.
The Group’s effective payments for domestic and foreign income taxes amounted to CHF 7.7 million in 2025 (previous year: CHF 6.6 million).
Statement of taxes on income
All expected obligations from taxes on income for the reporting period are recognised in the financial statements. They are calculated in accordance with the tax laws applicable in the respective countries. The deferred tax liabilities arising from the different valuations between the financial statements prepared for tax purposes and the values used for consolidation purposes are recognised at the following tax rates:
2025 | 2024 | |
Liechtenstein | 12.5% | 12.5% |
Switzerland | 19.5% | 19.6% |
Luxembourg | 23.9% | 24.9% |
British Virgin Islands | 0.0% | 0.0% |
Singapore | 17.0% | 17.0% |
Hong Kong | 16.5% | 16.5% |
The pre-tax net income and the differences between the tax expense in accordance with the income statement and the tax expense based on an assumed average tax rate of 14 per cent (previous year: 15 per cent) are composed as follows:
in CHF 1,000 | 2025 | 2024 | |
Income before income tax | |||
Domestic | 12,878 | 4,738 | |
Foreign | 43,631 | 17,530 | |
Taxes on income using an assumed average charge | 7,911 | 3,340 | |
Reasons for increased/decreased taxable income | |||
Effect on tax free income / effect on non taxable expenses1 | –612 | –974 | |
Difference between actual and assumed tax rates | –222 | 1,363 | |
Lower tax charges as a result of changes in laws or taxation agreements | –17 | 0 | |
Taxes on income unrelated to accounting period | 2,430 | 68 | |
Total income tax | 9,490 | 3,797 |
1In 2024, adjustment compared to the published 2024 annual report: reclassification of TCHF 845 from «Previously unrecognized tax losses now utilised» to «Effect on tax free income / effect on non taxable expenses».