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Canton of Zug: Extraordinary provision in the financial statements 2019

The Canton of Zug grants tax provisions in the financial statements of 2019 for companies and self-employed persons.

 

Latest update of the Zug tax administration:

Companies and self-employed persons (AG's, GmbH's, cooperatives, partnerships, sole proprietorships) who are directly or indirectly affected by the negative consequences of the coronavirus (COVID-19) may set up a one-off tax provisionin the 2019 financial statements of up to 50% of the profit or independent earnings (excluding extraordinary factors such as capital gains on disposals and revaluation), but not exceeding CHF 500,000. The extraordinary provision created in 2019 has to be reversed in the 2020 financial statements.

Link to Webpage of Steuerverwaltung Zug

 

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Kathrin Kühn 8 April 2020