A draft law would reduce wealth tax burden on shares of unlisted companies held by Geneva entrepreneurs
The Geneva cantonal parliament on 26 January 2024 enacted a draft law that would reduce the wealth tax burden on shares of unlisted companies held by Geneva entrepreneurs who work for their respective companies (referred to as a business asset or "outil de travail") as follows:
To qualify for this reduction, entrepreneurs must meet the following cumulative conditions:
This initiative brings Geneva into line with other French-speaking cantons (except Bern) that have already introduced similar benefits.
After publication of the draft law in the official gazette of Geneva, a referendum against it was filed on 12 February 2024, with the deadline for collecting signatures of 13 March 2024.
Read a February 2024 report prepared by the KPMG member firm in Switzerland