Discover our summary

On Tuesday 18 June 2024, our round table dedicated to fiscal horizons and challenges for entrepreneurs, both individuals and companies, took place at the Vaudoise Aréna.

This roundtable was aimed at entrepreneurs, professionals, and anyone interested in personal and business tax implications.

After an introduction from our experts, Baptiste Trovato and Christian Duc, and a brief presentation of the new 2024 tax guide, Philippe Miauton led the round table discussion on the challenges and opportunities related to taxation, for both businesses and individuals.

To participate in the discussion, we were fortunate to have:

• Mr Gregory Féret – CEO of Silicom and serial entrepreneur
• Mrs Aline Isoz – Chairwoman and director of several companies
• Mr Jean-Jacques Morard – CEO of Rham and Administrator
• Mrs Nicole Wälti – Assistant Director at BCV, responsible for the Wealth Planning sector

Thank you to everyone who was present and with whom we took great pleasure in conversing and discussing this topic!

What was important to remember

The roundtable discussion highlighted the diverse experiences of entrepreneurs in the region who discussed the challenges and opportunities related to taxation, both for businesses and individuals. Here is our summary of the discussions:

1. In an inter-cantonal comparison, Vaudois entrepreneurs generally rank highly regarding income and wealth taxation.
   
   
2. Wealth tax (one of the highest rates in Switzerland) levied on the working capital of Vaudois entrepreneurs can represent a significant and burdensome tax charge for them. It is not uncommon for them to be forced to withdraw cash from their companies to pay this tax, rather than being able to dedicate it to new investments and the development of their activities.
   
   
3. Although the application of the regulation on the valuation of unlisted securities for wealth tax purposes (RETIF) is not always clear in practice, it does, in certain cases, allow for a reduction in wealth tax related to the business assets of Vaudois entrepreneurs, thereby mitigating the tax disparity with other Swiss cantons, such as Valais and Fribourg.

4. As part of a potential move to another canton, the entrepreneur is encouraged to also take into account other tax aspects, such as capital yield tax and gift and inheritance tax, upcoming legislative changes, but also more emotional aspects such as their family situation, social circle, activities, etc.

5. In conclusion, although the canton of Vaud remains an attractive canton in terms of quality of life and infrastructure, Vaudois entrepreneurs and, more generally, individual taxpayers are heavily taxed in an intercantonal comparison. A reduction in taxation, for example through the «Tax cut for all» initiative, would allow Vaudois taxpayers to breathe a sigh of relief. Furthermore, in order to prevent some Vaudois taxpayers from moving to another canton due to gift and inheritance tax, the canton of Vaud could align itself with the vast majority of Swiss cantons by exempting direct line gifts/inheritances.