A welcome reduction in red tape

In a notice published on 22 June 2026, the Federal Tax Administration (‘FTA’) announced a welcome simplification in the area of stamp duty on securities transactions.

With immediate effect, securities dealers subject to the tax are no longer required to submit the official form (Form 9 or Form 9 FL) where no stamp duty on securities transactions is due for the relevant reporting period.

This measure aims to reduce the administrative burden on the taxpayers concerned whilst maintaining reporting obligations in situations where tax is actually due.

Who is affected?

This simplification applies to persons and entities liable for stamp duty on securities transactions in their capacity as securities dealers within the meaning of the Federal Act on Stamp Duty.

These include, in particular:

• banks and financial institutions;
• securities firms;
• certain asset managers and insurance institutions;
• as well as certain Swiss companies (in particular holding companies, investment companies or other legal entities) which meet the legal conditions conferring on them the status of securities dealers.

In particular, a Swiss company may be regarded as a securities dealer if it holds taxable securities with a book value exceeding CHF 10 million. Such companies may therefore be subject to the securities transaction stamp duty in connection with certain transactions involving securities.

Companies that regularly carry out acquisitions, disposals or restructurings involving financial securities should check whether this simplification applies to them.

What has been the regime to date?

In accordance with Article 24(1) of the Ordinance on Stamp Duty (‘OT’), those liable for stamp duty on securities transactions are required, within thirty days of the end of each quarter, to pay the duty due to the FTA of their own accord using a statement drawn up on an official form.

On the basis of this provision and the administrative practice established by the FTA, in particular in paragraph 54 of its Circular No. 12 on stamp duty on securities transactions, taxpayers were previously required to submit the official form (Form 9 or Form 9 FL) at the end of each accounting period, even where no stamp duty on securities transactions was due.

This obligation applied regardless of whether or not any taxable transactions had taken place during the quarter in question. In practice, taxable persons were therefore required to submit so-called ‘nil’ returns in order to inform the FTA that no amount was due for the period in question.

However, Article 24(2) of the OT provides that the FTA may authorise or establish a procedure for the payment of the duty that deviates from the standard regime where this is justified.

What’s actually changing

In light of this possibility and in order to avoid administrative procedures deemed disproportionate, the FTA has decided to abolish, with immediate effect, the obligation to submit the official form where no stamp duty on securities is due for the relevant accounting period.

From now on, taxable persons will only be required to submit a statement to the FTA when a stamp duty on securities is actually due. However, the reporting and payment obligations remain unchanged in situations where taxable transactions give rise to stamp duty on securities.

The FTA has also announced that paragraph 54 of its Circular No. 12 will be amended to reflect this new administrative practice.

Points to note for taxable persons

• The removal of the obligation applies only to periods for which no stamp duty on securities transactions is payable.
• The obligations relating to calculation, documentation and payment remain unchanged where taxable transactions are carried out.
• Taxpayers must continue to maintain adequate records enabling them to demonstrate, in the event of an audit, that no duty was payable for the period in question. 
• Internal compliance procedures should be adapted to take account of this new administrative practice.

Our commentary

Although this measure has no impact on the tax burden of the taxpayers concerned, it illustrates the FTA’s commitment to reducing certain administrative obligations where these provide only limited added value from a tax control perspective.

This development is particularly welcome for taxpayers who only occasionally carry out transactions subject to stamp duty on securities and who were previously required to submit quarterly returns even in the absence of any tax liability.

The taxpayers concerned should, however, ensure that their internal procedures allow them to document the absence of any tax due for the relevant periods and to continue to comply with reporting obligations when a taxable transaction occurs.

Our specialists are available to answer any questions you may have regarding stamp duty on securities or other federal stamp duties.