An overview by Tax Partner AG
Marco E. Vitali and Thomas Zellweger of our Swiss firm, Tax Partner AG, highlight a recent ruling by Switzerland’s Federal Supreme Court. The court overturned its previous practice on so-called “economic new construction,” that had prevented private real estate owners from deducting renovation costs from their income tax returns.
The decision allows property owners to deduct renovation costs for all types of property work, provided it is for maintenance and not value-adding work. Therefore, property owners are advised to maintain comprehensive documentation of their renovation work to support their tax claims.
Read the full article here.
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