Framework Conditions
Federal Council and Parliament Support the Graber Motion
By responding to the Graber motion and the Derder postulate, the Federal Council is emphasizing the attractiveness of long-term investments in start-ups at the forefront of technical progress, showing the pension funds that the high risk of the individual investment can be normalized through broad diversification by means of a fund of funds.
Eliminate Fiscal Obstacles
Start-ups that need to invest for several years before they start seeing profits are currently disadvantaged from a fiscal point of view. The legislator must offer countermeasures here:
- Stamp duty, which hits capital-intensive start-ups particularly hard, needs to be eliminated.
- The extreme progressive taxation for profits which arise in a concentrated manner after 8 to 12 years after a long investment period must be lifted.
- The period for carrying forward losses for start-ups is currently 7 years, as with established companies. This needs to be extended appropriately.
Do Away With Unrealistic Accounting Rules
Accounting rules for venture capital investments from pension funds, which prevent those in charge of pension funds from making long-term investments, must be revised:
- Post item as a category in its own right (venture capital investment)
- Post item at nominal values (example: obligations of insurance companies)
- Post item in accordance with EVCA (European Venture Capital Association)
