Easter Accord 2025: the first draft of the capital gains tax
In April 2025, the Arizona government reaches an Easter Accord with the first concrete outlines of the capital gains tax. The three regimes become clearer, but many questions remain.
7 May 2025 · 8 min
From principles to concrete outlines
Following the coalition agreement of January 31, 2025, the federal government continued working on the details. In April 2025, the Easter Accord presented the first draft texts confirming three regimes: a standard 10% rate, progressive rates for substantial shareholdings (≥20%), and 33% for internal capital gains.
The reference value takes shape
Historical gains accumulated before entry into force remain exempt. The value on December 31, 2025 serves as the starting point. For unlisted shares, a standard formula is provided: equity + (EBITDA × 4). A professional valuation remains possible as an alternative.
Exempt assets
Pension savings, group insurance and savings accounts are excluded. Branch 21, 22, 23, 26 and 44 insurance products are included. Gifts and inheritances are exempt.
A long road to the final law
The Easter Accord is a political agreement, not legislation. The text must still pass through the Council of State and parliament. The anticipated demand for business valuations will be considerable.