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Tax (Tables)

12 Months Ended

Dec. 31, 2022

Details of current and deferred taxes

Details of current and deferred taxes

in		2022		2021		2020
Current and deferred taxes (CHF million)
Switzerland		314		316		163
Foreign		(76)		485		204
Current income tax expense		238		801		367
Switzerland		120		222		450
Foreign		3,690		3		(16)
Deferred income tax expense		3,810		225		434
Income tax expense		4,048		1,026		801
Income tax expense/(benefit) reported in shareholders' equity related to:
Gains/(losses) on cash flow hedges		(266)		(63)		25
Cumulative translation adjustment		(10)		4		0
Unrealized gains/(losses) on debt securities		(9)		0		(6)
Actuarial gains/(losses)		(34)		228		(18)
Net prior service credit/(cost)		(35)		(23)		(33)
Share-based compensation and treasury shares		(4)		(4)		(4)

Reconciliation of taxes computed at the Swiss statutory rate

Reconciliation of taxes computed at the Swiss statutory rate

in		2022		2021		2020
Income/(loss) before taxes (CHF million)
Switzerland		(988)		257		1,770
Foreign		(2,270)		(857)		1,697
Income/(loss) before taxes		(3,258)		(600)		3,467
Reconciliation of taxes computed at the Swiss statutory rate (CHF million)
Income tax expense/(benefit) computed at the statutory tax rate 1		(603)		(111)		693
Increase/(decrease) in income taxes resulting from
Foreign tax rate differential		(93)		370		(62)
Non-deductible amortization of other intangible assets and goodwill impairment		0		(300)		0
Other non-deductible expenses		306		386		254
Additional taxable income		4		15		8
Lower taxed income		(147)		(146)		(234)
(Income)/loss taxable to noncontrolling interests		11		11		18
Changes in tax law and rates		23		(33)		(6)
Changes in deferred tax valuation allowance		4,545		621		322
Change in recognition of outside basis difference		(2)		2		(9)
(Windfall tax benefits) /shortfall tax charges on share-based compensation		84		37		76
Other		(80)		174		(259)
Income tax expense		4,048		1,026		801
1 The statutory tax rate was 18.5% in 2022 and 2021 and 20% in 2020.

Details of the tax effect of temporary differences

Deferred tax assets and liabilities

end of		2022		2021
Deferred tax assets and liabilities (CHF million)
Compensation and benefits		654		844
Loans		1,151		485
Investment securities		992		1,257
Provisions		648		1,358
Leases		357		367
Derivatives		184		58
Real estate		241		258
Net operating loss carry-forwards		9,435		7,120
Goodwill and intangible assets		67		135
Other		437		171
Gross deferred tax assets before valuation allowance		14,166		12,053
Less valuation allowance		(10,208)		(6,072)
Gross deferred tax assets net of valuation allowance		3,958		5,981
Compensation and benefits		(878)		(973)
Loans		(2,298)		(305)
Investment securities		(744)		(722)
Provisions		(282)		(298)
Leases		(351)		(358)
Derivatives		(286)		(218)
Real estate		(46)		(46)
Other		(146)		(108)
Gross deferred tax liabilities		(5,031)		(3,028)
Net deferred tax assets/(liabilities)		(1,073)		2,953
of which deferred tax assets		305		3,707
of which net operating losses		141		881
of which deductible temporary differences		164		2,826
of which deferred tax liabilities		(1,378)		(754)

Amounts and expiration dates of net operating loss carry-forwards

Amounts and expiration dates of net operating loss carry-forwards

end of 2022		Total
Net operating loss carry-forwards (CHF million)
Due to expire within 1 year		4,081
Due to expire within 2 to 5 years		4,772
Due to expire within 6 to 10 years		12,780
Due to expire within 11 to 20 years		9,118
Amount due to expire		30,751
Amount not due to expire		24,834
Total net operating loss carry-forwards		55,585

Movements in the valuation allowance

Movements in the valuation allowance

in		2022		2021		2020
Movements (CHF million)
Balance at beginning of period		6,072		4,465		4,136
Net changes		4,136		1,607		329
Balance at end of period		10,208		6,072		4,465

Tax benefits associated with share-based compensation

Tax benefits associated with share-based compensation

in		2022		2021		2020
Tax benefits (CHF million)
Tax benefits recorded in the consolidated statements of operations 1		221		234		264
1 Calculated at the statutory tax rate before valuation allowance considerations.

Reconciliation of the beginning and ending amount of gross unrecognized tax benefits

Reconciliation of gross unrecognized tax benefits

		2022		2021		2020
Movements in gross unrecognized tax benefits (CHF million)
Balance at beginning of period		425		382		595
Increases in unrecognized tax benefits as a result of tax positions taken during a prior period		239		23		14
Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period		(434)		(35)		(249)
Increases in unrecognized tax benefits as a result of tax positions taken during the current period		46		54		90
Decreases in unrecognized tax benefits as a result of tax positions taken during the current period		(41)		0		0
Decreases in unrecognized tax benefits relating to settlements with tax authorities		(4)		0		(3)
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations		(15)		(6)		(17)
Other (including foreign currency translation)		11		7		(48)
Balance at end of period		227		425		382
of which, if recognized, would affect the effective tax rate		227		425		382

Interest and penalties

in		2022		2021		2020
Interest and penalties (CHF million)
Interest and penalties recognized in the consolidated statements of operations		(5)		3		(16)
Interest and penalties recognized in the consolidated balance sheets		59		64		61

Bank

Details of current and deferred taxes

Details of current and deferred taxes

in		2022		2021		2020
Current and deferred taxes (CHF million)
Switzerland		296		302		151
Foreign		(95)		472		188
Current income tax expense		201		774		339
Switzerland		73		156		367
Foreign		3,699		8		(9)
Deferred income tax expense		3,772		164		358
Income tax expense		3,973		938		697
Income tax expense/(benefit) reported in shareholders' equity related to:
Gains/(losses) on cash flow hedges		(266)		(62)		25
Cumulative translation adjustment		(7)		4		0
Unrealized gains/(losses) on debt securities		(9)		(4)		(6)
Actuarial gains/(losses)		(84)		0		(19)
Net prior service cost		0		0		1

Reconciliation of taxes computed at the Swiss statutory rate

Reconciliation of taxes computed at the Swiss statutory rate

in		2022		2021		2020
Income/(loss) before taxes (CHF million)
Switzerland		543		1,659		2,477
Foreign		(3,874)		(1,750)		734
Income/(loss) before taxes		(3,331)		(91)		3,211
Reconciliation of taxes computed at the Swiss statutory rate (CHF million)
Income tax expense/(benefit) computed at the statutory tax rate 1		(616)		(17)		642
Increase/(decrease) in income taxes resulting from
Foreign tax rate differential		(127)		92		(64)
Non-deductible amortization of other intangible assets and goodwill impairment		0		(181)		0
Other non-deductible expenses		303		369		253
Additional taxable income		5		15		8
Lower taxed income		(144)		(129)		(221)
(Income)/loss taxable to noncontrolling interests		11		12		18
Changes in tax law and rates		24		(29)		(5)
Changes in deferred tax valuation allowance		4,512		612		281
Change in recognition of outside basis difference		(2)		3		(13)
(Windfall tax benefits)/shortfall tax charges on share-based compensation		82		37		75
Other		(75)		154		(277)
Income tax expense		3,973		938		697
1 The statutory tax rate was 18.5% in 2022 and 2021 and 20% in 2020.

Details of the tax effect of temporary differences

Deferred tax assets and liabilities

end of		2022		2021
Deferred tax assets and liabilities (CHF million)
Compensation and benefits		638		832
Loans		209		319
Investment securities		992		1,257
Provisions		641		1,357
Leases		229		228
Derivatives		38		46
Real estate		229		250
Net operating loss carry-forwards		7,720		6,382
Goodwill and intangible assets		67		135
Other		418		151
Gross deferred tax assets before valuation allowance		11,181		10,957
Less valuation allowance		(8,488)		(5,338)
Gross deferred tax assets net of valuation allowance		2,693		5,619
Compensation and benefits		(202)		(355)
Loans		(1,190)		(131)
Investment securities		(744)		(722)
Provisions		(282)		(297)
Leases		(219)		(216)
Derivatives		(286)		(218)
Real estate		(43)		(38)
Other		(138)		(98)
Gross deferred tax liabilities		(3,104)		(2,075)
Net deferred tax assets/(liabilities)		(411)		3,544
of which deferred tax assets		259		3,666
of which net operating losses		138		877
of which deductible temporary differences		121		2,789
of which deferred tax liabilities		(670)		(122)

Amounts and expiration dates of net operating loss carry-forwards

Amounts and expiration dates of net operating loss carry-forwards

end of 2022		Total
Net operating loss carry-forwards (CHF million)
Due to expire within 1 year		4,008
Due to expire within 2 to 5 years		3,301
Due to expire within 6 to 10 years		4,247
Due to expire within 11 to 20 years		9,118
Amount due to expire		20,674
Amount not due to expire		24,813
Total net operating loss carry-forwards		45,487

Movements in the valuation allowance

Movements in the valuation allowance

in		2022		2021		2020
Movements (CHF million)
Balance at beginning of period		5,338		4,323		4,067
Net changes		3,150		1,015		256
Balance at end of period		8,488		5,338		4,323

Tax benefits associated with share-based compensation

Tax benefits associated with share-based compensation

in		2022		2021		2020
Tax benefits (CHF million)
Tax benefits recorded in the consolidated statements of operations 1		213		227		252
1 Calculated at the statutory tax rate before valuation allowance considerations.

Reconciliation of the beginning and ending amount of gross unrecognized tax benefits

Reconciliation of gross unrecognized tax benefits

in		2022		2021		2020
Movements in gross unrecognized tax benefits (CHF million)
Balance at beginning of period		425		382		595
Increases in unrecognized tax benefits as a result of tax positions taken during a prior period		239		23		14
Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period		(434)		(35)		(249)
Increases in unrecognized tax benefits as a result of tax positions taken during the current period		46		54		90
Decreases in unrecognized tax benefits as a result of tax positions taken during the current period		(41)		0		0
Decreases in unrecognized tax benefits relating to settlements with tax authorities		(4)		0		(3)
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations		(15)		(6)		(17)
Other (including foreign currency translation)		11		7		(48)
Balance at end of period		227		425		382
of which, if recognized, would affect the effective tax rate		227		425		382

Interest and penalties

in		2022		2021		2020
Interest and penalties (CHF million)
Interest and penalties recognized in the consolidated statements of operations		(5)		3		(16)
Interest and penalties recognized in the consolidated balance sheets		59		64		61

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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