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Tax (Tables)

12 Months Ended

Dec. 31, 2023

Details of current and deferred taxes

Details of current and deferred taxes

in		2023		2022		2021
Current and deferred taxes (CHF million)
Switzerland		123		296		302
Foreign		451		(95)		472
Current income tax expense		574		201		774
Switzerland		37		73		156
Foreign		243		3,699		8
Deferred income tax expense		280		3,772		164
Income tax expense		854		3,973		938
Income tax expense/(benefit) reported in shareholders' equity related to:
Gains/(losses) on own credit		(675)		876		12
Gains/(losses) on cash flow hedges		66		(266)		(62)
Cumulative translation adjustment		1		(7)		4
Unrealized gains/(losses)    on debt securities		6		(9)		(4)
Actuarial gains/(losses)		(30)		(84)		0

Reconciliation of taxes computed at the Swiss statutory rate

Reconciliation of taxes computed at the Swiss statutory rate

in		2023		2022		2021
Income/(loss) before taxes (CHF million)
Switzerland		6,689		543		1,659
Foreign		(9,949)		(3,874)		(1,750)
Income/(loss) before taxes		(3,260)		(3,331)		(91)
Reconciliation of taxes computed at the Swiss statutory rate (CHF million)
Income tax expense/(benefit) computed at the statutory tax rate 1		(603)		(616)		(17)
Increase/(decrease) in income taxes resulting from
Foreign tax rate differential		(701)		(127)		92
Non-deductible amortization    of other intangible assets and    goodwill impairment		12		0		(181)
Other non-deductible expenses		1,109		303		369
Additional taxable income		1,322		5		15
Lower taxed income		(108)		(144)		(129)
(Income)/loss taxable to    noncontrolling interests		1		11		12
Changes in tax law and rates		44		24		(29)
Changes in deferred tax    valuation allowance		(528)		4,512		612
Change in recognition of    outside basis difference		41		(2)		3
(Windfall tax benefits)/shortfall    tax charges on share-based    compensation		65		82		37
Other		200		(75)		154
Income tax expense		854		3,973		938
1 The statutory tax rate was 18.5%.

Details of the tax effect of temporary differences

Deferred tax assets and liabilities

end of		2023		2022
Deferred tax assets and liabilities (CHF million)
Compensation and benefits		359		638
Loans		749		209
Investment securities		569		992
Provisions		132		641
Leases		213		229
Derivatives		24		38
Real estate		295		229
Net operating loss carry-forwards		7,796		7,720
Goodwill and intangible assets		14		67
Other		247		418
Gross deferred tax assets before valuation allowance		10,398		11,181
Less valuation allowance		(9,643)		(8,488)
Gross deferred tax assets net of valuation allowance		755		2,693
Compensation and benefits		(173)		(202)
Loans		(34)		(1,190)
Investment securities		(217)		(744)
Provisions		(38)		(282)
Leases		(164)		(219)
Derivatives		(92)		(286)
Real estate		(14)		(43)
Other		(65)		(138)
Gross deferred tax liabilities		(797)		(3,104)
Net deferred tax assets/(liabilities)		(42)		(411)
of which deferred tax assets		71		259
of which net operating losses		29		138
of which deductible temporary differences		42		121
of which deferred tax liabilities		(113)		(670)

Amounts and expiration dates of net operating loss carry-forwards

Amounts and expiration dates of net operating loss carry-forwards

end of 2023		Total
Net operating loss carry-forwards (CHF million)
Due to expire within 1 year		28
Due to expire within 2 to 5 years		247
Due to expire within 6 to 10 years		3,465
Due to expire within 11 to 20 years		5,768
Amount due to expire		9,508
Amount not due to expire		26,219
Total net operating loss carry-forwards		35,727

Movements in the valuation allowance

Movements in the valuation allowance

in		2023		2022		2021
Movements (CHF million)
Balance at beginning of period		8,488		5,338		4,323
Net changes		1,155		3,150		1,015
Balance at end of period		9,643		8,488		5,338

Tax benefits associated with share-based compensation

Tax benefits associated with share-based compensation

in		2023		2022		2021
Tax benefits (CHF million)
Tax benefits recorded in the consolidated statements of operations 1		269		213		227
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		2023		2022		2021
Movements in gross unrecognized tax benefits (CHF million)
Balance at beginning of period		227		425		382
Increases in unrecognized tax benefits as a result of tax positions taken during a prior period		332		239		23
Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period		(226)		(434)		(35)
Increases in unrecognized tax benefits as a result of tax positions taken during the current period		8		46		54
Decreases in unrecognized tax benefits as a result of tax positions taken during the current period		(1)		(41)		0
Decreases in unrecognized tax benefits relating to settlements with tax authorities		(10)		(4)		0
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations		(6)		(15)		(6)
Other (including foreign currency translation)		(25)		11		7
Balance at end of period		299		227		425
of which, if recognized, would affect the effective tax rate		299		227		425

Interest and penalties

in		2023		2022		2021
Interest and penalties (CHF million)
Interest and penalties recognized in the consolidated statements of operations		1		(5)		3
Interest and penalties recognized in the consolidated balance sheets		59		59		64

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