Glencore boss pays CHF 247 million tax bill
The floatation of the commodities producer and marketer Glencore, which is based in Baar, has meant exceptionally high tax yields for the canton.
Only two weeks ago, the cantonal head of finance, Peter Hegglin, was delighted to be able to report an CHF 84.8 million surplus as opposed to the CHF 39.8 million deficit expected. Not that it is just the canton or the city of Zug which has benefited, the municipalities of Baar, Oberägeri and Cham, too, have enjoyed higher yield from taxes and it is expected Walchwil and Unterägeri will, too, when they present their figures for 2011.
While the tax authorities would not give precise details about the additional income, it is clear that the floatation of the Glencore company on the London and Hong Kong stock exchanges had a huge beneficial effect on the canton's income, with as many as 500 partners of the company becoming very rich as a result of the increase in value of the shares they owned. It was reported that the 15.8% of shares owned by Glencore boss Ivan Glasenberg (photograph) were worth some USD 10 billion.
The Zug tax authorities would not disclose exactly how many of the partners who benefited from the floatation were resident in the canton but entries in the Cantonal Registry of Companies reveal that 4 senior partners were liable for tax in the city of Zug, with two further ones in Baar and one each in Cham, Walchwil and Unterägeri.
While tax matters of individuals remains private in the canton of Zug, Ursula Gut, the head of finance in the municipality of Rüschlikon in the canton of Zurich, where Glasenberg lives, was more forthcoming and revealed that he paid CHF 247 million in tax in 2011.