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Voluntary statement around 2018 and 2019 tax guidance

Credit Suisse is in the process of finalizing its financial results for the year ended 31st December 2018. We would expect these results to include an effective tax rate (“ETR”) for the Group estimated at approximately 40%, including an adverse impact of approximately 2% for the full year 2018 from our assessment of the draft US regulations for the Base Erosion Anti-Abuse Tax ("BEAT"). This compares to a tax rate of 38.9% for the third quarter of 2018 and 36.8% for the first nine months of the year. While the BEAT rules are still subject to final clarification, Credit Suisse now believes that it is more likely than not that the Group will be subject to this tax for 2018. With respect to 2019, Credit Suisse’s latest assessment of the draft BEAT regulations is that this will also result in an increase of approximately 2% with a consequent ETR for 2019 estimated at 30%.

We would note that the regulations clarifying the application of the BEAT are still in draft form. Therefore the assessment of whether Credit Suisse is liable for this tax, both in 2018 and in 2019, and the size of this liability, remains subject to the final publication of these rules.