18. Deferred tax assets and liabilities

Deferred tax liabilities are to be formed for non-refundable withholding taxes or other taxes on retained profits in subsidiaries where a profit transfer is planned. As of 31 December 2024, there were such profits in the American subsidiary and Chinese subsidiaries. For these companies deferred tax liabilities of MCHF 1.2 (PY: MCHF 1.2) were recorded.

The Group recognises deferred tax assets from loss carryforwards if they comply with the requirements of IAS 12. The following loss carryforwards (listed by maturity) were used for the calculation of deferred tax assets: