Document ID: /curiavista/filtered/00000.jsonl.gz/224942

<h2>SubmittedText<h2><p>Im Jahr 2016 hat der Bundesrat im Rahmen der Antworten auf meine Anfrage 16.1061 eine hervorragende Übersicht geliefert. Bei dieser Gelegenheit bedanke ich mich explizit bei der eidgenössischen Steuerverwaltung dafür. </p><p>Im Zusammenhang mit neueren Steuervorhaben stellen sich einerseits Fragen einer Aktualisierung der Zahlenreihe und anderseits neue Fragestellungen: </p><p>1. Wie hoch waren die Dividendenausschüttungen in der Schweiz pro Jahr in den letzten 25 Jahren?</p><p>2. Welcher Anteil in Prozenten dieser ausgeschütteten Dividenden flossen ins Ausland? Ich bitte um plausible Schätzungen (analog Antworten aus 16.1061)</p><p>3. In der NZZ vom 25. Mai 2016 stand im Titel "Wir sind Dividenden-Weltmeister". Tatsächlich heisst es weiter wir würden von Rekord-Ausschüttung zu Rekord-Ausschüttung eilen. </p><p>Kann dies in einem globalen Vergleich bestätigt werden? Was sind die Treiber derart steigender Ausschüttungen von Dividenden? Was hat die steuerfreie Ausschüttungsmöglichkeit der KER (Kapitaleinlagereserve) seit der Unternehmenssteuerreform II damit zu tun?</p><p>4. Wie hat sich das Volumen und der Wert von Aktienrückkäufen in der Schweiz in den letzten 25 Jahren entwickelt?</p><h2>FederalCouncilResponseText<h2><p>1. Während für die börsenkotierten Unternehmen Zeitreihen zu den Dividendenausschüttungen verfügbar sind, fehlen diese für die nicht börsenkotierten Unternehmen. Tabelle 1 enthält Angaben zu den Dividendenausschüttungen einerseits und zu den Nennwert- und Kapitaleinlagenrückzahlungen anderseits auf Basis des Swiss All Share Index.</p><p></p><p><b>Tabelle 1:Dividenden, Nennwert- und Kapitaleinlagerückzahlungen börsenkotierter Unternehmen</b></p><table width="698.1pt"><tr><td width="29.15pt" colspan="0" rowspan="0" valign="center"><p><b>Jahr</b></p></td><td width="62.45pt" colspan="0" rowspan="0" valign="center"><p><b>Dividenden in Mrd. CHF</b></p></td><td width="129.7pt" colspan="0" rowspan="0" valign="center"><p><b>Rückzahlung von Nennwert und Kapitaleinlagereserven in Mrd. CHF</b></p></td><td width="129.9pt" colspan="0" rowspan="0" valign="center"><p><b>Dividenden sowie Rückzahlung von Nennwert und Kapitaleinlagereserven in Mrd. CHF</b></p></td><td width="62.3pt" colspan="0" rowspan="0" valign="center"><p><b>Rendite Dividenden</b></p></td><td width="129.65pt" colspan="0" rowspan="0" valign="center"><p><b>Rendite Rückzahlung von Nennwert und Kapitaleinlagereserven</b></p></td><td width="129.75pt" colspan="0" rowspan="0" valign="center"><p><b>Rendite Dividenden sowie Rückzahlung von Nennwert und Kapitaleinlagereserven</b></p></td></tr><tr><td width="29.15pt" colspan="0" rowspan="0" valign="center"><p>2003</p></td><td width="62.45pt" colspan="0" rowspan="0" valign="center"><p>13.522</p></td><td width="129.7pt" colspan="0" rowspan="0" valign="center"><p>1.227</p></td><td width="129.9pt" colspan="0" rowspan="0" valign="center"><p>14.749</p></td><td width="62.3pt" colspan="0" rowspan="0" valign="center"><p>1.77%</p></td><td width="129.65pt" colspan="0" rowspan="0" valign="center"><p>0.16%</p></td><td width="129.75pt" colspan="0" rowspan="0" valign="center"><p>1.93%</p></td></tr><tr><td width="29.15pt" colspan="0" rowspan="0" valign="center"><p>2004</p></td><td width="62.45pt" colspan="0" rowspan="0" valign="center"><p>14.866</p></td><td width="129.7pt" colspan="0" rowspan="0" valign="center"><p>1.300</p></td><td width="129.9pt" colspan="0" rowspan="0" valign="center"><p>16.166</p></td><td width="62.3pt" colspan="0" rowspan="0" valign="center"><p>1.65%</p></td><td width="129.65pt" colspan="0" rowspan="0" valign="center"><p>0.14%</p></td><td width="129.75pt" colspan="0" rowspan="0" valign="center"><p>1.80%</p></td></tr><tr><td width="29.15pt" colspan="0" rowspan="0" valign="center"><p>2005</p></td><td width="62.45pt" colspan="0" rowspan="0" valign="center"><p>18.591</p></td><td width="129.7pt" colspan="0" rowspan="0" valign="center"><p>1.716</p></td><td width="129.9pt" colspan="0" rowspan="0" valign="center"><p>20,307</p></td><td width="62.3pt" colspan="0" rowspan="0" valign="center"><p>1.98%</p></td><td width="129.65pt" colspan="0" rowspan="0" valign="center"><p>0.18%</p></td><td width="129.75pt" colspan="0" rowspan="0" valign="center"><p>2.16%</p></td></tr><tr><td width="29.15pt" colspan="0" rowspan="0" valign="center"><p>2006</p></td><td width="62.45pt" colspan="0" rowspan="0" valign="center"><p>23.042</p></td><td width="129.7pt" colspan="0" rowspan="0" valign="center"><p>3.179</p></td><td width="129.9pt" colspan="0" rowspan="0" valign="center"><p>26.220</p></td><td width="62.3pt" colspan="0" rowspan="0" valign="center"><p>1.86%</p></td><td width="129.65pt" colspan="0" rowspan="0" valign="center"><p>0.26%</p></td><td width="129.75pt" colspan="0" rowspan="0" valign="center"><p>2.12%</p></td></tr><tr><td width="29.15pt" colspan="0" rowspan="0" valign="center"><p>2007</p></td><td width="62.45pt" colspan="0" rowspan="0" valign="center"><p>29.625</p></td><td width="129.7pt" colspan="0" rowspan="0" valign="center"><p>1.994</p></td><td width="129.9pt" colspan="0" rowspan="0" valign="center"><p>31.619</p></td><td width="62.3pt" colspan="0" rowspan="0" valign="center"><p>2.00%</p></td><td width="129.65pt" colspan="0" rowspan="0" valign="center"><p>0.13%</p></td><td width="129.75pt" colspan="0" rowspan="0" valign="center"><p>2.14%</p></td></tr><tr><td width="29.15pt" colspan="0" rowspan="0" valign="center"><p>2008</p></td><td width="62.45pt" colspan="0" rowspan="0" valign="center"><p>29.485</p></td><td width="129.7pt" colspan="0" rowspan="0" valign="center"><p>3.364</p></td><td width="129.9pt" colspan="0" rowspan="0" valign="center"><p>32.848</p></td><td width="62.3pt" colspan="0" rowspan="0" valign="center"><p>2.04%</p></td><td width="129.65pt" colspan="0" rowspan="0" valign="center"><p>0.23%</p></td><td width="129.75pt" colspan="0" rowspan="0" valign="center"><p>2.28%</p></td></tr><tr><td width="29.15pt" colspan="0" rowspan="0" valign="center"><p>2009</p></td><td width="62.45pt" colspan="0" rowspan="0" valign="center"><p>24.510</p></td><td width="129.7pt" colspan="0" rowspan="0" valign="center"><p>1.886</p></td><td width="129.9pt" colspan="0" rowspan="0" valign="center"><p>26.396</p></td><td width="62.3pt" colspan="0" rowspan="0" valign="center"><p>2.67%</p></td><td width="129.65pt" colspan="0" rowspan="0" valign="center"><p>0.21%</p></td><td width="129.75pt" colspan="0" rowspan="0" valign="center"><p>2.87%</p></td></tr><tr><td width="29.15pt" colspan="0" rowspan="0" valign="center"><p>2010</p></td><td width="62.45pt" colspan="0" rowspan="0" valign="center"><p>30.083</p></td><td width="129.7pt" colspan="0" rowspan="0" valign="center"><p>1.894</p></td><td width="129.9pt" colspan="0" rowspan="0" valign="center"><p>31.976</p></td><td width="62.3pt" colspan="0" rowspan="0" valign="center"><p>2.73%</p></td><td width="129.65pt" colspan="0" rowspan="0" valign="center"><p>0.17%</p></td><td width="129.75pt" colspan="0" rowspan="0" valign="center"><p>2.91%</p></td></tr><tr><td width="29.15pt" colspan="0" rowspan="0" valign="center"><p>*2011</p></td><td width="62.45pt" colspan="0" rowspan="0" valign="center"><p>35.905</p></td><td width="129.7pt" colspan="0" rowspan="0" valign="center"><p>0.337</p></td><td width="129.9pt" colspan="0" rowspan="0" valign="center"><p>36.242</p></td><td width="62.3pt" colspan="0" rowspan="0" valign="center"><p>3.13%</p></td><td width="129.65pt" colspan="0" rowspan="0" valign="center"><p>0.03%</p></td><td width="129.75pt" colspan="0" rowspan="0" valign="center"><p>3.16%</p></td></tr><tr><td width="29.15pt" colspan="0" rowspan="0" valign="center"><p>2012</p></td><td width="62.45pt" colspan="0" rowspan="0" valign="center"><p>24.903</p></td><td width="129.7pt" colspan="0" rowspan="0" valign="center"><p>8.896</p></td><td width="129.9pt" colspan="0" rowspan="0" valign="center"><p>33.799</p></td><td width="62.3pt" colspan="0" rowspan="0" valign="center"><p>2.45%</p></td><td width="129.65pt" colspan="0" rowspan="0" valign="center"><p>0.87%</p></td><td width="129.75pt" colspan="0" rowspan="0" valign="center"><p>3.32%</p></td></tr><tr><td width="29.15pt" colspan="0" rowspan="0" valign="center"><p>2013</p></td><td width="62.45pt" colspan="0" rowspan="0" valign="center"><p>26.964</p></td><td width="129.7pt" colspan="0" rowspan="0" valign="center"><p>11.813</p></td><td width="129.9pt" colspan="0" rowspan="0" valign="center"><p>38.777</p></td><td width="62.3pt" colspan="0" rowspan="0" valign="center"><p>2.39%</p></td><td width="129.65pt" colspan="0" rowspan="0" valign="center"><p>1.05%</p></td><td width="129.75pt" colspan="0" rowspan="0" valign="center"><p>3.43%</p></td></tr><tr><td width="29.15pt" colspan="0" rowspan="0" valign="center"><p>2014</p></td><td width="62.45pt" colspan="0" rowspan="0" valign="center"><p>29.698</p></td><td width="129.7pt" colspan="0" rowspan="0" valign="center"><p>13.284</p></td><td width="129.9pt" colspan="0" rowspan="0" valign="center"><p>42.982</p></td><td width="62.3pt" colspan="0" rowspan="0" valign="center"><p>2.17%</p></td><td width="129.65pt" colspan="0" rowspan="0" valign="center"><p>0.97%</p></td><td width="129.75pt" colspan="0" rowspan="0" valign="center"><p>3.14%</p></td></tr><tr><td width="29.15pt" colspan="0" rowspan="0" valign="center"><p>2015</p></td><td width="62.45pt" colspan="0" rowspan="0" valign="center"><p>33.062</p></td><td width="129.7pt" colspan="0" rowspan="0" valign="center"><p>11,062</p></td><td width="129.9pt" colspan="0" rowspan="0" valign="center"><p>44.125</p></td><td width="62.3pt" colspan="0" rowspan="0" valign="center"><p>2.23%</p></td><td width="129.65pt" colspan="0" rowspan="0" valign="center"><p>0.74%</p></td><td width="129.75pt" colspan="0" rowspan="0" valign="center"><p>2.97%</p></td></tr><tr><td width="29.15pt" colspan="0" rowspan="0" valign="center"><p>2016</p></td><td width="62.45pt" colspan="0" rowspan="0" valign="center"><p>34.620</p></td><td width="129.7pt" colspan="0" rowspan="0" valign="center"><p>12.577</p></td><td width="129.9pt" colspan="0" rowspan="0" valign="center"><p>47.198</p></td><td width="62.3pt" colspan="0" rowspan="0" valign="center"><p>2.30%</p></td><td width="129.65pt" colspan="0" rowspan="0" valign="center"><p>0.84%</p></td><td width="129.75pt" colspan="0" rowspan="0" valign="center"><p>3.14%</p></td></tr><tr><td width="29.15pt" colspan="0" rowspan="0" valign="center"><p>2017</p></td><td width="62.45pt" colspan="0" rowspan="0" valign="center"><p>41.320</p></td><td width="129.7pt" colspan="0" rowspan="0" valign="center"><p>9.055</p></td><td width="129.9pt" colspan="0" rowspan="0" valign="center"><p>50.375</p></td><td width="62.3pt" colspan="0" rowspan="0" valign="center"><p>2.89%</p></td><td width="129.65pt" colspan="0" rowspan="0" valign="center"><p>0.63%</p></td><td width="129.75pt" colspan="0" rowspan="0" valign="center"><p>3.52%</p></td></tr><tr><td width="29.15pt" colspan="0" rowspan="0" valign="center"><p>2018</p></td><td width="62.45pt" colspan="0" rowspan="0" valign="center"><p>36.464</p></td><td width="129.7pt" colspan="0" rowspan="0" valign="center"><p>8.290</p></td><td width="129.9pt" colspan="0" rowspan="0" valign="center"><p>44.754</p></td><td width="62.3pt" colspan="0" rowspan="0" valign="center"><p>2.22%</p></td><td width="129.65pt" colspan="0" rowspan="0" valign="center"><p>0.50%</p></td><td width="129.75pt" colspan="0" rowspan="0" valign="center"><p>2.72%</p></td></tr><tr><td width="29.15pt" colspan="0" rowspan="0" valign="center"><p>2019</p></td><td width="62.45pt" colspan="0" rowspan="0" valign="center"><p>39.927</p></td><td width="129.7pt" colspan="0" rowspan="0" valign="center"><p>7.790</p></td><td width="129.9pt" colspan="0" rowspan="0" valign="center"><p>47.716</p></td><td width="62.3pt" colspan="0" rowspan="0" valign="center"><p>2.82%</p></td><td width="129.65pt" colspan="0" rowspan="0" valign="center"><p>0.55%</p></td><td width="129.75pt" colspan="0" rowspan="0" valign="center"><p>3.36%</p></td></tr><tr><td width="29.15pt" colspan="0" rowspan="0" valign="center"><p>2020</p></td><td width="62.45pt" colspan="0" rowspan="0" valign="center"><p>40.163</p></td><td width="129.7pt" colspan="0" rowspan="0" valign="center"><p>5.940</p></td><td width="129.9pt" colspan="0" rowspan="0" valign="center"><p>46.103</p></td><td width="62.3pt" colspan="0" rowspan="0" valign="center"><p>2.26%</p></td><td width="129.65pt" colspan="0" rowspan="0" valign="center"><p>0.33%</p></td><td width="129.75pt" colspan="0" rowspan="0" valign="center"><p>2.60%</p></td></tr></table><table width="699pt"><tr><td width="695.4pt" colspan="0" rowspan="0" valign="center"><p>* Im Jahr 2011 ist die Rückzahlung von Kapitaleinlagereserven in der Zeitreihe für Dividenden enthalten.</p><p>Die berechneten Renditen beziehen sich auf die Börsenkapitalisierung zu Jahresbeginn.</p></td></tr></table><p>Quelle: Schweizerische Nationalbank; Renditeberechnungen durch ESTV</p><p></p><p>2. Tabelle 2 weist zwei Auslandquoten zu den Dividendenausschüttungen aus. Der Anteil der von Ausländern gehaltenen börsenkotierten Aktien (zweite Spalte von rechts) kann näherungsweise durch die Passiven der Portfolioinvestitionen gemäss der Auslandvermögensstatistik, geteilt durch die Börsenkapitalisierung des Swiss All Share Index, berechnet werden. Unterscheidet sich die Ausschüttungsquote bei den von Ausländern gehaltenen Titeln nicht von der Ausschüttungsquote des Gesamtmarktes, entspricht die so berechnete Auslandsquote auch dem Anteil der ausländischen Investoren an den ausgeschütteten Dividenden. Die Auslandquote auf Basis aller Dividenden ohne Dividenden im inländischen Mutter-Tochter-Verhältnis (erste Spalte von rechts) entspricht methodisch der in der Antwort auf die Anfrage 16.1061 berechneten Auslandquote. Dabei wird die Summe aus dem Auslandanteil der Dividenden des Swiss-All-Share-Index und den zwingend ins Ausland fliessenden Dividenden im Meldeverfahren "Konzern international" zur Summe der im Verrechnungssteuer-Erhebungsverfahren erfassten Dividenden und der Dividenden aus dem Meldeverfahren "Konzern international" ins Verhältnis gesetzt.</p><p></p><p><b>Tabelle 2:Auslandquote Dividendenausschüttungen</b></p><table width="1120pt"><tr><td width="22.75pt" colspan="0" rowspan="0" valign="center"><p><b>Jahr</b></p></td><td width="237.8pt" colspan="0" rowspan="0" valign="center"><p><b>Dividenden im Verrechnungssteuer-Erhebungsverfahren</b></p></td><td width="143.55pt" colspan="0" rowspan="0" valign="center"><p><b>Portfolio-Aktienbestände ausländischer Anleger in der Schweiz, zu Jahresbeginn</b></p></td><td width="137.5pt" colspan="0" rowspan="0" valign="center"><p><b>Börsenkapitalisierung (Swiss-All-Share-Index), zu Jahresbeginn</b></p></td><td width="182.2pt" colspan="0" rowspan="0" valign="center"><p><b>Dividendenausschüttungsquote (Swiss-All-Share-Index)</b></p></td><td width="91.15pt" colspan="0" rowspan="0" valign="center"><p><b>Auslandanteil Dividenden (Swiss All-Share-Index)</b></p></td><td width="88.15pt" colspan="0" rowspan="0" valign="center"><p><b>Dividenden im Meldeverfahren Konzern International</b></p></td><td width="188.1pt" colspan="0" rowspan="0" valign="center"><p><b>Auslandquote Dividendenausschüttungen</b></p></td></tr></table><table width="1120pt"><tr><td width="26.25pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="231pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="142.3pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="139.9pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="174.45pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="85.95pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="81.7pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="55.15pt" colspan="0" rowspan="0" valign="center"><p><b>Swiss-All Share Index</b></p></td><td width="150.9pt" colspan="0" rowspan="0" valign="center"><p><b>Alle Dividenden ohne jene im inländischen Mutter-Tochter-Verhältnis</b></p></td></tr><tr><td width="26.25pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="231pt" colspan="0" rowspan="0" valign="center"><p>Mio. CHF</p></td><td width="142.3pt" colspan="0" rowspan="0" valign="center"><p>Mio. CHF</p></td><td width="139.9pt" colspan="0" rowspan="0" valign="center"><p>Mio. CHF</p></td><td width="174.45pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="85.95pt" colspan="0" rowspan="0" valign="center"><p>Mio. CHF</p></td><td width="81.7pt" colspan="0" rowspan="0" valign="center"><p>Mio. CHF</p></td><td width="55.15pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="150.9pt" colspan="0" rowspan="0" valign="center"><p></p></td></tr><tr><td width="26.25pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="231pt" colspan="0" rowspan="0" valign="center"><p>A</p></td><td width="142.3pt" colspan="0" rowspan="0" valign="center"><p>B</p></td><td width="139.9pt" colspan="0" rowspan="0" valign="center"><p>C</p></td><td width="174.45pt" colspan="0" rowspan="0" valign="center"><p>D</p></td><td width="85.95pt" colspan="0" rowspan="0" valign="center"><p>E=D*B</p></td><td width="81.7pt" colspan="0" rowspan="0" valign="center"><p>F</p></td><td width="55.15pt" colspan="0" rowspan="0" valign="center"><p>G=B/C</p></td><td width="150.9pt" colspan="0" rowspan="0" valign="center"><p>H=(E+F)/(A+F)</p></td></tr><tr><td width="26.25pt" colspan="0" rowspan="0" valign="center"><p>2001</p></td><td width="231pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="142.3pt" colspan="0" rowspan="0" valign="center"><p>547'540</p></td><td width="139.9pt" colspan="0" rowspan="0" valign="center"><p>1'283'948</p></td><td width="174.45pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="85.95pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="81.7pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="55.15pt" colspan="0" rowspan="0" valign="center"><p>42.65%</p></td><td width="150.9pt" colspan="0" rowspan="0" valign="center"><p></p></td></tr><tr><td width="26.25pt" colspan="0" rowspan="0" valign="center"><p>2002</p></td><td width="231pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="142.3pt" colspan="0" rowspan="0" valign="center"><p>463'426</p></td><td width="139.9pt" colspan="0" rowspan="0" valign="center"><p>1'039'124</p></td><td width="174.45pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="85.95pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="81.7pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="55.15pt" colspan="0" rowspan="0" valign="center"><p>44.60%</p></td><td width="150.9pt" colspan="0" rowspan="0" valign="center"><p></p></td></tr><tr><td width="26.25pt" colspan="0" rowspan="0" valign="center"><p>2003</p></td><td width="231pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="142.3pt" colspan="0" rowspan="0" valign="center"><p>374'356</p></td><td width="139.9pt" colspan="0" rowspan="0" valign="center"><p>764'010</p></td><td width="174.45pt" colspan="0" rowspan="0" valign="center"><p>1.77%</p></td><td width="85.95pt" colspan="0" rowspan="0" valign="center"><p>6'625</p></td><td width="81.7pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="55.15pt" colspan="0" rowspan="0" valign="center"><p>49.00%</p></td><td width="150.9pt" colspan="0" rowspan="0" valign="center"><p></p></td></tr><tr><td width="26.25pt" colspan="0" rowspan="0" valign="center"><p>2004</p></td><td width="231pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="142.3pt" colspan="0" rowspan="0" valign="center"><p>431'847</p></td><td width="139.9pt" colspan="0" rowspan="0" valign="center"><p>899'008</p></td><td width="174.45pt" colspan="0" rowspan="0" valign="center"><p>1.65%</p></td><td width="85.95pt" colspan="0" rowspan="0" valign="center"><p>7'141</p></td><td width="81.7pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="55.15pt" colspan="0" rowspan="0" valign="center"><p>48.04%</p></td><td width="150.9pt" colspan="0" rowspan="0" valign="center"><p></p></td></tr><tr><td width="26.25pt" colspan="0" rowspan="0" valign="center"><p>2005</p></td><td width="231pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="142.3pt" colspan="0" rowspan="0" valign="center"><p>451'126</p></td><td width="139.9pt" colspan="0" rowspan="0" valign="center"><p>939'073</p></td><td width="174.45pt" colspan="0" rowspan="0" valign="center"><p>1.98%</p></td><td width="85.95pt" colspan="0" rowspan="0" valign="center"><p>8'931</p></td><td width="81.7pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="55.15pt" colspan="0" rowspan="0" valign="center"><p>48.04%</p></td><td width="150.9pt" colspan="0" rowspan="0" valign="center"><p></p></td></tr><tr><td width="26.25pt" colspan="0" rowspan="0" valign="center"><p>2006</p></td><td width="231pt" colspan="0" rowspan="0" valign="center"><p>47'569</p></td><td width="142.3pt" colspan="0" rowspan="0" valign="center"><p>622'793</p></td><td width="139.9pt" colspan="0" rowspan="0" valign="center"><p>1'237'106</p></td><td width="174.45pt" colspan="0" rowspan="0" valign="center"><p>1.86%</p></td><td width="85.95pt" colspan="0" rowspan="0" valign="center"><p>11'600</p></td><td width="81.7pt" colspan="0" rowspan="0" valign="center"><p>58'700</p></td><td width="55.15pt" colspan="0" rowspan="0" valign="center"><p>50.34%</p></td><td width="150.9pt" colspan="0" rowspan="0" valign="center"><p>66.15%</p></td></tr><tr><td width="26.25pt" colspan="0" rowspan="0" valign="center"><p>2007</p></td><td width="231pt" colspan="0" rowspan="0" valign="center"><p>62'369</p></td><td width="142.3pt" colspan="0" rowspan="0" valign="center"><p>746'653</p></td><td width="139.9pt" colspan="0" rowspan="0" valign="center"><p>1'480'109</p></td><td width="174.45pt" colspan="0" rowspan="0" valign="center"><p>2.00%</p></td><td width="85.95pt" colspan="0" rowspan="0" valign="center"><p>14'945</p></td><td width="81.7pt" colspan="0" rowspan="0" valign="center"><p>52'150</p></td><td width="55.15pt" colspan="0" rowspan="0" valign="center"><p>50.45%</p></td><td width="150.9pt" colspan="0" rowspan="0" valign="center"><p>58.59%</p></td></tr><tr><td width="26.25pt" colspan="0" rowspan="0" valign="center"><p>2008</p></td><td width="231pt" colspan="0" rowspan="0" valign="center"><p>56'316</p></td><td width="142.3pt" colspan="0" rowspan="0" valign="center"><p>716'378</p></td><td width="139.9pt" colspan="0" rowspan="0" valign="center"><p>1'443'006</p></td><td width="174.45pt" colspan="0" rowspan="0" valign="center"><p>2.04%</p></td><td width="85.95pt" colspan="0" rowspan="0" valign="center"><p>14'638</p></td><td width="81.7pt" colspan="0" rowspan="0" valign="center"><p>80'631</p></td><td width="55.15pt" colspan="0" rowspan="0" valign="center"><p>49.64%</p></td><td width="150.9pt" colspan="0" rowspan="0" valign="center"><p>69.57%</p></td></tr><tr><td width="26.25pt" colspan="0" rowspan="0" valign="center"><p>2009</p></td><td width="231pt" colspan="0" rowspan="0" valign="center"><p>45'659</p></td><td width="142.3pt" colspan="0" rowspan="0" valign="center"><p>492'220</p></td><td width="139.9pt" colspan="0" rowspan="0" valign="center"><p>918'175</p></td><td width="174.45pt" colspan="0" rowspan="0" valign="center"><p>2.67%</p></td><td width="85.95pt" colspan="0" rowspan="0" valign="center"><p>13'139</p></td><td width="81.7pt" colspan="0" rowspan="0" valign="center"><p>91'038</p></td><td width="55.15pt" colspan="0" rowspan="0" valign="center"><p>53.61%</p></td><td width="150.9pt" colspan="0" rowspan="0" valign="center"><p>76.21%</p></td></tr><tr><td width="26.25pt" colspan="0" rowspan="0" valign="center"><p>2010</p></td><td width="231pt" colspan="0" rowspan="0" valign="center"><p>55'834</p></td><td width="142.3pt" colspan="0" rowspan="0" valign="center"><p>656'191</p></td><td width="139.9pt" colspan="0" rowspan="0" valign="center"><p>1'100'673</p></td><td width="174.45pt" colspan="0" rowspan="0" valign="center"><p>2.73%</p></td><td width="85.95pt" colspan="0" rowspan="0" valign="center"><p>17'934</p></td><td width="81.7pt" colspan="0" rowspan="0" valign="center"><p>71'051</p></td><td width="55.15pt" colspan="0" rowspan="0" valign="center"><p>59.62%</p></td><td width="150.9pt" colspan="0" rowspan="0" valign="center"><p>70.13%</p></td></tr><tr><td width="26.25pt" colspan="0" rowspan="0" valign="center"><p>2011</p></td><td width="231pt" colspan="0" rowspan="0" valign="center"><p>49'634</p></td><td width="142.3pt" colspan="0" rowspan="0" valign="center"><p>646'310</p></td><td width="139.9pt" colspan="0" rowspan="0" valign="center"><p>1'145'883</p></td><td width="174.45pt" colspan="0" rowspan="0" valign="center"><p>*3.13%</p></td><td width="85.95pt" colspan="0" rowspan="0" valign="center"><p>*20'252</p></td><td width="81.7pt" colspan="0" rowspan="0" valign="center"><p>122'450</p></td><td width="55.15pt" colspan="0" rowspan="0" valign="center"><p>*56.40%</p></td><td width="150.9pt" colspan="0" rowspan="0" valign="center"><p>*82.93%</p></td></tr><tr><td width="26.25pt" colspan="0" rowspan="0" valign="center"><p>2012</p></td><td width="231pt" colspan="0" rowspan="0" valign="center"><p>46'334</p></td><td width="142.3pt" colspan="0" rowspan="0" valign="center"><p>584'815</p></td><td width="139.9pt" colspan="0" rowspan="0" valign="center"><p>1'016'885</p></td><td width="174.45pt" colspan="0" rowspan="0" valign="center"><p>2.45%</p></td><td width="85.95pt" colspan="0" rowspan="0" valign="center"><p>14'322</p></td><td width="81.7pt" colspan="0" rowspan="0" valign="center"><p>70'445</p></td><td width="55.15pt" colspan="0" rowspan="0" valign="center"><p>57.51%</p></td><td width="150.9pt" colspan="0" rowspan="0" valign="center"><p>72.59%</p></td></tr><tr><td width="26.25pt" colspan="0" rowspan="0" valign="center"><p>2013</p></td><td width="231pt" colspan="0" rowspan="0" valign="center"><p>46'337</p></td><td width="142.3pt" colspan="0" rowspan="0" valign="center"><p>773'591</p></td><td width="139.9pt" colspan="0" rowspan="0" valign="center"><p>1'129'090</p></td><td width="174.45pt" colspan="0" rowspan="0" valign="center"><p>2.39%</p></td><td width="85.95pt" colspan="0" rowspan="0" valign="center"><p>18'474</p></td><td width="81.7pt" colspan="0" rowspan="0" valign="center"><p>113'860</p></td><td width="55.15pt" colspan="0" rowspan="0" valign="center"><p>68.51%</p></td><td width="150.9pt" colspan="0" rowspan="0" valign="center"><p>82.61%</p></td></tr><tr><td width="26.25pt" colspan="0" rowspan="0" valign="center"><p>2014</p></td><td width="231pt" colspan="0" rowspan="0" valign="center"><p>55'388</p></td><td width="142.3pt" colspan="0" rowspan="0" valign="center"><p>952'884</p></td><td width="139.9pt" colspan="0" rowspan="0" valign="center"><p>1'370'298</p></td><td width="174.45pt" colspan="0" rowspan="0" valign="center"><p>2.17%</p></td><td width="85.95pt" colspan="0" rowspan="0" valign="center"><p>20'652</p></td><td width="81.7pt" colspan="0" rowspan="0" valign="center"><p>94'226</p></td><td width="55.15pt" colspan="0" rowspan="0" valign="center"><p>69.54%</p></td><td width="150.9pt" colspan="0" rowspan="0" valign="center"><p>76.78%</p></td></tr><tr><td width="26.25pt" colspan="0" rowspan="0" valign="center"><p>2015</p></td><td width="231pt" colspan="0" rowspan="0" valign="center"><p>67'919</p></td><td width="142.3pt" colspan="0" rowspan="0" valign="center"><p>1'022'899</p></td><td width="139.9pt" colspan="0" rowspan="0" valign="center"><p>1'485'894</p></td><td width="174.45pt" colspan="0" rowspan="0" valign="center"><p>2.23%</p></td><td width="85.95pt" colspan="0" rowspan="0" valign="center"><p>22'760</p></td><td width="81.7pt" colspan="0" rowspan="0" valign="center"><p>84'579</p></td><td width="55.15pt" colspan="0" rowspan="0" valign="center"><p>68.84%</p></td><td width="150.9pt" colspan="0" rowspan="0" valign="center"><p>70.39%</p></td></tr><tr><td width="26.25pt" colspan="0" rowspan="0" valign="center"><p>2016</p></td><td width="231pt" colspan="0" rowspan="0" valign="center"><p>57'112</p></td><td width="142.3pt" colspan="0" rowspan="0" valign="center"><p>1'008'925</p></td><td width="139.9pt" colspan="0" rowspan="0" valign="center"><p>1'505'346</p></td><td width="174.45pt" colspan="0" rowspan="0" valign="center"><p>2.30%</p></td><td width="85.95pt" colspan="0" rowspan="0" valign="center"><p>23'203</p></td><td width="81.7pt" colspan="0" rowspan="0" valign="center"><p>106'678</p></td><td width="55.15pt" colspan="0" rowspan="0" valign="center"><p>67.02%</p></td><td width="150.9pt" colspan="0" rowspan="0" valign="center"><p>79.30%</p></td></tr><tr><td width="26.25pt" colspan="0" rowspan="0" valign="center"><p>2017</p></td><td width="231pt" colspan="0" rowspan="0" valign="center"><p>70'960</p></td><td width="142.3pt" colspan="0" rowspan="0" valign="center"><p>971'686</p></td><td width="139.9pt" colspan="0" rowspan="0" valign="center"><p>1'429'318</p></td><td width="174.45pt" colspan="0" rowspan="0" valign="center"><p>2.89%</p></td><td width="85.95pt" colspan="0" rowspan="0" valign="center"><p>28'090</p></td><td width="81.7pt" colspan="0" rowspan="0" valign="center"><p>86'816</p></td><td width="55.15pt" colspan="0" rowspan="0" valign="center"><p>67.98%</p></td><td width="150.9pt" colspan="0" rowspan="0" valign="center"><p>72.83%</p></td></tr><tr><td width="26.25pt" colspan="0" rowspan="0" valign="center"><p>2018</p></td><td width="231pt" colspan="0" rowspan="0" valign="center"><p>78'831</p></td><td width="142.3pt" colspan="0" rowspan="0" valign="center"><p>1'074'037</p></td><td width="139.9pt" colspan="0" rowspan="0" valign="center"><p>1'645'045</p></td><td width="174.45pt" colspan="0" rowspan="0" valign="center"><p>2.22%</p></td><td width="85.95pt" colspan="0" rowspan="0" valign="center"><p>23'807</p></td><td width="81.7pt" colspan="0" rowspan="0" valign="center"><p>304'900</p></td><td width="55.15pt" colspan="0" rowspan="0" valign="center"><p>65.29%</p></td><td width="150.9pt" colspan="0" rowspan="0" valign="center"><p>85.66%</p></td></tr><tr><td width="26.25pt" colspan="0" rowspan="0" valign="center"><p>2019</p></td><td width="231pt" colspan="0" rowspan="0" valign="center"><p>94'584</p></td><td width="142.3pt" colspan="0" rowspan="0" valign="center"><p>951'317</p></td><td width="139.9pt" colspan="0" rowspan="0" valign="center"><p>1'418'188</p></td><td width="174.45pt" colspan="0" rowspan="0" valign="center"><p>2.82%</p></td><td width="85.95pt" colspan="0" rowspan="0" valign="center"><p>26'783</p></td><td width="81.7pt" colspan="0" rowspan="0" valign="center"><p>269'641</p></td><td width="55.15pt" colspan="0" rowspan="0" valign="center"><p>67.08%</p></td><td width="150.9pt" colspan="0" rowspan="0" valign="center"><p>81.38%</p></td></tr><tr><td width="26.25pt" colspan="0" rowspan="0" valign="center"><p>2020</p></td><td width="231pt" colspan="0" rowspan="0" valign="center"><p>72'575</p></td><td width="142.3pt" colspan="0" rowspan="0" valign="center"><p>1'188'932</p></td><td width="139.9pt" colspan="0" rowspan="0" valign="center"><p>1'776'009</p></td><td width="174.45pt" colspan="0" rowspan="0" valign="center"><p>2.26%</p></td><td width="85.95pt" colspan="0" rowspan="0" valign="center"><p>26'887</p></td><td width="81.7pt" colspan="0" rowspan="0" valign="center"><p>248'338</p></td><td width="55.15pt" colspan="0" rowspan="0" valign="center"><p>66.94%</p></td><td width="150.9pt" colspan="0" rowspan="0" valign="center"><p>85.76%</p></td></tr><tr><td width="26.25pt" colspan="0" rowspan="0" valign="center"><p>2021</p></td><td width="231pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="142.3pt" colspan="0" rowspan="0" valign="center"><p>1'170'635</p></td><td width="139.9pt" colspan="0" rowspan="0" valign="center"><p>1'771'212</p></td><td width="174.45pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="85.95pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="81.7pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="55.15pt" colspan="0" rowspan="0" valign="center"><p>66.09%</p></td><td width="150.9pt" colspan="0" rowspan="0" valign="center"><p></p></td></tr></table><table width="1121.15pt"><tr><td width="1117.55pt" colspan="0" rowspan="0" valign="center"><p>* Werte sind verzerrt, da 2011 in den Dividendenausschüttungen des Swiss-Share-Indexes auch die Kapitaleinlagerückzahlungen enthalten sind.</p></td></tr></table><p>Quellen: ESTV: Spalten A und F und Berechnungen; Schweizerische Nationalbank: Spalten: B, C und Datengrundlage für Spalte D</p><p></p><p>3. Wie Tabelle 1 zeigt, erreichten die Gewinnausschüttungen mit und ohne Nennwert- und KER-Rückzahlung der Swiss-Share-Index-Unternehmen 2017 vorerst ihren Höhepunkt. Die Schweizer Dividendenrenditen sind im internationalen Vergleich nicht aussergewöhnlich.</p><p>Treiber der Entwicklung der letzten 20 Jahre sind die Gewinnentwicklung, die gestiegene Internationalisierung und Professionalisierung des Aktionariats und die wachsende Bedeutung aktionärsfreundlicher Corporate Governance.</p><p>Tabelle 1 zeigt, dass die Rückzahlung von KER (und Nennwert) der Swiss-All-Share-Index-Unternehmen absolut mit 13,3 Milliarden Franken 2014 und relativ mit einer Ausschüttungsquote von 1,05 Prozent bereits 2013 ihren Höhepunkt erreichte. Seither ging deren Bedeutung allmählich zurück. 2020 wirkte sich erstmals die im Rahmen der Steuerreform und AHV-Finanzierung (STAF) beschlossene Regelung aus, wonach Kapitaleinlagen nur noch steuerfrei zurückbezahlt werden können, soweit im gleichen Jahr eine steuerbare Gewinnausschüttung in mindestens gleicher Höhe ausgerichtet wird.</p><p>4. Beim Erwerb eigener Aktien zur Kapitalherabsetzung wird auf der Differenz zwischen dem Rückkaufspreis der Aktien und deren Nennwert die Verrechnungssteuer von 35 Prozent erhoben. Auf Grundlage der Verrechnungssteuerdaten lässt sich daher das Volumen der Aktienrückkäufe in Form der Liquidationsüberschüsse bestimmen. Tabelle 3 enthält eine Auswertung, aufgeschlüsselt nach börsenkotierten und übrigen Gesellschaften für die Jahre 2018 bis 2020.</p><p></p><p><b>Tabelle 3:Aktienrückkäufe börsenkotierter und übriger Gesellschaften</b></p><table width="514.05pt"><tr><td width="22.85pt" colspan="0" rowspan="0" valign="center"><p><b>Jahr</b></p></td><td width="239.5pt" colspan="0" rowspan="0" valign="center"><p><b>Verrechnungssteuer aus Aktienrückkäufen in Mio. CHF</b></p></td><td width="240.9pt" colspan="0" rowspan="0" valign="center"><p><b>Liquidationsüberschuss aus Aktienrückkäufen in Mio. CHF</b></p></td></tr></table><table width="513.4pt"><tr><td width="24.15pt" colspan="0" rowspan="0" valign="center"><p></p></td><td width="77.3pt" colspan="0" rowspan="0" valign="center"><p>Alle Gesellschaften</p></td><td width="77.4pt" colspan="0" rowspan="0" valign="center"><p>Börsenkotierte Gesellschaften</p></td><td width="77.25pt" colspan="0" rowspan="0" valign="center"><p>Übrige Gesellschaften</p></td><td width="77.35pt" colspan="0" rowspan="0" valign="center"><p>Alle Gesellschaften</p></td><td width="77.45pt" colspan="0" rowspan="0" valign="center"><p>Börsenkotierte Gesellschaften</p></td><td width="77.3pt" colspan="0" rowspan="0" valign="center"><p>Übrige Gesellschaften</p></td></tr><tr><td width="24.15pt" colspan="0" rowspan="0" valign="center"><p>2018</p></td><td width="77.3pt" colspan="0" rowspan="0" valign="center"><p>5'564 </p></td><td width="77.4pt" colspan="0" rowspan="0" valign="center"><p>4'788 </p></td><td width="77.25pt" colspan="0" rowspan="0" valign="center"><p>776 </p></td><td width="77.35pt" colspan="0" rowspan="0" valign="center"><p>15'897 </p></td><td width="77.45pt" colspan="0" rowspan="0" valign="center"><p>13'679 </p></td><td width="77.3pt" colspan="0" rowspan="0" valign="center"><p>2'218 </p></td></tr><tr><td width="24.15pt" colspan="0" rowspan="0" valign="center"><p>2019</p></td><td width="77.3pt" colspan="0" rowspan="0" valign="center"><p>7'333 </p></td><td width="77.4pt" colspan="0" rowspan="0" valign="center"><p>6'619 </p></td><td width="77.25pt" colspan="0" rowspan="0" valign="center"><p>713 </p></td><td width="77.35pt" colspan="0" rowspan="0" valign="center"><p>20'950 </p></td><td width="77.45pt" colspan="0" rowspan="0" valign="center"><p>18'912 </p></td><td width="77.3pt" colspan="0" rowspan="0" valign="center"><p>2'039 </p></td></tr><tr><td width="24.15pt" colspan="0" rowspan="0" valign="center"><p>2020</p></td><td width="77.3pt" colspan="0" rowspan="0" valign="center"><p>4'420 </p></td><td width="77.4pt" colspan="0" rowspan="0" valign="center"><p>4'082 </p></td><td width="77.25pt" colspan="0" rowspan="0" valign="center"><p>339 </p></td><td width="77.35pt" colspan="0" rowspan="0" valign="center"><p>12'630 </p></td><td width="77.45pt" colspan="0" rowspan="0" valign="center"><p>11'662 </p></td><td width="77.3pt" colspan="0" rowspan="0" valign="center"><p>968 </p></td></tr></table><p>Quelle: ESTV</p>  Antwort des Bundesrates.