Transaction Cost Index · M&A Intelligence

Country

CGT

Advisory

Legal

Total

🇨🇭Switzerland

0%No CGT · part. exemption

~5–6%Firmex 2025

~1–2%Notary + legal

~4–7%

🇧🇪Belgium

0%Exempt · private holding

~5–6%Firmex 2025

~1.5–2%Notary + legal

~4–8%

🇵🇱Poland

19%Flat rate · PIT

~5–6%Firmex 2025

~1.5–2%Notariusz + legal

~23–27%

🇬🇧United Kingdom

24%Business Asset Disposal

~5–6%Firmex 2025

~1.5–2%Solicitors

~25–28%

🇳🇱Netherlands

26.9%Box 2 · substantial interest

~5–6%Firmex 2025

~1–2%Notary + legal

~30–34%

🇮🇹Italy

26%Imposta sostitutiva · flat

~5–6%Firmex 2025

~2–3%Notaio + legale

~31–35%

🇪🇸Spain

28%IRPF · above €300k

~5–6%Firmex 2025

~1.5–2%Notario + legal

~31–35%

🇩🇪Germany

26.375%KapErSt + Soli + Kirchenst.

~5–6%Firmex 2025

~1.5–2%Notar + Rechtsanwalt

~29–33%

🇦🇹Austria

27.5%KESt · special rate

~5–6%Firmex 2025

~1.5–2%Notar + legal

~30–34%

🇵🇹Portugal

28%IRS Categoria G

~5–6%Firmex 2025

~1.5–2%Notário + legal

~31–35%

🇸🇪Sweden

30%Kapitalinkomstskatt

~5–6%Firmex 2025

~1–2%Legal fees

~32–36%

🇫🇷France

30%Flat Tax (PFU) · incl. social

~5–6%Firmex 2025

~2–3%Notaire + avocat

~35–39%

🇩🇰Denmark

42%27% below DKK 63k

~5–6%Firmex 2025

~1–2%Legal fees

~46–49%

Sources: EY Worldwide Capital Gains Guide 2025 · KPMG Tax Rates 2025 · Firmex Fee Benchmark 2025 · Share deal basis · CGT rates indicative — verify with local counsel

Equity Bridge & Net Proceeds 🇨🇭 Switzerland

Enterprise Value (EV) €20M

Debt netto (PFN) €3M

Success fee formula

3% su primi €5M + 3% su successivi €5M + 2% sui €10M + 1% residuo

Retainer mensile (€k) €15k

Mesi di mandato 8

Illiquidity discount 25%

CGT override 0% · CH

Cost breakdown · selected country

Capital Gains Tax0%

Advisory fee (blended)—

Legal & notary (est.)~1.5%

Total transaction cost~7%

Enterprise Value (EV)€20.0M

— Debt netto (PFN)−€3.0M

= Equity Value (pre-sconto)€17.0M

— Illiquidity discount (25%)−€4.3M

= Equity Value aggiustato€12.8M

— Success fee (2.4% blended)−€0.3M

— Retainer netto−€0.0M

— Legal & notary (est.)−€0.3M

= Lordo pre-tax€12.3M

— CGT (0% · 🇨🇭)−€0.0M

Cash-in-hand finale €12.3M

Fee blended

2.4%

Haircut / EV

38%

Cash / EV

62%

Cost totale

CGT: EY 2025 · Advisory: Firmex 2025 · ERP 5.84% Damodaran Jan 2026

Transaction Cost by Country