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Parliament Passes Bill to Overhaul VAT System

October 2009 - Tax & Private Client. Legal Developments by Walder Wyss Ltd.

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On June 12 2009 Parliament passed the Value Added Tax Act Reform Bill. The new legislation will completely replace the existing value added tax (VAT) legislation and will introduce significant changes in key areas. Unless a referendum is held, which appears unlikely, the new law will come into effect on January 1 2010. This leaves businesses with only a few months to prepare for the transition.

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