SwitzerlandAccounting and Audit
PLEASE NOTE: THIS ARTICLE WAS ORIGINALLY SUBMITTED BY REVISUISSE PRICE WATERHOUSE, SWITZERLAND
Your contacts for VAT issues at Price Waterhouse Zurich, Switzerland, are Urs Landolf and Jurg Buchli.
New VAT rates
The current standard VAT rate of 6.5% will be increased to 7.5% on January 1, 1999. Compared to other European countries this is still a very low rate. Furthermore, the reduced rate VAT tariffs of 2% and 3% will be increased to 2,3% and 3,5% respectively. This is the first increase after the introduction of VAT in 1995 and it will lead to necessary changes in VAT payers contracts, systems and invoicing procedures.
The changes effect in particular those companies without straightforward sales transactions, but which continuously render services or supplies over a certain period of time. Services and supplies rendered in 1998 are thus basically subject to the current rate, while those rendered after January 1, 1999 are subject to the new rate. Accounting systems
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