The OECD Inclusive Framework on BEPS (‘IF’, a group of 113 countries) issued its paper Tax Challenges Arising from Digitalisation – Interim Report 2018 (the ‘Report’) on 16 March, and held a public webcast to discuss its findings. This was followed by the European Commission’s (EC’s) recommendations for EU-wide adoption on similar topics, which were published on 21 March. Continue reading
VAT has been online since 2010 and over 98% of VAT registered businesses already file electronic returns. Continue reading
The Swiss people firmly rejected the ‘No Billag’ initiative on 4 March 2018. As a result, all VAT Register-listed businesses with an global turnover of more than CHF 500,000 will have to pay a business licence fee, regardless of whether or how much TV and radio they actually receive. As the fee is linked to inclusion in the VAT Register and the company’s global revenue is taken into consideration, the maximum fee of CHF 35,590 may vastly exceed the VAT incurred in Switzerland. Continue reading
According to the Royal Decree, the mandatory monthly VAT advance payments for quarterly declarants have been abolished as from 1 April 2017. Additionally, the Royal Decree confirmed the practical modalities as regards the one-off yearly December VAT advance payment, replacing the monthly VAT advance payments for quarterly declarants. Continue reading
At its sixteenth meeting, the GST Council decided to reduce the tax rates on 66 items out of the 133 items for which it had received representations. Continue reading
The aim of the turnover reconciliation is to reconcile a business’s annual revenue and input VAT as declared in the four quarterly VAT returns to the financial statements (P&L) of the same year.
Pursuant to article 72 of the new VAT Law there is a possibility (but also an obligation) to correct errors in the VAT declaration within 180 days of the end of a tax period. This “finalisation” gives the VAT payer the opportunity Continue reading