Switzerland has approved new VAT rates to take effect from January 2024. The standard rate will increase from 7.7% to 8.1%, the reduced rate will increase from 2.5% to 2.6%, and the special rate for accommodation will increase from 3.7% to 3.8%. The updated VAT return form, which includes boxes for both current and future rates, will be used from July 2023 for reporting periods spanning July 2023, Q3 2023, and second semester 2023. Businesses should assess the impact of these changes on their compliance function and ensure correct reporting of transactions spanning different rate periods.
Source Marosa
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