- The tax authorities in Switzerland have announced changes to VAT rates starting from January 1, 2024.
- The new VAT rates will be: 8.1% for the standard rate, 2.6% for the reduced rate, and 3.8% for the special rate for accommodation services.
- Temporary tax codes need to be added to the system to reflect the new rates.
- The definition of original tax codes also needs to be updated.
- VAT declaration boxes and BAS code definitions should be adjusted to reflect the changes.
- Special attention should be paid to applying the correct tax rate when issuing invoices during the transition period in 2023.
- Invoices should be split into two lines to differentiate between services provided before and after January 1, 2024.
- The updated tax rates and adjustments will be available for new companies created in SAP Business One in 2024.
Source: blogs.sap.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
