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• Swiss VAT rates 2011
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A taxable person registered for purposes of Swiss VAT shall as of January 2011 reconcile the filed VAT returns and the balance sheet, and -in case of differences- shall file an additional return in order to amend the differences.
The annual adjustment return shall be filed within 180 days after the ending of the financial year. An annual adjustment return will not have to be filed in case the reconciliation between the filed VAT returns and the balance sheet does not show differences. The tax administration will assume that the VAT returns, as filed by the taxable subject, are complete and correct once 240 days have passed and no annual adjustment return has been filed. In such a case the tax period is considered finalized.




The reconciliation shall enable to verify how and to what extent the VAT returns have been computed in line with the balance sheet*. Furthermore, the reconciliation of the input VAT shall show that the declared input VAT has been computed in line with the input tax accounts or other recordings*. The standards that apply to the reconciliation have been laid down in a regulation*, and the tax authorities have published instructions in their administrative practice rules*.

The following information standards apply to the reconciliation*:
• the turnover reported in the P/L,
• revenue booked on expense accounts, i.e. reduction of expenses,
• intercompany transactions not included in the turnover as reported in the P/L,
• sold equipment,
• advance payments,
• other payments received that have not been reported in the P/L,
• benefits in kind,
• discounts, and similar reductions of considerations received,
• bad debts,
• closing entries* in the bookkeeping that are not relevant for purposes of VAT.

Simplified*, a reconciliation of the VAT returns and the balance sheet could look like the example below.