Before the summer break starts – is your To-Do-List up to date? Turnover reconciliation for fiscal year 2017 is due by 30 August 2018 at the latest!

While the world experiences football euphoria and summer holidays are approaching, we’d like to kindly remind you of the upcoming (VAT) finalization. Our experiences from VAT audits show that turnover reconciliation is still viewed as nice-to-have rather than legally required by taxable persons. Let’s change that! Authors: Romy Müller, Melanie Dittli
Soccer Goalie Blocking Ball

Within the finalization of the fiscal year 2017, taxable persons must compare their VAT returns of the last calendar/fiscal year (e.g. 1 January 2017 to 31 December 2017) with their annual accounts (audited financials) according to Art. 72 Swiss VAT Law and Art. 128 Swiss VAT Ordinance. If the taxable person discovers errors in its VAT returns, these must be reported in the reporting period in which the 180th day after the end of the calendar/fiscal year falls. Should the taxable person not file any correction with the SFTA within 240 days after closing of its accounts (i. e. 30 August 2018 for fiscal years 2017 which equals the calendar year), the SFTA will assume that the VAT returns already filed are correct.

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