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Switzerland changes tax rules for foreign companies

Switzerland changes tax rules for foreign companies

SWITZERLAND: Switzerland changes the calculation of the guarantee for taxpayers who are not domiciled in the country, announced the Embassy of Bulgaria in Bern and the Executive Agency for Promotion of Small and Medium-Sized Enterprises.

The changes affect Bulgarian companies and individuals who have business relations with Switzerland. So far, they owed a cash deposit guarantee or a Swiss bank guarantee on their entry in the VAT Register. It was a minimum of 5000 and a maximum of CHF 250,000. From August 1, 2017, the calculation of the guarantee is already 3% of the expected taxable turnover in the country (excluding exports). This is a minimum of 2,000 Swiss francs, and the maximum is the same as before. However, from January 1, 2018, foreign companies will be required to pay VAT in Switzerland with an annual turnover of CHF 100,000 worldwide, as part of it is made in the country. So far, the turnover of CHF 100,000 was required to be realized only in Switzerland. From January 1, 2019, and all those who send from abroad to the country even the smallest consignments exempt from import duty will be required to pay VAT at the amount of at least 100,000 Swiss francs per year, the agency said.