New Swiss VAT rates 2024
New VAT rates go into effect on 01.01.2024. Choose Banana Accounting Plus Advanced plan for a smooth transition.
- Automatically import the new rates into the VAT Codes table.
- Receive the VAT Statement in paper facsimile format or as an XML file ready for upload to AFC.
- Dramatically reduce your work time with advanced built-in features.
With Banana Accounting 9
- You CANNOT automatically import new 2024 VAT Codes; you can enter them manually.
- You CANNOT create the VAT Statement , but you can get the VAT Report from the Account1 menu command.
Choose Banana Accounting Plus - Advanced plan - get 1 month free!
VAT (Value-added Tax) is a tax that weighs on the final consumer. Every VAT subject must calculate and periodically deposit the tax to the Revenues Authority.
Every country has its own VAT rates that are established in different percentages depending on the type of merchandise or service. Certain merchandise and services are exempt or excluded.
The percentages vary according to the financial necessity of the country; therefore, there can be changes over the years.
In this document, to make calculations easier, we will use the following rates:
- 10 % normal rate
- 5% reduced rate
- 0% excluded operations or exempt operations
Net Price x VAT Percentage / 100 = VAT Amount
Net price 300
Tax rate 10%
VAT amount = 300 x 10 / 100 = 30
Gross price calculation
Net price + VAT Amount = Gross Price
300 + 30 = 330
Sometimes the gross amount is known and it is necessary to find the net and VAT amounts.
Net price calculation
Gross Price / (100 + VAT rate) x 100 = Net Price
330 / (100 + 10) x 100 = 300
The net price represents the cost (purchase) or the revenue (sale) of the company
VAT amount calculation
Gross Price - Net Price = VAT Amount
330 - 300 = 30
330 - [330 / (100 + 10) x 100] = 30
The VAT amount represents the debit (sales) or the credit (purchases) towards the Revenues Authority.
VAT rate calculation
VAT Amount / Net Amount x 100 = VAT Rate
30 / 300 x 100 = 10%
[330 - 330 / (100 + 10) x 100]/100 = 10%
20 / 400 x 100 = 5%
This way of calculating is used when the rate is not known.