A public vote on a wide-ranging overhaul of Switzerland’s old-age pension scheme was rejected this Sunday. A side effect of this negative vote is that the current VAT rates will be reduced as of January 1, 2018. Given the relatively short notice of the change, companies are well advised to adapt their ERP systems to be ready for the new rates. The standard rate will be reduced by 0.3% to 7.7% , the rate for accommodation services by 0.1% to 3.7%, while the reduced rate of 2.5% will remain unchanged.
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