The calendar year is already drawing to the end and for many companies this also means the end of the current financial year.
With the end of the financial year, a new cycle of tax compliance tasks begins. One and probably the best-known task is the preparation and submission of the annual tax return for corporate income and capital tax purposes. In addition to the tax return other forms such as the quarterly VAT declarations, notification of changes in capital contribution reserves and also the declaration and/or notification of withholding tax need to be filed during the year.
Proactive planning and scheduling of tax tasks can ensure that deadlines are met, and tax planning is possible without surprises.
The recurring tax compliance tasks have been summarised in our Tax Compliance Calendar. The overview can be downloaded here:
What is the advantage of tracking deadlines?
Proactively calculating and early payment of current corporate income and capital tax liabilities can result in interests in your favour, while also preventing negative interest.
In the case of VAT credits (input tax credit), it may be advisable to file the declaration early after the end of the quarter in order to receive the corresponding refund as soon as possible, vice versa it is may advantageous to file the declaration shortly before the end of the 60-day deadline after the due date in order to delay the corresponding cash out.
The consequences of missing deadlines can be varying. For example, a fine of up to CHF 5,000 is levied for a late filing of the withholding tax form, if the declaration respectively the payment of stamp duties are missed a late interest of 4% is charged without a reminder, a late payment interest is also levied if corporate income and capital tax invoices are not paid on time and if the deadline for appealing a definitive tax assessment is missed, the assessment becomes legally binding and an adjustment is basically no longer possible.
How can MME Legal | Tax | Compliance assist?
MME's tax team prepares a customised tax compliance calendar so that the upcoming tax tasks of the company can be scheduled.
Our tax experts take on single compliance tasks, assist the company through the entire tax compliance cycle or review the documents prepared by the client prior to submission. We guarantee individual and interdisciplinary advice according to the needs of the company.