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Accrual accounting ensures the appropriate allocation of income and expenses to their correct periods, in order to accurately represent the financial position. Active and passive accruals assist in accurately reflecting the balance sheet.

By September 30, 2022, the red and orange payment slips in Switzerland will be replaced by QR-bills, which enable payments using the Swiss QR Code. Companies should plan and implement the necessary transition to the new technology as soon as possible.

As of January 1, 2022, the uniform interest rate for default and refund interest on taxes and duties is 4 percent, while the rate for voluntary prepayments remains at 0 percent. The new interest rate regulation EFD replaces five old regulations and introduces annual adjustments to minimize administrative effort.

The Federal Council wants to increase the deduction amount for health and accident insurance premiums: singles up to 3,000 CHF, married couples up to 6,000 CHF. At the same time, deductions for supplementary nursing care and life insurances are eliminated.

Swiss law on obligations defines three types of audits, based on company size and significance. An independent auditing body examines the financial representation of companies.

The G7 nations agreed on a minimum tax for large corporations of at least 15% and a digital tax to close tax loopholes. They are aiming to extend the regulation to the G20 but expect resistance from the BRIC countries.

Cheating on the tax return in Switzerland can entail hefty penalties, including fines or imprisonment. Swiss tax law not only punishes tax evasion severely, but also minor offenses.

The withholding tax is a security tax in Switzerland that amounts to 35% on capital income such as interest and dividends to prevent tax evasion. Swiss taxpayers can reclaim this tax by declaring it in their tax return.

Many dream of winning the lottery, which, however, rarely becomes reality and brings with it complex tax rules. Depending on the canton, taxes on winnings vary, some are exempt from withholding tax.