-
Why Grant Thornton
Whether you’re growing in one market or many, looking to operate more effectively, managing risk and regulation, or realising stakeholder value, our firms can help.
-
Culture and experience
Grant Thornton’s culture is one of our most valuable assets and has steered us in the right direction for more than 100 years.
-
Global scale and capability
Beyond global scale, we embrace what makes each market unique, local understanding on a global scale.
-
Join our network
In a world that wants more options for high quality services, we differentiate in the market to grow sustainably in today’s rapidly changing environment.
-
Leadership governance and quality
Grant Thornton International Ltd acts as the coordinating entity for member firms in the network with a focus on areas such as strategy, risk, quality monitoring and brand.
-
Africa
24 member firms supporting your business.
-
Americas
31 member firms, covering 44 markets and over 20,000 people.
-
Asia-Pacific
19 member firms with nearly 25,000 people to support you.
-
Europe
53 member firms supporting your business.
-
Middle East
8 member firms supporting your business.
-
Business consulting services
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
-
Business process solutions
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
-
Business risk services
The relationship between a company and its auditor has changed. Organisations must understand and manage risk and seek an appropriate balance between risk and opportunities.
-
Cybersecurity
As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow.
-
Forensic services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
-
Mergers and acquisitions
We work with entrepreneurial businesses in the mid-market to help them assess the true commercial potential of their planned acquisition and understand how the purchase might serve their longer-term strategic goals.
-
Recovery and reorganisation
Workable solutions to maximise your value and deliver sustainable recovery.
-
Transactional advisory services
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
-
Valuations
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
-
IFRS
At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting from IFRS 1 to IFRS 17 and IAS 1 to IAS 41.
-
Audit quality monitoring
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high-quality services to our clients.
-
Global audit technology
Our global assurance technology platform provides the ability to conduct client acceptance, consultations and all assurance and other attestation engagements.
-
Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
-
Direct international tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
-
Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
-
Indirect international tax
Using our finely tuned local knowledge, teams from our global organisation of member firms help you understand and comply with often complex and time-consuming regulations.
-
Transfer pricing
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
-
Africa tax desk
A differentiating solution adapted to the context of your investments in Africa.
-
Banking Holding banking to account: the real diversity and inclusion pictureWe explore how the banking sector can continue to attract, retain and nurture women to build a more diverse and inclusive future.
-
Sustainability From voluntary to mandatory ESG: How banks can future-proof their operationsAs we move from voluntary ESG initiatives to mandatory legislation, we explore what the banking sector needs to prioritise.
-
IFRS IFRS 9 - Audit of Expected Credit LossesGPPC releases The Auditor’s response to the risks of material misstatement posed by estimates of expected credit losses under IFRS 9
-
growthiQ Steering your company to long-term successHistory has something important to tell us about the difficulties of steering a business to long-term success – through seismic shifts in technology, consumer demands and product development. With that in mind it’s unsurprising that over half the world’s largest companies in the early 1900s had shut their doors by the late 1990s. Some, however, have endured.
-
International Financial Reporting Standards Implementation of IFRS 17 ‘Insurance Contracts’The auditor’s response to the risks of material misstatement arising from estimates made in applying IFRS 17 ‘Insurance Contracts’
-
IFRS Get ready for IFRS 17After twenty years of development the IASB has published IFRS 17 ‘Insurance Contracts’, find out more.
-
Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
-
Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
-
Global business pulse - Sector analysis Clear patterns of damage from COVID-19 across the industriesThe index results for 12 key sectors of the mid-market reveal just how much or little the various parts of the economy were impacted by COVID-19.
-
Not for profit Mission: possible – putting impact at the heart of charityGlobal charitable continues to decline and charity leaders are increasingly looking at their own unique impact journey.
-
Access to finance Raise finance to invest in changePrepare your business to raise finance to invest in change.
-
Private equity firms Private equity in the mid-market: reshaping strategies for 2021When the global COVID-19 pandemic stormed across the globe in early 2020, the private equity sector was hit hard but deals are coming back to the market.
-
Mid-market businesses Getting ready for private equity investmentOur specialists explore how private equity firms are now working with their portfolios and how the mid-market can benefit from investment.
-
Mid-market businesses Myth-busting private equityNervous about partnering with Private Equity? We explore some of the common myths we come across when speaking to mid-market businesses about PE investment.
-
Public sector Helping build the government of tomorrow, todayLearn about the Grant Thornton US public sector team.
-
Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
-
Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
-
Global business pulse - Sector analysis Clear patterns of damage from COVID-19 across the industriesThe index results for 12 key sectors of the mid-market reveal just how much or little the various parts of the economy were impacted by COVID-19.
-
Industries European Real Estate PodcastJessica Patel, Tax Partner at Grant Thornton UK speaks with tax partners and directors across the network to share their insights on the real estate market and some of the challenges.
-
Industries European Real Estate PodcastJessica Patel, Tax Partner at Grant Thornton UK speaks with tax partners and directors across the network to share their insights on the real estate market and some of the challenges.
-
Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
-
Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
-
-
Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
-
Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
-
Retail How retail is positioning for successCOVID-19 provided some hard lessons for the retail industry. It is time to turn those into sustainable and well executed growth strategies in 2021.
-
Telecoms Can tech and telecom leverage economic headwindsAs most businesses brace for an economic downturn, tech and telecom could see new prospects. But, to turn the headwinds to your advantage, you need to find your unique opportunities and risks.
-
Technology Mid-market tech companies lead the way on diversity and inclusionWe explore how the mid-market tech sector can continue to build and nurture a culture that’s increasingly more diverse and inclusive for women.
-
Tax Resetting global tax rules after the pandemicBusinesses are seeing rising challenges, and finance heads are dealing with a range of new measures. To say the next 12 months are critical for businesses is an understatement.
-
TECHNOLOGY International tax reform: the potential impact on the technology industryIn this article, we’ve summarised key elements of the global tax reform proposals, their potential impact on technology industry and advice from our digital tax specialists on what technology companies can do to prepare.
-
Telecoms Can tech and telecom leverage economic headwindsAs most businesses brace for an economic downturn, tech and telecom could see new prospects. But, to turn the headwinds to your advantage, you need to find your unique opportunities and risks.
-
TMT TMT industry: Fully charged or on standby?Our research revealed five key trends that resonated with Technology, Media and Telecoms (TMT) industry leaders around the world. We asked a panel of our experts from UK, US, India Ireland and Germany, to give us their reaction to the findings.
-
Cybersecurity One size fits nothingTechnology companies must adopt a new approach to digital risk: those that successfully develop a reputation for digital trust by demonstrating an unwavering commitment to cyber security and data privacy will be able to carve out a competitive advantage.
-
Technology, media & telecommunications Why it’s time for a 5G reality checkFigures suggest the mobile sector is maturing. While data usage continues to soar, mobile revenues are expected to flatten out over the next few years.
-
International business Mid-market businesses lifted by rising tide of optimismOptimism among global mid-market business leaders rose to 67% in the first half of this year and they are markedly more optimistic about their prospects with global optimism having increased by 8%.
-
Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
-
Hotels COVID-19: Checking in with the hotel industry one year onCOVID-19 provided some hard lessons for the hotel sector. It is time to turn those into sustainable and well executed growth strategies.
-
Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
- By topic
-
Women in Business 2024
2024 marks the 20th year of monitoring and measuring the proportion of women occupying senior management roles around the world.
-
COP28: Mid-market firms should seize the opportunity from adaption and innovation
COP28 was the first time there has been a global stocktake on progress against the Paris Agreement.
-
Scanning the horizon: Mid-market sets sights on global trade growth
The latest International Business Report (IBR) data shows that mid-market businesses have high expectations for global trade.
-
Mid-market sees business optimism reach record high
Grant Thornton's latest International Business Report (IBR) sees optimism among mid-market business leaders reach a record high with 74% optimistic about the outlook for their economy over the next 12 months.
-
Women in tech: A pathway to gender balance in top tech roles
Grant Thornton’s 2024 Women in Business data suggests we are far from achieving parity within the mid-market technology sector.
-
Women in leadership: a pathway to better performance
What makes the benefits of gender parity compelling is the impact it can have on commercial performance.
-
Women in Business 2024
2024 marks the 20th year of monitoring and measuring the proportion of women occupying senior management roles around the world.
-
Women in business: Regional picture
We saw an increase in the percentage of senior management roles held by women, on a global level, but there are some significant regional and country variations.
-
Pathways to Parity: Leading the way
To push towards parity of senior management roles held by women, who leads within an organisation is vital.
-
Generating real change with a long-term focus
The most successful strategy to achieve parity of women in senior management is one which stands alone, independent of an ESG strategy.
-
People at the heart of great business
Businesses have started to put guidelines and incentives in place, focused on driving employees back to the office.
-
Focusing and developing a solid strategy around diversity, equity and inclusion
Grant Thornton Greece is pioneering a growing set of diversity, equity and inclusion (DE&I) initiatives that centre around three strategic pillars.
-
Ten considerations for preparing TCFD climate-related financial disclosures
Insights for organisations preparing to implement the International Sustainability Standards Board (ISSB)’s Standards.
-
COP28
COP28 was the first time there has been a global stocktake on progress against the Paris Agreement.
-
Transition Plan Taskforce publishes its final disclosure framework
As organisations in the private sector make commitments and plans to reach net zero, there's a growing need for stakeholders to be able to assess the credibility of their transition plans.
-
Promoting ESG excellence through tax
ESG considerations have never been more important for an organisation’s long-term success, but how can tax be used to add value to an ESG agenda?
-
International business: Mid-market growth and expansion
The mid-market looks to international business opportunities for growth.
-
Top five constraints to international business in the mid-market
Top five major constraints that are testing the mid-market’s ability to grow their businesses internationally.
-
Brand and international marketing – breaking global barriers
Brand has been identified as a key driver of mid-market success when looking to grow and develop international business.
-
The key to international business: Investing in people
How can recruitment and retention help grow international business?
-
Building resilience in international business
Evolving supply chains and trade patterns amid ongoing global uncertainty.
-
IFRS Alerts
IFRS Alerts covering the latest changes published by the International Accounting Standards Board (IASB).
-
Example Financial Statements
General guidance for preparers of financial statements that supports the commitment to high quality, consistent application of IFRS.
-
Insights into IFRS 2
Insights into IFRS 2 summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the most relevant features that could impact your business.
-
IFRS 3
Mergers and acquisitions are becoming more common as entities aim to achieve their growth objectives. IFRS 3 ‘Business Combinations’ contains the requirements for these transactions.
-
IFRS 8
Our ‘Insights into IFRS 8’ series considers some key implementation issues and includes interpretational guidance in certain problematic areas.
-
IFRS 16
Are you ready for IFRS 16? This series of insights will help you prepare.
-
IAS 36
Insights into IAS 36 provides assistance for preparers of financial statements and help where confusion has been seen in practice.
-
IFRS 17
Explaining the key features of the Standard and providing insights into its application and impact.
-
Pillar 2
Key updates and support for the global implementation of Pillar 2.
-
Global expatriate tax guide
Growing businesses that send their greatest assets – their people – overseas to work can face certain tax burdens, our global guide highlights the common tax rates and issues.
-
International indirect tax guide
Navigating the global VAT, GST and sales tax landscape.
-
Global transfer pricing guide
Helping you easily find everything you need to know about the rules and regulations regarding transfer pricing and Country by Country reporting for every country you do business with.
Indirect tax snapshot
Please click on each section to expand further:
VAT is a turnover tax levied at each stage of the production and distribution. Liability for VAT rests with the person supplying the taxable goods or services or importing goods into Switzerland. However, the supplier is allowed to deduct from his VAT liability on sales made the amount of VAT paid and properly invoiced to him in relation to purchases effected by him, or VAT paid by him at importation. The actual burden of the tax is therefore borne by the final consumer.
Swiss VAT (MWST/Mehrwertsteuer) is levied on taxable supplies which take place in Switzerland, self-supplies, acquisition of certain services from foreign entrepreneurs and importation of goods. For VAT purposes, the Principality of Liechtenstein is part of the Swiss territory. VAT is collected by the Swiss Federal tax administration.
A transaction is within the scope of Swiss VAT if the following conditions are met:
- it is a supply of goods or services
- the place of supply is considered to take place in Switzerland
- it is made by, or under certain circumstances, received by a taxable For these purposes, a taxable person is a person or entity who is registered for VAT in Switzerland, or has a liability to become registered.
There are three rates of VAT that are applied to goods and services in Switzerland; the standard rate, the reduced rate and the special rate. In addition, some goods and services are exempted from VAT.
Exemptions without the right to deduct input tax include, inter alia, hospital and medical treatments, services supplied by social services, welfare institutions and social security institutions, child and youth education, schooling, job education etc., cultural services and sports events, insurance transactions, certain banking transactions, transfer and letting of real estate (with exceptions), operations connected with betting and other games of chance involving money provided that such betting/gaming activity is subject to a specific domestic gaming/betting duty, etc.
The supplier of exempt services or deliveries may opt for taxation. Please note that an option is not possible for financial and insurance services. In certain cases, option is only possible if the customer is a taxable person.
VAT borne by a taxable person on the purchase and importation of goods and services which are connected to taxable operations (also if zero rated) or to operations located abroad which would be taxable if located within Switzerland can be deducted/refunded. A proper VAT invoice and, in case of importation, original import documents are required. VAT on the acquisition of goods and services directly affected to exempt activities, on operations which are not in connection with the pursuit of business or on private activities is not deductible.
As a general rule, VAT is payable to the customs at the time of importation. However, taxpayers who have given security for the tax amount may pay import VAT within 60 days based on the invoice issued by the Federal Customs Administration.
Any person running a business is basically liable to VAT irrespective of the realisation of a turnover. Thus tax liability is not depending on the realisation of a taxable turnover. Swiss VAT law allows for an exemption from tax liability if the taxable worldwide turnover is below CHF 100,000. Each enterprise will be able to explicitly abstain from the afore mentioned exemption and therefore become tax liable. The limit is CHF 150,000 for sport or culture clubs (if they do not strive to make profit and are managed in an honorary capacity) and for institutions of public interest.
Companies, partnerships and individuals having their domicile or permanent establishment in Switzerland (not in the Principality of Liechtenstein) and who are closely related to each other, may request to be treated as a fiscal unity for VAT purposes, with one single VAT number. As a consequence, intra- group supplies are not taxable.
Any person whose domicile, registered office or permanent establishment is located in Switzerland, has to pay VAT on certain services (or under certain circumstances also delivery of goods) provided by foreign entrepreneurs who are not registered for VAT purposes in Switzerland, if the value of such services exceeds CHF 10,000 during the calendar year.
Please note that for already registered persons, no threshold is applicable, ie these persons will have to pay VAT on any import of services and certain goods acquired from a not registered foreign person.
Non-resident entities supplying goods or services within Switzerland are generally subject to the same registration rules. However, foreign entities supplying on Swiss territory only services which are subject to service import tax (ie services taxable at the place of the domestic recipient, excluding telecommunication services or electrical services provided to non taxable recipients) are not obliged to register for Swiss VAT purposes and the reverse charge treatment will be applicable.
In case of registration, the foreign firm must designate a fiscal representative in Switzerland and provide guarantees (usually a bank guarantee) to the Federal Tax Administration in respect of likely tax debts.
Based on Swiss tax law a non-established business, which provides services in Switzerland exclusively subject to the service import tax (reverse-charge-mechanism), is generally not liable to register for Swiss VAT. However, a non-established business, which provides telecommunication services and electronic services to non-taxable Swiss resident persons, must register for Swiss VAT once the limit of CHF 100,000 of taxable worldwide transactions has (or will be) reached.
Whether the recipient of the telecommunication services and electronic services is a taxable or a non-taxable person has to be cleared by the supplier. If the non-established business, which is not registered for VAT in Switzerland, provides telecommunication services and electronic services to taxable Swiss resident persons, the recipients of the services should apply the reverse- charge-mechanism.
Once the non-established business is registered for VAT in Switzerland it must charge Swiss VAT on its telecommunication services and electronic services to Swiss resident persons irrespective whether they are taxable or non- taxable persons.
Yes, a non-established person will be required to appoint a fiscal representative in order to be able to register for VAT purposes in Switzerland.
The VAT returns generally have to be filed on a quarterly basis. The VAT return must be filed and the corresponding payment made within 60 days after the accounting period. However, for small businesses, the tax period is semi-annual. In certain cases, the tax period is monthly. Late payments are subject to interest, at the rate of currently 4% p.a.
In case of intentional or negligent tax evasion, unjustified exoneration or refund, the taxpayer is punished by a fine up to five times the amount of the unlawful advantage. Persons jeopardizing the levy of the tax (for instance by not fulfilling the duty to register) are punished by a fine up to CHF 800,000 (doubled in severe circumstances) or can be prosecuted according to the Swiss Penal Code or the Federal Act on Administrative Penal Law.
At the end of the business year, a turnover and input VAT reconciliation must be made. In case deviations between the VAT returns filed and the annual financial statements are detected, the entity is obliged to submit an additional annual reconciliation VAT return within eight months after the end of the business year.
Penalties may generally be imposed in the case of negligent tax evasion, unjustified exoneration or refund.
Foreign taxable persons who are not established in Switzerland and who do not supply taxable goods or services on the Swiss territory may, under certain conditions, claim refund of Swiss VAT incurred on their business costs. The claim can be made once a year and must be filed by a Swiss fiscal representative within a period of six months following the end of the calendar year in which the goods and services were bought. There is no refund if the annual amount does not reach CHF 500.
The seller of the service/goods must produce an invoice to the recipient on request. This invoice must clearly identify provider and recipient as well as the kind of the service provided or good(s) supplied.
Invoices or other accounting documents for taxable recipients as well as for recipients with residence abroad (which are entitled to VAT recovery) should generally include the following:
- the seller’s name and address
- the customer’s name and address
- a description sufficient to identify the goods or services supplied to the customer
- the seller’s VAT registration number (eg CHE-xxx.xxx.xxx MWST)
- the time or period of supply if this is different from the invoice date
- the invoice amount (must not be in CHF)
- the applicable VAT rate.
Electronic invoices must comply with the requirements regarding proof of origin and integrity.
Contact us
For further information on indirect tax in Switzerland please contact:
Dr. Matthias Hofer
T +41 43 960 71 43
E matthias.hofer@ch.gt.com