What is the NOV (Nachträgliche Ordentliche Veranlagung) in Switzerland?

The NOV (Nachträgliche Ordentliche Veranlagung) is the ordinary Swiss tax assessment for people who are taxed at source. Instead of relying solely on the withholding tax deducted by your employer, you submit a full Swiss tax return declaring your income, assets and eligible deductions. Depending on your circumstances, this may result in either a tax refund or an additional tax payment. In some cases, such as when your income exceeds the applicable threshold, an ordinary tax assessment is mandatory.