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Indirect Tax Update - Bad Debt Relief

Indirect Tax Update - Bad Debt Relief

On the occasion of Circular 201 issued by the VAT Authorities on 1st of February 2016, this indirect tax update aims at summarizing the necessary information taxable persons need to be aware of, in applying the bad debts relief procedure.

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Board Member, In Charge of Indirect Tax Services

KPMG in Cyprus

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Indirect Tax Update

Bad Debt Relief

  • Conditions for exercising the right to claim a bad debts relief for VAT purposes
  • Legal rights of the creditor for collection of the due amounts
  • Indicative actions and measures for recovery of the outstanding debt
  • Insolvency of the debtor, uncovered cheques
  • Claim/repayment by a bad debt relief applicant whose VAT registration has ceased to be effective
  • Example

© 2018 KPMG Limited, a Cyprus limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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