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.


Board Member, 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

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