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MOF Clarifies Tax Treatment of Bad Debt Relief on Unpaid Invoices

  • Taxpayers have the option of reducing their income tax base by the value of the debt, and adjusting their returns after payment is received
  • Taxpayers can modify the VAT amounts on their receivables within 90 days, for outstanding taxable transactions that remain unsettled beyond their payment deadline.

Source: bloombergtax.com

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