VAT news tagged as "Bad debts"

Italy

Italy reverse bad debt rule

November 19th, 2016

Italy is to reverse bad debt relief on insolvent debts. In 2016, the Stability Law introduced VAT relief via credit notes on output VAT not collected due to suppliers going bankrupt. The tax authorities would accept such amendments if the supplier bankruptcy proceedings had commenced. However, this is now being changed in the 2017 Stability …


Italy

Italy VAT on bad debts

February 17th, 2016

Italy has loosened the rules around VAT on bad debts in its 2016 Stability Law (budget). The changes include: The tax authorities will grant bad debt relief earlier in recovery court proceedings New rules for the recovery of VAT on bad debts for continuous supply contracts Output VAT may be recovered on a customer debt …


Poland

Poland VAT on bad debts

July 30th, 2015

The Polish tax authorities have introduced improved relief for VAT paid on receivables that have gone bad. From 1 July 2015, companies may reclaim output VAT paid in a VAT return if the debt is not recovered after 150 days. In addition, if the customer goes into administration, the vendor may claim a refund sooner …


Portugal

Portugal VAT rate and bad debts

November 11th, 2014

The Portuguese VAT regime is being modified following the 2015 budget. The changes include: Exhibition fees are to be included in the base for the calculation of VAT of advertising services. This follows a recent ECJ ruling. The VAT exemptions on goods in circulation has been restricted to assets on only. The VAT exemption on …


Spain

Spanish VAT recovery and compliance changes

August 11th, 2014

A range of Spanish VAT compliance changes have been proposed in the latest amendment to the VAT Law. The changes will be implemented on 1 January 2015, subject to approval by the Spanish Parliament. The changes include: A range of services provided to non-EU companies from countries without a tax reciprocity agreement will become eligible …