Greece: VAT on Bad Debts is Non-Deductible

June 24, 2017 Ramon Frias

The Greek Tax Administration has issued Circular letter No. 1080/2017, confirming that VAT on bad debts is not recoverable in most situations. The tax administration explains that only in very limited cases can VAT corresponding to transactions that have been declared bad debts become deductible, such as when the debtor has been declared in bankruptcy by a court as part of the procedure established by the Insolvency laws of Greece. For all other cases, the taxpayer can only write off its bad debts as an income tax expense; in that process the taxpayer must include the VAT due on those bad debts.

The post Greece: VAT on Bad Debts is Non-Deductible appeared first on Sovos.

About the Author

Ramon Frias

As Tax Counsel, Ramon is licensed to practice law in the Dominican Republic and is a member of the Dominican Bar Association. He has a Certificate Degree from Harvard University as well as a JD from the Universidad Autonoma de Santo Domingo.Ramon has written many essays about tax administration, and for one of them won the first prize in the international essays contest sponsored by the Inter American Center of Tax Administrations (CIAT). Prior to joining Sovos Compliance, Ramon worked for more than 10 years in the Department of Revenue of the Dominican Republic where he served as Deputy Director. He is proficient in French and Spanish.

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