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Businesses across Europe face unprecedented challenges in the aftermath of the Coronavirus
pandemic. Indebtedness is rising as businesses struggle to settle debts on time.
Most VAT registered businesses are required to account for output VAT in the same tax period when they have issued an invoice to their customer, regardless of whether the invoice is paid. If the invoice remains unpaid, a bad debt arises which, in many European jurisdictions, may be subject to relief – VAT credited back to the business.
What is VAT bad debt relief review and why is it important?
At Grant Thornton we understand how important cash flow is for your business. By conducting a VAT bad debt relief review, we will help you identify whether your business is due VAT back on unpaid invoices.
The bad debt relief rules do vary by tax jurisdiction. Together with our trusted network of member firms we have analysed the applicable rules in every country and we are here to help you.
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Authors
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Janette Maxwell Janette joined Grant Thornton in 2010 and is currently part of the Indirect Tax team. Her specialities include property transactions and cross border trade. She also has experience with transaction taxes.View Profile