In the Flat-rate Income Tax Act Definition of goods with examples Summary Subscribe to our newsletter and receive new knowledge in the field of accounting business and technology once a week. Only valuable information. From provisions of the Personal Income Tax Act called bad debt relief came into force. For some entrepreneurs applying these new rules is a privilege and for some it is an obligation. In today's publication we will describe how the settlement of overdue costs with a lump sum payment from looks like.
What is bad debt relief? As a reminder we will write a few words about relief for bad debts. The settlement philippines photo editor principle applies to cases where as a result of a purchase transaction goods/services are not paid for within days from the expiry of the payment deadline indicated on the invoice/bill or the concluded contract. First the relief for bad debts covered only entrepreneurs who were active VAT payers. -sum income tax were also covered by the relief.
To benefit from bad debt relief an entrepreneur must also: examine the legal situation of the debtor as at the date of using the relief. More information on this topic can be found in the linked publication. For the creditor i.e. the seller of goods or services the relief is voluntary while for the debtor i.e. the buyer the application of relief for bad debts is mandatory. Example Mrs. Krystyna runs an online store and pays a lump sum she is an active VAT payer. In May it sold goods to the contractor with a gross value of PLN including PLN.
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