Etienne Wong (Old Square Tax Chambers) considers the state of VAT bad debt relief in the UK and its relationship to EU law in the light of the recent Court of Appeal judgment in HMRC v GMAC.
Article 11C(1) of the Sixth Directive provides as follows:
‘In the case of cancellation refusal or total or partial non-payment [of price] or where the price is reduced after [a] supply takes place the taxable amount [by reference to which VAT on the supply is calculated] shall be reduced accordingly under conditions which shall be determined by the member states. However in the case of total or partial non-payment member states may derogate from this rule.’
Article 11C(1) is now article 90 of the VAT Directive and provides for VAT bad debt relief an area that is simple – but only in concept. In application ...
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Etienne Wong (Old Square Tax Chambers) considers the state of VAT bad debt relief in the UK and its relationship to EU law in the light of the recent Court of Appeal judgment in HMRC v GMAC.
Article 11C(1) of the Sixth Directive provides as follows:
‘In the case of cancellation refusal or total or partial non-payment [of price] or where the price is reduced after [a] supply takes place the taxable amount [by reference to which VAT on the supply is calculated] shall be reduced accordingly under conditions which shall be determined by the member states. However in the case of total or partial non-payment member states may derogate from this rule.’
Article 11C(1) is now article 90 of the VAT Directive and provides for VAT bad debt relief an area that is simple – but only in concept. In application ...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
