Parliament okays incentives for tax-deductible bad debts

The House of Representatives approved amendments facilitating the approval of bad debts for tax purposes. Debts not exceeding 10,000 pounds were excluded from certain collection procedures, provided that these debts do not constitute more than 1% of the total receivables at the end of the tax year. Additionally, the period for taking collection actions was reduced from 18 to 12 months, aiming to ease administrative burdens on taxpayers and the tax authorities. The modifications seek to streamline approval procedures, reduce costs, and ensure fair treatment in taxation.

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