Page 174 - ADVANCED TAXATION - Day 1 Slides
P. 174
Adjustments: Irrecoverable Debts
E.g. sales
Accounted for output tax in respect of a taxable supply
All/part of the consideration becomes irrecoverable
Claim input tax deduction of amount written off
No adjustment needed if
zero-rated supply
If debt recovered again – pay output tax on amount recovered
