Financial institution of Ukraine allowed to write off bad loans without tax consequences.
The state fiscal service (GFS) has withdrawn its letter dated 8 February, which established that the debt is recognized bad only in part, the amounts of debt over 360 days. It is reported the Independent Association of banks of Ukraine on the official website.
“If the debt only exists on the body of the loan and accrued interest is missing for taxation shall be only payable on the loan,” explains the Association.
The Ministry of Finance agreed that bad debt the banks is the debt on the financial loan, which is overdue more than 360 days, the repayment of debt.
That is, if the outstanding loan overdue more than 360 days, and the amount of accrued interest such a debt is no, it is hopeless for taxation shall be the entire loan, which includes debt principal debt and unpaid interest.
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