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A self-employed professional inquires whether the amount of an unpaid invoice due to client insolvency can be deducted as an expense. The DGT responds that, as the rules of Corporate Tax apply to determine net income, the deduction is possible if the legal circumstances of insolvency are present.
Question posed: Whether it is possible to deduct as an economic activity expense the uncollected amount resulting from the insolvency of the debtor.
The net income from economic activities is determined according to the rules of Corporate Tax. Therefore, losses from credit impairment due to insolvency are deductible when there is a six-month maturity, a declaration of the debtor's bankruptcy, proceedings for concealment of assets, or a judicial claim. Deductibility shall be subject to compliance with the specific requirements of the applicable regulations according to the accrual date.
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