Slovak News - March 1998 - Announcement On Directive ("Pokyn") No. 5 Concerned W

The announcement applies to both legal entities and individuals and broadens the range of bad debts regarded as tax deductible expenses where a debtor dies and the debt can not be recovered from the debtor's heirs.

Similar provisions apply if the property of the debtor is not sufficient to cover costs of the execution procedures and a court terminates the distraint because of shortage of property.

Bad debts of foreign debtors are treated in the same manner.

The announcement is effective from 1 January 1998.

The information in this newsletter is correct to the best of our knowledge and belief at the time of going to press. Specific advice should be sought, however, before investment and other decisions are made.

For further information contact Mr Frank Walsh on +421 7 5340 545 Email directly on Click Contact Link