14.07.09

Russia’s Ministry of Finance (MinFin) confirmed its stand in regards to recognizing non-recoverable debt according to an approved list of grounds. These include acts by public authorities declaring debt non-recoverable.  Recently, MinFin has included court marshals closing enforcement proceedings in cases involving debt in this category.

MinFin states that debt recognized as non-recoverable based on this reason should be recorded as an expense entered on the date the act proceedings were officially closed. This is according to Letter of MinFin N 03-03-06/2/121 of June 19, 2009.

Translated by Alinga Consulting Group.

About Alinga Consulting Group

    Audit and Taxation     Legal     Accounting and Payroll

Questions? Ask Alinga's Experts!

Source: Российский налоговый портал