Tax deductible on bought goods without invoices

Official Letter 1354 issued on May 9 by the General Department of Taxation states that businesses are allowed to calculate value of bought goods without invoices, vouchers as tax-deductible expenses if they obtain payment vouchers, have revenues from these commodities and have enumerated output VAT and CIT. However, businesses will be fixed VAT, CIT and administratively penalised in the tax field by tax agencies.
[Official Letter 1354 TCT/DNNN dated May 9, 2005]

 

Category: Legal