Income tax law allows businesses to deduct bad, doubtful debts – accountants body

The Institute of Chartered Accountants of Guyana (ICAG) says the current income tax law allows for the deductions of both bad and doubtful debts estimated in a trade or business. 

The ICAG made the pronouncement in an advertisement that was published in the Sunday Stabroek of February 24th, in which it noted recent press reports on statements attributed to Guyana Revenue Authority (GRA) Commissioner-General Godfrey Statia on the deductibility of bad and doubtful debts for tax purposes.

According to the ICAG, the media reports identify Statia’s view to be that the Corporation Tax only permits deduction of bad debts for tax purposes…..

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