02.21
Tax Advisory & Compliance
Tax Ruling

Our Work

We have prepared and submitted a request for a tax ruling for a Cyprus tax resident company with total assets of approximately USD 106 million in order to obtain the view of the Cyprus Tax Authorities on the company’s is eligibility to claim for tax deduction the amount of an outstanding loan receivable amount from a foreign debtor which was not collected due to the bankruptcy of the debtor.  We analyzed the relevant loan agreements and actions taken by the Cyprus company to collect the loan receivable amount and we also commented on the tax treatment of the interest income derived from the loan receivable amount throughout the years.