No-shows, cancellations, and deductibility for tax purposes

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The law allows a business to deduct the expenses that it has incurred towards its business operations against the revenue that it has generated so that it can determine the amount that is subject to tax. On the revenue side of the equation, there are the sales that the business will make, while on the expenses side there are the inputs that the business will purchase in order to carry out its day-to-day operations. The negative impact of COVID-19 has brought to the fore unique scenarios which may not have been contemplated under the current tax rules and the tax authority and taxpayers have found themselves groping for solutions.

Please see full Publication below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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