This article explores a court ruling that was issued after a review by the State Revenue Service (SRS) found that invoices a company had expensed in its books did not meet requirements of the Accounting Act. A tax audit found the invoices do not qualify as supporting documents because no services were provided in exchange and the invoices were prepared incorrectly. The company faced an additional corporate income tax (CIT) liability of more than EUR 5 million.
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Ask questionLooking at the ever-changing financial management space, you might think that traditional tools such as Excel should gradually become obsolete and be replaced with advanced software solutions that rationalise processes and build efficiencies. However, despite a whole range of financial technologies being readily available and optimally applied, organisations keep using Excel in their day-to-day work.
Many companies are considering accepting virtual currency or cryptocurrency in payment for their goods or services. Some are even considering buying virtual currency as a financial instrument. What is virtual currency? And how do we account for it properly? This article explores the essence of and accounting for virtual currency.
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