Commentary

Credit and debit notes

10 Czech Republic
10 Czech Republic | Commentary

Credit and debit notes

10 Czech Republic | Commentary

Credit and debit notes

A credit note can be issued to reduce the amount of VAT due on an original supply. Credit notes are issued when:

  1.  

    •     the supply has been partly or completely cancelled;

  2.  

    •     all or part of the goods have been returned;

  3.  

    •     a discount has been given after the tax point date;

  4.  

    •     the payment received by the VAT payer for one supply has been used in respect of another supply;

  5.  

    •     the contract was not fulfilled so the payment was returned/refunded.

The tax point of a credit note is deemed to be the day when the

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