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Looting: Tax Considerations

Khanyisa Cingo-Ngandu Khanyisa Cingo-Ngandu

Trading Stock Stolen or Damaged

How to account for the loss?

The loss incurred due to stock being stolen or damaged may be deductible for income tax purposes if the loss is not recoverable from an insurance claim. If you are registered for VAT there is no requirement to declare output on stolen goods.

For more guidelines on our tax considerations on stolen or damaged goods and property, please download our article.