Carry-back of losses: law published – listen to our podcast
On 1 July 2020, the law on the temporary tax exemption of profits in anticipation of tax losses realized in the COVID-19 period (the so-called tax loss “carry-back” system) was published in the Belgian Official Gazette. The new law aims to strengthen the liquidity and solvency of companies that were in a sound condition but
The resident and non-resident corporate income tax return forms for Assessment Year 2020 have been published by the tax authorities
The BizTax e-filing platform would become available by 7 July 2020. It’s no surprise that in total an additional page was required to embed all the necessary entries and related disclosures for new measures entering into force, amongst others: interest limitation rule (“3 MIO/30% EBITDA rule”), group contribution(“Tax consolidation”), Controlled Foreign Corporations (“CFC rules”) and
COVID-19 #17 Carry-back of tax losses approved by Chamber, cash savings for companies with COVID-19 losses
In the beginning of the COVID-19 health crisis some measures were undertaken with an immediate short-term cash effect, such as the extension of the deadline for tax payments and filings. Recently, as the COVID-19 health crisis appears to be under control, the attention of the Belgian government has been shifting towards measures aimed to cope