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 Anti-hybrids rules.

Worthwhile noting is that now tax exempted reserves incorporated in capital/share premium will have to be reported.

Furthermore in the meantime the Chamber has adopted a draft law containing the so-called ‘carry-back of tax losses’. Taking into account some strict conditions and limitations, this rule creates the opportunity for Belgian companies (and Belgian establishments of foreign companies) that expect current-year tax losses in a financial year ending between 13 March 2019 and 31 December 2020 to offset these losses against the taxable profit of the prior financial year, which can generate a significant cash tax saving.

Therefore, as Assessment Year 2019 can depending on the actual year-end qualify as “pre-COVID year”, the Assessment year 2020 return foresees, besides the creation of a temporary tax exempted reserve, also already in the correction for the rate reduction impact and possible separate assessment in the event that the expected tax losses for the “COVID-year” would have been overestimated.

As previously announced the due date for filing the returns with a financial year-end 31 December 2019 is 24 September 2020.

For more insights and support, contact your regular PwC advisor (Karl Struyf or Tim Pieters).