Belgium to Introduce Loss Carryback and Reconstruction Reserves

Draft Bill No. 55-1309 was submitted in the Belgian parliament on 5 June 2020, which provides loss carryback relief for companies and individual entrepreneurs in response to COVID-19. For companies, the loss carryback is provided by allowing for the creation of a tax-exempt reserve for anticipated business losses of up to EUR 20 million that can be used to offset taxable profits of tax years 2…
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