Belgian Parliament Approves Loss Carryback Relief

On 18 June 2020, the Belgian parliament adopted a bill providing 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 2019, 2020, or 2021 corresponding to the financial year ended between 13 March 2019 and 31 December 2020 (under the draft versio…