Update - Belgium Publishes Law for Equity Reconstruction Reserve for COVID-19

On 1 December 2020, Belgium published the Law of 19 November 2020 for the introduction of an equity reconstruction reserve. As previously reported, the reserve measure has been introduced to support companies in response to COVID-19 and allows companies to establish a tax-exempt reserve for assessment years 2022, 2023, and 2024 based on losses recorded for the accounting year ending in 2020, subject to a cap of EUR 20 million. Companies closing their year from 1 January 2020 to 31 July 2020 …