On 18 June 2020, the parliament of Belgium adopted a bill providing provision for loss carry back applicable for companies in response to Covid-19 pandemic.
The loss carry back is provided by allowing for the creation of a tax-exempt reserve for anticipated 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.
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