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News 8th of September 2020 By Arne Decorte and Julie Vantomme

How do I apply for a personal early tax loss carry-back?

How do I apply for a personal early tax loss carry-back?

What is an early loss carry-back?

How does a personal early tax loss carry-back work?

Attention! It is important to estimate your expected losses for the 2020 tax year as accurately as possible. If the actual losses are revealed to be lower than the estimate, the taxes owed will increase by between 2 and 18 percent, depending on the severity of the deviation. Because achieving an accurate prediction during the year itself is no easy matter, a deviation of up to 10% is allowed. 

Who is eligible for an early loss carry-back?

How do I apply for an early loss carry-back?

  • + You have already filed your personal tax return for the 2019 tax year. Fill in Form 276 COV and submit the signed form to the tax authorities no later than 15 September 2020. 
  • + You have not yet filed your personal tax return for the 2019 tax year (as you have authorised an agent to handle your tax affairs). You can apply for the carry-back when you submit your personal tax return for the 2020 assessment year. This must be submitted no later than 22 October 2020.
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Disclaimer
We base our advice on current legislation, interpretations and legal doctrine. This does not prevent the administration from being able to challenge it or to change existing interpretations.
Arne Decorte
Arne Decorte
Julie Vantomme
Julie Vantomme