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Belgium Redrafts Tax Form For New COVID-19 Tax Break

by Ulrika Lomas, Tax-News.com, Brussels

18 August 2020


The Belgian Government has released a new form for SME corporate taxpayers to access tax reliefs for investments, which were enhanced in response to COVID-19.

The changes were introduced in the law of July 15, 2020, which included a third round of COVID-19 economic stimulus measures. The package included an additional 25 percent deduction for SMEs investing in fixed assets in the period March 12 to December 31, 2020.

Further, the law extended to two years the length of time businesses can carry forward such deductions if they cannot be fully utilized in the first year, for fixed assets acquired in 2019, from one year presently.

Following the changes, the Belgian tax authority has amended Form U 275 (deduction for investments). The Belgian tax agency is encouraging taxpayers to amend already filed U 275 filings, where appropriate, to take advantage of the changes.

TAGS: tax | investment | business | Belgium | law | tax authority

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