The COVID-19 pandemic has created significant uncertainty for businesses worldwide and the real impact on companies is still emerging. Many companies are facing the spectre of losses and are looking for enhanced liquidity, including through existing tax programs and the trillions of dollars being made available globally through new legislation and relief programs.
The availability of existing and pandemic-related systems and the rules underpinning them are, however, far from universal. CFOs and corporate tax directors with global and regional responsibilities require an overview of their options and requirements to assist in decision-making. In this brief report, to which Renmere contributed, WTS Global provides a summary of the existence of Tax Loss Carryback (TLCB) options in 100 jurisdictions on all continents.
This report maps the countries that have introduced tax loss carryback systems and summarises how businesses can make use of them. The information is up to date as of June 17, 2020.
To read the full report please follow the link below: