Draft Bill No. 55-1309 was submitted in the Belgian parliament on 5 June 2020, which provides loss carryback relief for companies and individual entrepreneurs in response to COVID-19. For companies, the loss carryback is provided by allowing for the creation of a tax-exempt reserve for anticipated business losses of up to EUR 20 million that can be used to offset taxable profits of tax years 2019 or 2020 (relating to the financial year ended between 13 March 2019 and 12 March 2020). The rese…