background image
7.1. General Rules

Ordinary losses can be carried forward indefinitely. However, for fiscal years ending on or after 31 December 2012, losses set off in a fiscal year cannot exceed EUR 1 million plus 50% of the taxable profit exceeding EUR 1 million for such fiscal year. Ordinary losses can be carried back for one year and the carry-back is in that case limited to the taxable profits of the relevant year or EUR 1 million, whichever lower. The carry-back results in a credit which can be used to settle future profit tax liability in the 5 following years. The credit itself does not constitute taxable income and any unused portion thereof may be claimed for refund at the end of the 5-year period.

Capital losses are treated as ordinary losses and can be carried forward indefinitely.