The deadline of the corporate income tax returns has been extended for the second time by the Minister of Finance, initially set 24 September 2020 (for companies with a financial year-end at 31 December 2019), first time extended to 29 October 2020, with the new due date currently set 16 November 2020. This extension has been granted after massive requests of accounting firms that were - and still are - overloaded with work due to the exceptional circumstances caused by the covid-19 crisis. More in particular, companies have been requesting assistance from accounting firms with regard to various measures taken by the Belgian tax authorities to support Belgian companies, amongst others, obtaining the appropriate support measures of the Belgian government, requesting deferment of payment of banks, apply for legal protection or bankruptcy, etc. This new postponement should allow accounting firms to submit the personal and corporate income tax returns in a (postponed) timely manner.
As a consequence, given that the detailed transfer pricing form 275LF is considered as an integral part of the corporate income tax return, the submission date of this form 275LF is also postponed. Therefore, Belgian group entities that are obliged to submit the detailed transfer pricing form will have approximately two weeks in addition. We refer to our news alert dd. 26 June for more information on the form 275LF.
This postponement of the corporate income tax return may also be seen as an opportunity to (further) optimize your transfer pricing documentation in order to tick the box of "transfer pricing study" in part B of the form 275LF by supporting in more detail corresponding explanations of the amounts included in part B. In this respect, we are happy to inform you that Tiberghien economics has partnered with Reptune® to offer you a TP documentation platform which is robust, intuitive and insightful.
For more information, click here.
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