COVID-19 – Further profits tax relief

The coronavirus crisis continues to place a considerable burden on companies. The tax authorities are therefore making it easier to offset losses incurred in 2020 against tax prepayments made for 2019.

In a bulletin from 24 April 2020, the Federal Ministry of Finance (BMF) announced another measure intended to further mitigate the consequences of the current coronavirus crisis for all taxpayers and companies operating in Germany. The tax authorities now allow offsetting losses expected for 2020 against prepayments paid for 2019 in a lump-sum procedure, making it easier than before to obtain reimbursement of such prepayments. It is another measure aimed at providing liquidity assistance.

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