Can businesses carry losses due to Covid forward to future tax years?
Last year, lost thousands. This year, not looking better yet. We probably won't pay any profit tax for 2020 0r 2021 (But I'm not holding my breath to get a refund on the already deducted minimum tax) What I wonder is, will the Cambodia tax office allow us to carry these great losses forward to 2022, and maybe even further?
Do they normally allow a carry forward? Have they extended the number of years this is allowed?
Are the assorted Business Orgs already pushing this hard? Does it only apply to huge rich companies, or can SME's carry losses forward as well?
Required paperwork? Anything special?
Thanks!
Do Covid business losses carry forward for profit tax?
Better get expert advice but from my limited understanding, you can't carry forward any losses and COVID won't be any different.
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https://taxsummaries.pwc.com/cambodia/c ... deductionsNet operating losses
Taxpayers may carry forward their losses for five years. The carryback of losses is not permitted. There is no provision for any form of consolidated filing or group loss relief.
To be eligible to carry forward tax losses, a taxpayer must not change its business activities.
If a taxpayer received a unilateral tax reassessment from the GDT, a taxpayer will not be able to utilise the tax losses brought forward in the year of reassessment.
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I agree on getting help, but I'm sure he can carry it forward
Good news. Thanks! I'll ask staff to confirm with the local tax office and ask what documentation might be required. I would guess many, many businesses will be trying to do this if things do pick up next year. GDT has posted increasing tax collection every year for many years, even in early 2020 I believe. With this carry forward, GDT increases are not likely for 2021 or 2022. even if things do turn strongly positive in the later half of '22.
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