Belgium has published Circular 2021/C/94 of 18 October 2021 concerning loan changes due to the impact of the COVID-19 pandemic in relation to grandfathered "old" loans under Belgium's 30% of EBITDA interest deduction limitation rules. The Circular provides that where changes in loan payment terms have been exceptionally made as a result of the COVID-19 pandemic, such changes will not be considered a fundamental change that would exclude an "old" loan from being grandfathered. In order to avo…