Belgium has published Circular 2021/C/97 of 3 November 2021, which provides guidance on the tax treatment of losses in foreign establishments or in the disposal of fixed assets located abroad, considering changes with effect from 1 January 2020. The guidance notes that, in principle, foreign losses are not allowed as a deduction for corporate tax purposes unless they are final (definitive) losses in an EEA Member State. However, there may be exceptions where there is a tax treaty between Bel…