The Luxembourg Administration of Direct Tax has published Circular no. 31 of 10 August 2021 from the Director of ICC contributions, which is the municipal commercial (business) tax. The circular provides guidance on the application of the loss carryforward rules in relation to the commercial tax and replaces an earlier version dated 31 October 1991.
As per amendments introduced at the end of 2016, losses incurred from the 2017 tax year may only be carried forward for up to 17 years, while l…