The government is preparing an amendment to Income Tax law which expands tax loss carry back options for two preceeding taxable periods. The amendment also introduces a prolongation of loss deduction from the current 5 subsequent taxable periods to 6. The tax payer could exercise the tax loss carry back right by submitting an additional tax return or within the course of an ongoing tax audit. This could first apply for tax loss assessed for the period ending 30th June 2020 or later.
