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CIT Act – Retroactive loss settlement

The rules provide for the possibility to deduct a loss in 2020 from the income of 2019 if the taxpayer’s income in 2020 is at least 50% lower than the income earned in the previous year.

How does it look in practice?

This means that in 2021, being aware of the loss from 2020, taxpayers will be able to file an adjustment to their returns for 2019 in order to reduce the income from 2019 by the amount of that loss once, but not more than by the amount of 5 million PLN.

Who is subject to the principle of retroactive loss settlement?

Taxpayers who incurred a loss in a tax year which began before 1 January 2020 and ends after 31 December 2019, or which began after 31 December 2019 and before 1 January.

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