Global Accountants' Liability Update – October 2021

A company that specialized in the design and production of optical instruments (hereafter: the Company) hired an accounting firm and a tax consultancy firm (hereinafter: the Accountants) to prepare its annual accounts between 2010 and 2016 and tax returns between 2010 and 2017. In doing so, the Accountants advised the Company to exercise the right of option to set-off losses (keuzerecht verliesverrekening) (hereinafter: the Right of Option). The Right of Option was introduced in 2010 and provides that the loss carry-back (achterwaartse verliesverrekening) can be extended by two years, with a maximum of three years. In exchange the loss carryforward (voorwaartse verliesverrekening) is reduced by three years (from nine to six years).

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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