Faster refunds of various tax credits
As from 1 January 2009, companies can obtain an immediate refund of their tax carry-back credit. Before this new measure, reimbursement of tax credits was possible after a period of five years. This measure will only apply to tax carry-back credits existing before 31 December 2008 and to any relating to a financial year ending on or before 30 September 2009. We remind you that the French tax carry-back credit mechanism allows corporate taxpayers to carry tax losses back and set them against their taxable ordinary profits for the three preceding tax years.
Any unused French Research and Development (R&D) tax credit related to R&D expenditure incurred in 2005, 2006 and 2007 can also be refunded immediately. The R&D tax credit was previously refundable after a period of three years if it could not be set against a company’s corporate income tax liability.
Companies with a financial year ending no later than 30 September 2009 may apply immediately after the close of their financial year for an early refund of any excess corporate income tax instalments paid.
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