On 4 July, the First Chamber of the Court of Justice of the EU returned a judgment in the ‘NN A/S’ case (C-28/17) on deducting losses made abroad, which might not be to the liking of all member states.
Put simply, this new case-law allows profits made in one member state to be deducted from the tax losses made in another, under certain circumstances.
The ACCA, which represents the accounting profession at international level, has already expressed concern and has explained to us why.
The...