Corporate tax loss credits now carry forward in every country
A week that ended in a loss in Brazil, Panama, New Zealand, Mexico or Chile was not adding to the corporate tax credit you carry forward. It does now, as it always has in the other countries.
A corporation that closes a week at a loss earns a credit worth the corporate tax the same amount of profit would have owed, held with the country the money was lost in. That credit pays the corporate tax of later, profitable weeks there before any cash does.
In the five countries added in September — Brazil, Panama, New Zealand, Mexico and Chile — the credit was never recorded. A loss week there carried nothing forward, so the next profitable week was billed in full.
That is fixed. From the next weekly corporate tax reconciliation:
- A loss week earns its credit in all five countries, at that country's own corporate tax rate. - The credit is spent automatically on the next corporate tax you owe in the same country. - Nothing changes elsewhere. In every other country the credit already worked this way.
Loss weeks that closed before this update recorded no credit, and this update does not add them back.