The Philippines has published Republic Act No. 11494 (Bayanihan to Recover as One Act) in the Official Gazette. The Act was signed into law on 11 September 2020 to further the relief provided in response to the COVID-19 pandemic by Republic Act No. 11469 (Bayanihan to Heal as One Act) in May 2020 and to provide additional measures to support recovery.
One of the main tax measures of the latest act is an enhanced net operating loss carryover, which provides that net operating losses incurred…