Portugal published Law No. 27-A/2020 in the Official Gazette on 24 July 2020, which entered into force on 25 July and provides for the Supplementary 2020 Budget and an Economic and Social Stabilization Program in light of the COVID-19 pandemic. Some of the key tax measures include:
- An extension of the allowed loss carryforward period to 12 years in respect of losses incurred in the 2020 and 2021 tax years and an increase in the allowed loss offset from 70% of taxable income to 80% for losse…