On 14 June 2020, Puerto Rico's Governor Wanda Vázquez signed into law the Complementary Act to Address the Impact of the Covid-19 Emergency on the Puerto Rico Economy (Law 57-2020). Key measures of the Law are summarized as follows:
- Taxpayers with annual turnover of up to USD 10 million are allowed to carry back up to USD 200,000 in net operating losses incurred in 2020 to the previous two tax years, without the usual percentage of net income limitations, and where the carryback would result…