Portugal's government has submitted draft Law No. 33/XIV in parliament for a 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 from 5 years to 10 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%, as well as the suspension of time limits for the carr…