Puerto Rico Economic Relief Package for COVID-19

Legislation for a COVID-19 economic relief package is currently before Puerto Rico's Senate, following approval in the House of Representatives. Measures of the package include:

• A tax credit of 50% or 100% for employee payroll paid, depending on the status of the company;
• Loss carryback for up to the three previous years for taxpayers with turnover of USD 10 million or less;
• The suspension of the 90% of net income loss carryforward limitation;
• An exemption from the 4% sales tax on services p…