Rules and Regulations Implementing Section 4 (bbbb) of Republic Act No. 11494, Otherwise Known as the "Bayanihan to Recover as One Act" Relative to Net Operating Loss Carry-Over (NOLCO) Under Section 34 (D) (3) of the NIRC, as Amended

September 30, 2020REVENUE REGULATIONS NO. 25-20SUBJECT : Rules and Regulations Implementing Section 4 (bbbb) of Republic Act No. 11494, Otherwise Known as the "Bayanihan to Recover as One Act" Relative to Net Operating Loss Carry-Over (NOLCO) Under Section 34 (D) (3) of the NIRC, as Amended   TO : All Internal Revenue Officers and Others Concerned SECTION 1. Scope. — Pursuant to the provisions of Section 244 of the National Internal Revenue Code (NIRC), as amended, these Regulations are hereby promulgated to implement Section 4 (bbbb) of Republic Act (R.A.) No. 11494, otherwise known as "Bayanihan to Recover as One Act," to wit:"SEC. 4. COVID-19 Response and Recovery Interventions. x x xxxx xxx xxx(bbbb) Notwithstanding the provision of existing laws to the contrary, the net operating loss of the business or enterprise for taxable years 2020 and 2021 shall be carried over as a deduction from gross income for the next five (5) consecutive taxable years immediately following the year of such loss; Provided, That this subsection shall remain in effect even after the expiration of...