The Tax Burden Redistribution and Adjustment Act (Ley de redistribución y ajuste de la carga contributiva) amended section 1033.14 of the Tax Code 2011 by extending the carry-forward period of net operating losses (NOL) as follows: -   NOL generated during taxable years that commenced after 31 December 2004 and before 1 January 2013: the carry-forward period is extended to 12 years; and -   NOL generated during taxable years commencing after 31 December 2012: the carry-forward period is 10 years. The NOL deduction applicable to taxable years commencing after 31 December 2012 is limited to 90% of the net...