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Insights Navigating tariffs: Maintaining mid-market resilience amid ongoing uncertainty.
Navigating tariffs : Maintaining mid-market resilience amid ongoing uncertainty. At the close of 2024, mid-market businesses were riding a steady wave of optimism. According to Grant Thornton's International Business Report (IBR) research 54.6% of mid-market firms planned to increase their exports, with a similarly strong 50.3% expecting revenue growth from international markets. However, as we entered 2025 trade tensions escalated, with optimism experiencing its first notable dip in two years (down 2.9pp to 72.7%). Despite these early signs of caution emerging among mid-market leaders though, the underlying fundamentals – rooted in agility and strategic foresight – remained relatively robust.
4 min read | 31 Mar 2025
Do I need a Transfer Pricing Study to file my entity’s tax return?
Tax Insight Do I need a Transfer Pricing Study to file my entity’s tax return?
For many years, the Puerto Rico Treasury Department (PR Treasury) has been looking for ways to oversee the amount of expenses that entities in Puerto Rico get charged or allocated by related entities outside Puerto Rico. In Puerto Rico, it is very common to have entities operating here as subsidiaries or branches of foreign entities, where the Parent Company or Home Office is in the United States or elsewhere.
3 min read | 30 Apr 2025
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2025 Tax Calendar 2025 Tax Calendar
This comprehensive tax guide is designed to keep you well-informed about the tax due dates and filing requirements for both Puerto Rico and the United States. It also offers valuable tax insights for individuals, businesses, and sales and use tax considerations.
23 Jan 2025
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Tax Insight Tax Benefits for Investing in Local R&D and Innovation
7 min read | 07 Oct 2024
Tax Insight Sales and Use Tax: The impact of manufacturer's rebates and treatment of warranties
9 min read | 31 Oct 2024
Tax Insight A Deep Dive into Puerto Rico's Excise Taxes
3 min read | 07 Aug 2024
Tax Article Transfer Pricing: What is it and how can it benefit my business?
6 min read | 03 Jul 2024
Our latest insights
Puerto Rico's Incentives Code status
Tax Article Puerto Rico's Incentives Code status
The House and Senate Bills, collectively, the “proposed Incentives Code” aim to overhaul the rules and procedures for the review, approval and assessment of tax incentives, by encouraging activities that result in a positive return on investment for Puerto Rico.
23 Jan 2019
Employee Retention Benefit deadline has been extended
Tax Alert Employee Retention Benefit deadline has been extended
After several internal communications, between the Puerto Rico Treasury Department and the United States Treasury Department, they have agreed to amend the Employee Retention Tax Credit Implementation Plan in order to extend the deadlines to: (i) request the Employee Retention Benefit for employers affected by Hurricanes Irma and María (“the benefit”), and (ii) to file any related claims.
19 Jan 2019
Tax Rate applicable to partial tax waivers
Tax Alert Tax Rate applicable to partial tax waivers
On December 31, 2018, the Puerto Rico Treasury Department issued Internal Informative Bulletin No. 18-24, to provide taxpayers guidance with regards to the partial tax withholding waivers for services rendered in Puerto Rico, in light of the agency’s publications prior to the enactment of Act 257-2018 (Puerto Rico Tax Reform) on December 10, 2018.
08 Jan 2019
Employee Retention Benefit- PRTD opens window for claims
Tax Alert Employee Retention Benefit- PRTD opens window for claims
The Puerto Rico Treasury Department recently issued Internal Revenue Circular Letter 18-20 granting every eligible employer that filed the application for the Employee Retention Benefit on time, the opportunity to file a claim or make any adjustments or corrections to the original application of the benefit.
08 Jan 2019
Filing of the Estate tax returns
Tax Alert Filing of the Estate tax returns
The Puerto Rico Treasury Department has issued Circular Letter 18-19 to establish the new procedures with respect to estate tax transactions.
03 Jan 2019
Puerto Rico individuals 2018 year end tax planning
Tax Article Puerto Rico individuals 2018 year end tax planning
With the end of 2018 in sight, November is as good a time to look ahead and consider some important tax planning aspects for the upcoming tax filing season.
21 Nov 2018
New filing rules W-2PRs and Informative Returns
Audit Article New filing rules W-2PRs and Informative Returns
The Puerto Rico Treasury Department has issued Informative Bulletin 18-18 with the electronic filing requirements for Forms 499R-2/W-2PR and Informative Returns for 2018.
16 Nov 2018
Small expenses, big losses
Advisory Article Small expenses, big losses
Travel and entertainment expenses are sometimes small amounts that taken individually are generally insignificant, and because the items involved are so numerous and so small, auditing them individually would be prohibitively expensive. However, these expenses taken collectively are significant.
15 Nov 2018
ASU allows private companies to elect out of VIE guidance
Audit Article ASU allows private companies to elect out of VIE guidance
This issue discusses the ASU issued 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This ASU allows private companies to elect out of VIE guidance.
14 Nov 2018
Puerto Rico issues its own Opportunity Zone legislation
Tax Alert Puerto Rico issues its own Opportunity Zone legislation
The U.S. Tax Reform created a new rule under the U.S. Internal Revenue Code of 1986, that allows investors to defer the recognition of capital gains by investing in a Qualified Opportunity Fund that invests in Qualified Opportunity Zones. As part of this legislation, almost 95% of Puerto Rico was designated as an Opportunity Zone. Following the federal government’s lead in this area, the Puerto Rico House of Representatives submitted Bill No. 1887 to create the “Act for the Development of Opportunity Zones and Economic Development of 2018”.
09 Nov 2018
Targeted improvements to new leasing guidance ASC 842
Audit Article Targeted improvements to new leasing guidance ASC 842
The Board discussed feedback received on the proposed practical expedient related to the separation and allocation requirements of lease and nonlease components for lessors included in the proposed ASU, Leases (Topic 842): Targeted Improvements, along with other implementation issues arising from ASU 2016-02, Leases.
19 Oct 2018
Zero- Based Budgeting: operations enhancement or growth constraint?
Advisory Article Zero- Based Budgeting: operations enhancement or growth constraint?
Traditionally, the budgeting function within the public and private sector has relied on the incremental approach. This means that the previous period’s budget is carried forward to the next budget round in order to forecast current’s period budget allocation. The next budget is adjusted for known factors, including new legislative requirements, performance indicators, such as response times, and the anticipated levels of cost and salary inflation.
17 Oct 2018
Requirement for the payment of Christmas Bonus
Outsourcing Article Requirement for the payment of Christmas Bonus
On September 18, 2017, the Puerto Rico Department of Labor and Human Resources (the “PR DOL”) enacted a Regulation regarding the Puerto Rico’s Christmas Bonus Act, Act No. 148 of 1969. Such Regulation supersedes all prior regulations on the subject and establishes guidelines on implementation of the Christmas Bonus Law as amended by the Labor Transformation and Flexibility Act, Act No. 4 of 2017 (the “LTFA”).
17 Oct 2018
New due date for 2nd installment of income tax payment
Tax Update New due date for 2nd installment of income tax payment
Section 1061.17 of the 2011 Puerto Rico Internal Revenue Code, as amended (the “Code”), allows individual taxpayers that are not subject to the payment of estimated taxes the option to pay their income tax liability in two (2) equal installments – with the first installment due on the fifteenth day of the fourth month after the close of the individual’s tax year, and the second installment due no later than the fifteenth day of the sixth month after the first installment. For example, if Mr. X has a December 31, 2017 year end, the first installment for his 2017 income tax liability would be due on April 15, 2018, whilst the second would be due on October 15, 2018.
08 Oct 2018
Puerto Rico Treasury announces update on SURI services
Tax Alert Puerto Rico Treasury announces update on SURI services
On January 27, 2016, the Puerto Rico Treasury Department (“PRTD”) unveiled the Unified Internal Revenue System (“SURI”, for its acronym in Spanish) as means to modernize and improve the PRTD’s administration of tax revenue and supervisory duties. By consolidating its various processing systems into a single platform, the agency is allowed a fully integrated snapshot of every taxpayer’s accounts.
05 Oct 2018
PRSIF issued the premium notices for 2017-2018 and 2018-2019
Outsourcing Article PRSIF issued the premium notices for 2017-2018 and 2018-2019
The Puerto Rico State Insurance Fund Corporation has issued the Workers’ Compensation Premium Notice for the Final Premium Statement for fiscal year 2017-2018 and the Preliminary Premium for 2018-2019, for those policies that were not filed electronically, covering the salaries reported on the payroll statement from July 1, 2017 throught June 30, 2018.
24 Sep 2018
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