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Taxpayers engaged in trade or business within the jurisdiction of a Puerto Rico municipality, providing any services for profit, selling any goods, or performing any type of business; are generally subject to the payment of municipal license taxes.

As the Opportunity Zones program’s needs evolve, new US legislation is underway to meet the program’s intended results and unleash the full potential for economic development that the Opportunity Zone Program can provide to communities.

Read this to know what to do and where to file.

There have been significant changes regarding the tax credits available for taxpayers for tax year 2021.

It’s been more than 2 years since the enactment of the Incentives Code in Puerto Rico, approved on July 1, 2019 (“Act” or “Code”).

Real property tax debtors have been granted an amnesty to pay certain debts on or before June 30, 2022, at a discount.

The Puerto Rico Treasury Department published a new version of the monthly Sales and Use Tax Return that should be used for the filing of the monthly Sales and Use Tax return corresponding to October 2021.

The Puerto Rico Department of Treasury (now on referred as to “Hacienda”) has recently issued multiple official publications to address new tax developments or amend previous publications to clarify their intentions. In this article, we will address some of them.

Puerto Rico tax and business incentives to qualifying business operating or considering to operate in the country.

The Puerto Rico Treasury Department and the Internal Revenue Service will investigate and audit certain individuals and entities tax matters.

At Kevane Grant Thornton we are fully authorized by Grant Thornton International to provide clients transfer-pricing services independently from other member firms. Transfer pricing refers to the price ascribed to transactions between entities in two different jurisdictions, such as when a parent company in one country sells goods or services to a subsidiary in another country.

Transfer pricing is the No. 1 international tax area of concern to multinationals, tax authorities are reviewing transfer pricing to tackle profit shifts that could be detrimental to the tax revenue of their countries or jurisdictions.

During the past decades, technology has revolutionized all aspects of human life, including how business is done. As a result, the virtual currency industry has emerged in such a way that it may also be used to pay for goods or services due to its function as a medium of exchange.

The Puerto Rico Treasury Department has established new guidelines in relation with the file transmission layout for fiscal terminals.

Meetings with PR and US Government have triggered the need to identify an alternative to the 4% excise tax of Act 154-2010.

Individuals and businesses should remit third estimated tax payment for taxable year 2019 due on September 16. In this alert, we will focus on in the Optional Tax available for self-employed individuals that derive their income substantially from services under Act 257-2018 and Act 60-2019.