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Tax Alert International financial/insurance services and private equity funds
To continue our series and keep you informed of the most important changes to the incentives in Puerto Rico, we turn our attention to: Entities engaged in international financial activities, previously contained within Act No. 273 of September 25, 2012 (“Act 273-2012”); Entities engaged in international insurance activities, previously contained within Act No. 399 of September 22, 2004 (“Act 399-2004”); and Private equity funds, previously contained within Act No. 185 of November 12, 2014 (“Act 185-2014”).
Tax Alert New rules for the manufacturing and green energy industries
To continue our series of articles and keep you informed of the most important changes to the incentives in Puerto Rico, we turn our attention to: •Manufacturing operations requesting a Grant under the Act, previously included in Act No. 73 of May 28, 2008; and •Entities engaged in the production of green energy, previously contained within Act No. 83 of July 19, 2010.
Tax Alert Incentives for Individuals
To continue our series regarding Act 60-2019, known as the “PR Incentives Code” (“Act”) and keep you informed of the most important changes to the incentives in Puerto Rico, we turn our attention to: • Qualified Physicians, previously within Act No.14-2017; • New incentive for researcher and scientists; • New incentive grant for professional residents of difficult recruitment; • New internship program for young people, entrepreneurs and first experience employment incentives; • New Incentive program for elderly people; and • New Incentive program known as My Future Account.
Tax Alert Incentives Code- new Provisions for Tourist Activities
As discussed on our first issue, Act No. 60 of 2019 (known as the Incentives Code, referred to as the “Act”) codifies all the incentives granted throughout decades with the objective of adopting a comprehensive tool of economic development. The Act revokes the Puerto Rico Tourism Development Act of 2010, (i.e. Act 74-2010) as amended, while simultaneously adopting a similar set of incentives, with some changes we discuss below.
Tax Alert Individual resident and the exportation of goods/ services
The new Puerto Rico Incentives Code, referred to as the “Act”, codifies all the incentives granted throughout decades with the objective of adopting a comprehensive tool of economic development. The Act revokes Acts 20 and 22 of January 17, 2012, as amended, while simultaneously adopting a similar set of incentives, with some changes we discuss below.
Tax Alert The new Puerto Rico Incentives Code
On July 1, 2019, the Governor of Puerto Rico converted House Bill 1635 into Act 60-2019, known as the Incentives Code of Puerto Rico (the “Act”). The Act codifies incentives granted for diverse purposes throughout decades with the aim to foster economic development more effectively. The Act adopts a legal and administrative framework for the application, evaluation, and grant or denial of incentives by the Government of Puerto Rico. Some incentives remain unchanged, while others were eliminated or altered to increase the return on public investment.
Tax Article Additional extension to request the Employee Retention Benefit
The Puerto Rico Treasury Department has negotiated with the US Treasury Department to extend the deadline to file the request of the benefit.
Tax Article Tax code amendments and their effective dates
The Puerto Rico Treasury Department issued Administrative Determination 19-01 to clarify the effective dates of the amendments to the Tax Code brought in on December 2018.
Tax Article Tax returns filing after April 15...now what?
Pursuant to the Internal Revenue Code for a New Puerto Rico (the “Code”), taxpayers whose business year runs on a calendar basis have until the 15th day of April following the close of the calendar year to file the appropriate income tax return. Considering this, we turn our attention to the next major filings that must be kept in mind during the rest of the year.
Tax Article CRIM requests taxpayers the appraisal of real property
The Governor has enacted Act No. 6 of February 12, 2019, to assist the CRIM with the request of appraisal of real estate property.
Tax Alert Corporation income tax returns – e-filing guidance
The Puerto Rico Department of Treasury has released Circular Letter 19-08 establishing the filing deadlines for certain corporation income tax returns.
Tax Alert Income tax extensions returns – e-filing guidance
The Puerto Rico Department of Treasury has released Circular Letter 19-06 stating new guidance for individuals, corporations and LLCs on the filing of automatic extensions for income tax returns.
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Partner – Head of Tax | IBC Director María de los Angeles Rivera

Puerto Rico

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Partner - Tax Isabel Hernández

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Partner – Tax Lina Morales

Puerto Rico

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Partner - Tax Francisco Luis

Puerto Rico

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