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Tax Article Cryptocurrencies: recent tax developments for individuals
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.
Tax Alert SUT postpones the requirement for the commercial lease exemption
Act 257 of December 10, 2018 (“Act 257-2018”), introduced important changes to the Puerto Rico tax system including the amendment of Section 4030.14 of the Puerto Rico Internal Revenue Code of 2011 (“the Code”), as amended. Under Section 4030.14 of the Code, the rental payments for the lease of real property for commercial purposes are exempt from the payment of the sales and use tax (“SUT”), including the payments for offices, storage and parking spaces.
Tax Article A change is expected in Act 154
Meetings with PR and US Government have triggered the need to identify an alternative to the 4% excise tax of Act 154-2010.
Tax Alert Changes in the file transmission layout for fiscal terminals
The Puerto Rico Treasury Department has established new guidelines in relation with the file transmission layout for fiscal terminals.
Tax Alert Due date for estimated tax payment
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.
Tax Article Amendments to the Puerto Rico Internal Revenue Code
Read the most significant amendments made by the Puerto Rico Incentives Code to the Puerto Rico Internal Revenue Code.
Tax Alert US income tax return due date and requirements
For those taxpayers that requested an extension to file their income tax return, October 15 represents the final due date. Therefore, it is important to keep in mind important requirements regarding foreign information that may have to be included in your income tax return. There are significant penalties for US citizens and US residents who fail to file these forms
Tax Alert Incentives for Opportunity Zones funds
To finish our tax incentives series and keep you informed of the most important changes to the incentives in Puerto Rico, we turn our attention to the Opportunity Zone Program, which was originally adopted in Puerto Rico on May 14, 2019 by Act 21-2019.
Tax Article Incentives for agricultural, film, young entrepreneurs, and other industries
To continue our tax incentives series and keep you informed of the most important changes to the incentives in Puerto Rico, we turn our attention to the following incentives: Bona Fide Farmers and Agricultural Businesses, previously included in Act No. 225 of December 1, 2005; Economic Incentives for the Film Industry of Puerto Rico, previously contained within Act No. 27 of March 4, 2011; Incentives for Young Entrepreneurs, previously included in Act 135 of August 7, 2014; Business Incubator Incentive Program, previously included in Act 95-2013; and Exemptions to Public Air Transport Services, previously contained within Act No. 135 of May 9, 1945.
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.
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Partner - Head of tax Lina Morales

Puerto Rico

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Partner - Tax | IBC Director María de los Angeles Rivera

Puerto Rico

+1 787 754 1915

Partner - Tax Isabel Hernández

Puerto Rico

+1 787 754 1915

Partner - Tax Francisco Luis

Puerto Rico

+1 787 754 1915

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