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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.
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.
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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

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Partner | Tax Francisco Luis

Puerto Rico

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