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Financial statements audits
Financial statement audits
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Compliance audits
Compliance audits
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Compilations and reviews
Compilations and audit
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Agreed-upon procedures
Agreed-upon procedures
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Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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International tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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Tax compliance
Business Tax
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Individual taxes
Individual taxes
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Estate and succession planning
Estate and succession planning
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Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
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Sales and use tax and indirect taxes
SUT/ VAT & indirect taxes
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Tax incentives program
Tax incentives program
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Transfer Pricing Study
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
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Business consulting
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
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Forensic and investigative services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
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Fraud and investigations
The commercial landscape is changing fast. An ever more regulated environment means organizations today must adopt stringent governance and compliance processes. As business has become global, organizations need to adapt to deal with multi-jurisdictional investigations, litigation, and dispute resolution, address the threat of cyber-attack and at the same time protect the organization’s value.
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Dispute resolutions
Our independent experts are experienced in advising on civil and criminal matters involving contract breaches, partnership disputes, auditor negligence, shareholder disputes and company valuations, disputes for corporates, the public sector and individuals. We act in all forms of dispute resolution, including litigation, arbitration, and mediation.
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Business risk services
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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Internal audit
We work with our clients to assess their corporate level risk, identify areas of greatest risk and develop appropriate work plans and audit programs to mitigate these risks.
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Service organization reports
As a service organization, you know how important it is to produce a report for your customers and their auditors that instills confidence and enhances their trust in your services. Grant Thornton Advisory professionals can help you determine which report(s) will satisfy your customers’ needs and provide relevant information to your customers and customers’ auditors that will be a business benefit to you.
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Transaction advisory services
Transactions are significant events in the life of a business – a successful deal that can have a lasting impact on the future shape of the organizations involved. Because the stakes are high for both buyers and sellers, experience, determination and pragmatism are required to bring deals safely through to conclusion.
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Mergers and acquisitions
Globalization and company growth ambitions are driving an increase in M&A activity worldwide as businesses look to establish a footprint in countries beyond their own. Even within their own regions, many businesses feel the pressure to acquire in order to establish a strategic presence in new markets, such as those being created by rapid technological innovation.
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Valuations
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
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Recovery and reorganization
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
Opportunity Zones Provide Investors Higher Returns
The Opportunity Zones program was established in the United States as part of the Tax Cuts & Jobs Act of 2017. The legislation provides taxpayers subject to federal income tax favorable incentives related to capital gains on existing appreciated investments if all or part of the gains are converted into new investments in designated Op-portunity Zones.
The U.S. Department of the Treasury has certified more than 8,700 areas as Opportunity Zones. In essence, they are designated low income communities and include rural, suburban and urban areas. In Puerto Rico's case, the entire island (more than 95 percent of its geographical area) is practically an Opportunity Zone.
Puerto Rico has initiated legislative action to match the federal tax incentives. In this manner, in November 2018, House Bill 1887 was filed as the "Act for the Develop-ment of Opportunity Zones & Economic Development of 2018". This legislation was an effort to provide tax incentives for activities that do not qualify for current tax incentive programs and the administration deems a priority for Puerto Rico's economic and social transformation.
In summary, HB 1887 will provide local tax incentives that give potential investors a higher return on their investments to echo federal tax benefits. In addition, it also provides domestic taxpayers the opportunity to participate in Opportunity Zone projects to benefit from these incentives.
The incentives provided in the bill will be granted for 15 years in an exemption decree similar to other incentives in Puerto Rico.
In addition, the bill proposes an invest-ment-tax credit up to a maximum 15 percent on the cash invested in the exempt business.
In addition, the legislation amends the Puerto Rico Internal Revenue Code of 2011 by introducing section 1031.06. This new section partially mirrors federal tax code sections that provide tax deferrals on capital gains that are reinvested in Opportunity Zone Funds.
Importantly enough, Act 22-2012 is also amended to allow new residents with grants under this act to defer the taxation by virtue of the new proposed section 1031.06 of the capital gains earned from securities that are attributable to the period of nonresidency in Puerto Rico.
In order to be able to attract mainland investors to the island and fund these projects, the benefits included in HB 1887 must materialize. Puerto Rico is competing with other states and jurisdictions to attract these investors, with the difference that our income tax rates are at the federal level and not at the state or local level. Therefore, time is of essence and HB 1887 needs to be approved quickly if Puerto Rico wants to compete with other states in the mainland that have enacted their own legislations to expand or match the federal tax incentives.
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![Francisco Luis]()
Francisco Luis Tax partner with over thirty-one years of experience in public accounting, including the “Big Four” and private consulting practice.View Profile
