Puerto Rico: Income Tax

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Treasury Extends Due Date For Exempt Business Income Tax Return

On June 3, 2024, the Puerto Rico Department of Treasury ("Treasury") issued Circular Letter No. 24-13 establishing the procedure for the electronic filing of the new Form 480.3(II)...

Puerto Rico Tax

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Reichard & Escalera

Taking Advantage Of Puerto Rico's Tax Incentives (Without Drawing IRS Scrutiny)

The Commonwealth of Puerto Rico offers lucrative tax breaks that are designed to attract high-net-worth individuals and businesses to the island and boost its local economy. Under the Puerto Rico Incentives Code of 2019.

Puerto Rico Tax

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Scarinci Hollenbeck LLC

Businesses Operating In Puerto Rico Must Consider Pillar Two

Puerto Rico's unique status as a US territory impacts its decision-making on the OECD's global minimum tax, known as Pillar Two. If implemented in its proposed form...

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Caplin & Drysdale

Puerto Rico May Impose A 15% Minimum Tax On Business Income; What Will Happen To Act 60 Decrees?

The Organization for Economic Cooperation and Development (OECD), of which the United States is a member, has proposed a 15% minimum global tax on business income.

Puerto Rico Tax

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Caplin & Drysdale

Doing Business In Puerto Rico: A Secure And Tax-efficient US Jurisdiction Like No Other

Puerto Rico Tax

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TMF Group BV

Puerto Rico Treasury Department Takes Action In Response To Hurricane Fiona

Puerto Rico Employment

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Littler Mendelson

Puerto Rico Government Plan-to-Private Plan Rollovers Allowed

Puerto Rico Tax

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Ogletree, Deakins, Nash, Smoak & Stewart

Puerto Rico–Qualified Retirement Plans: 2020 Year-End Amendments Deadline Coming Soon

Puerto Rico Employment

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Ogletree, Deakins, Nash, Smoak & Stewart

How Recent Changes To RMD Rules Apply To Puerto Rico Participants In Dual-Qualified Plans

Puerto Rico Tax

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Ogletree, Deakins, Nash, Smoak & Stewart

Deadlines To File Qualification Amendments Are Extended Due To COVID-19 Lockdown

Puerto Rico Employment

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Littler Mendelson

Puerto Rico Extends Due Dates For Retirement Plan Tax Reporting And Withholding Obligations Due To COVID-19

Puerto Rico Coronavirus

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Ogletree, Deakins, Nash, Smoak & Stewart

Puerto Rico Issues Guidance For Disaster Relief Distributions From Tax-Qualified Retirement Plans Due To 2020 Earthquakes

Puerto Rico Employment

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Ogletree, Deakins, Nash, Smoak & Stewart

Puerto Rico Treasury Department Issues Post-Earthquake Rules For Qualified Retirement Plan And IRA Distributions And Loans

Puerto Rico Employment

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Littler Mendelson

Puerto Rico Department Of Treasury Grants Tax Exemptions For Employer-Provided Payments And Certain Benefits To Employees And Independent Contractors Related To The Recent Earthquakes

Puerto Rico Employment

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Littler Mendelson

Puerto Rico Executive Order 2025-015 Targets Pilot Program For The Incorporation Of Project Labor Agreements

Puerto Rico Employment

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Littler Mendelson

Puerto Rico Supreme Court Clarifies Limits For Unjustified Dismissal Under The Workers' Compensation Act

Puerto Rico Employment

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Littler Mendelson

Puerto Rico Department Of The Treasury Announces 2025 Limits On Qualified Retirement Plans

Puerto Rico Employment

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Littler Mendelson

Puerto Rico New Act 29-2025: Essential Employer Obligations For Breastfeeding/Pumping Activities

Puerto Rico Employment

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Jackson Lewis P.C.

Puerto Rico Prohibits Discrimination Against Breastfeeding Mothers In The Workplace

Puerto Rico Employment

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Littler Mendelson

Puerto Rico Treasury Department Changes Tax Reporting On Act 80 Payments Made During Tax Year 2018

On October 22, 2018, the Puerto Rico Department of the Treasury (the "PR Treasury") issued Publication 18-03, which makes tax reporting and tax deadline changes for certain severance payments.

Puerto Rico Employment

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Littler Mendelson

Plan Sponsors And Service Providers Must Be Aware Of Changes Made To Rules Pertaining To Puerto Rico Qualified Retirement Plans

Recent changes to Puerto Rico's tax treatment of certain retirement plans have taken effect. Act No. 106 of August 23, 2017 ("Act 106") amended Section 1081.01 of the Puerto Rico Internal Revenue Code...

Puerto Rico Employment

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Littler Mendelson

Puerto Rico Department Of The Treasury Issues Q&As Clarifying Guidance On Qualified Payments Made For Hurricane María Disaster Assistance

As previously discussed, on October 4, 2017, the Puerto Rico Department of the Treasury (the "PR Treasury") issued Administrative Determination No. 17-21 ("AD 17-21") granting temporary income ...

Puerto Rico Employment

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Littler Mendelson

Employers Helping Employees—Are Disaster Relief Payments And Loans Exempt From Puerto Rico Income Tax?

With the havoc wrought by Hurricane Maria in Puerto Rico, employers are exploring options to provide emergency relief to those employees who have encountered financial hardship to meet their necessities ...

Puerto Rico Tax

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Ogletree, Deakins, Nash, Smoak & Stewart

Puerto Rico Department Of The Treasury Grants Temporary Tax Exemptions For Employer-Provided Payments And Certain Benefits To Employees Related To Hurricane Maria Relief

Puerto Rico Employment

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Littler Mendelson

Legislation Introduced To Extend Earned Income Tax Credit To Commonwealth Residents

Puerto Rico Tax

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Orrick

Tax Prepayment Window Closes On October 31, 2014, For Puerto Rico Retirement Plans

Puerto Rico Employment

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McDermott Will & Emery

From Here To Eternity Or San Juan! - Transitional Tax Planning With Pre-IPO Or Appreciating Closely Held Stock

Puerto Rico Tax

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Osborne & Osborne PA

Puerto Rico Enacts Technical Amendments To Major Tax Legislation

Puerto Rico Tax

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Grant Thornton LLP

Puerto Rico Enacts Tax Amnesty Program To Begin May 13, 2013

Puerto Rico Tax

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Grant Thornton LLP

Puerto Rico Issues Regulations For Controlled Groups Of Corporations And Related Entities

Puerto Rico Tax

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Grant Thornton LLP

An Overview of Main Corporate Taxes in Selected Jurisdictions - Puerto Rico

Puerto Rico Tax

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Adsuar Muñiz Goyco Seda & Pérez-Ochoa, P.S.C.

Puerto Rico Issues Regulations For Controlled Groups Of Corporations And Related Entities

The Puerto Rico Treasury Department has released regulations to provide guidance on the application of the new rules for controlled groups of corporations and related entities included in the Internal Revenue Code for a New Puerto Rico

Puerto Rico Tax

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Grant Thornton LLP

An Overview of Main Corporate Taxes in Selected Jurisdictions - Puerto Rico

The corporate income tax is the higher of a regular tax ranging between 20% and 39% of net income and an alternative minimum tax of 22 % of "alternative minimum net income". For taxable years ending prior to January 1, 2012 the 39% rate is increased to 40.95%.

Puerto Rico Tax

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Adsuar Muñiz Goyco Seda & Pérez-Ochoa, P.S.C.

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