By: Xiomara Del Toro-Díaz, Esq., CPA & Janira Beltrán Sellés, Esq. Act Number 64 of January 30, 2018, amended Articles 9 and 10 of Act No. 195-2011, better known as Puerto Rico Homestead Protection Act, for the purpose of establishing the right to a secure home on the main residence of the surviving spouse without
Read More...Hurricane María’s aftermath has generated numerous administrative orders and decisions for which we have issued several publications in order to keep our clients and friends updated. Below is a brief summary of some of the most recent tax related pronouncements. RESOLUTION NO. 2017-10 (NOV. 6, 2017): THE DISBURSEMENT AND TAX CONCESSION AUTHORIZATION COMMITTEE (DTCAC) ADOPTS
Read More...Upon Hurricane María’s landfall in Puerto Rico many taxpayers, such as individuals and/or businesses, have been subject to property damage or loss. It is important for both individuals and businesses to be aware of the tax consequences of such events. Some key questions that will have to be considered by taxpayers and their tax advisor
Read More...Upon Hurricane María’s landfall in Puerto Rico many taxpayers, such as individuals and/or businesses, have been subject to property damage or loss. It is important for both individuals and businesses to be aware of the tax consequences of such events. Some key questions that will have to be considered by taxpayers and their tax advisor
Read More...If your business suffered damages due to Hurricane María, is undergoing a decline in business activity or if you’re unable to operate regularly or have been forced to close operations as a result of this major disaster, be aware of the following important federal and local laws and benefits that come in play during this
Read More...Almost every business and individual in Puerto Rico has suffered medium to severe damage due to the catastrophic passage and aftermath of Hurricane María. Even if your home or business is insured, a disaster assistance request must be filed with the Federal Government to secure a maximum amount of recovery assistance. Below are some recommendations
Read More...Changes related to Tourism and Casino Businesses Act 136-2016 allows for the first time in Puerto Rico tax incentives’ history that casino businesses be considered tourist activities, thus eligible for tax exemption and investment credits. It eliminates the restriction that the law imposed under which casinos were expressly excluded from the tourist activity definition.
Read More...Changes related to Sales and Use Tax Provisions Act 159 of September 30, 2015 (Act 159) incorporates technical amendments to Act 72. Act 159 modifies certain SUT provisions of the Code, as well as some income tax provisions. Hereinafter, we will provide a brief overview of the changes related to SUT. Designated Professional Services
Read More...Failure to reach a consensus and approval of the Tax Reform, brought to the consideration of the Puerto Rico Legislature House Bill 2482 (the Bill) on May 18, 2015. The goal is to provide an immediate solution for the source of revenue needed for the Puerto Rico Government and its budget. This bill amends several
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