Act 20 is designed to provide tax benefits to business including but not limited to the following sectors:
In order to qualify for the Act 20 tax grant, a business must have minimum of three employees, each of which must be a resident of Puerto Rico. Generally, the new Puerto Rico resident is one of such employees. Act 20’s benefits include a reduced income tax rate and partial municipal license tax exemption over a 20 year period. Benefits are through a grant of tax benefits issued by Puerto Rico's Secretary of the Department of Economic Development and Commerce. There are more rules and this post contains simplifications and is not comprehensive. Additionally, as always, a professional should be consulted and be presented with specific information. *** |
Messages >