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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.

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.

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”).

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.

EITF discusses the revenue contract liabilities, interactions between Topics 321 and 323, and modifications of licenses of intellectual property.

The Department of Labor and Human Resources (DTRH) of Puerto Rico, has issued a notification to remind employers that the period to file the State Unemployment and Disability Quarterly Return, expires the next Wednesday, July 31, 2019.

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.

An agile, incremental path to finance function value for financial services companies.

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.

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.

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.

Organizations should have robust internal control procedures to limit the risk of fraud, and internal audit’s role is to assess these controls.

It is the duty of every employer to insure his/her employees against all work-related injuries, illnesses or death with the Workmen's Compensation Insurance Fund (CFSE).

The Puerto Rico Treasury Department has negotiated with the US Treasury Department to extend the deadline to file the request of the benefit.

5 tips to manage enterprise risk in businesses driven by innovation

Some publications have hinted that blockchain technology might eliminate the need for a financial statement audit by a CPA auditor altogether. If all transactions are captured in an immutable blockchain, then what is left for a CPA auditor to audit?