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On May 6, 2022, the Governor of Puerto Rico signed Act 20, 2022. Act 20, 2022 provides an exemption from the Sales and Use Tax (SUT) during the last weekend of May, for the articles and equipment used by the population for the preparation for the hurricane season.

Read this to know what to do and where to file.

There have been significant changes regarding the tax credits available for taxpayers for tax year 2021.

It’s been more than 2 years since the enactment of the Incentives Code in Puerto Rico, approved on July 1, 2019 (“Act” or “Code”).

Real property tax debtors have been granted an amnesty to pay certain debts on or before June 30, 2022, at a discount.

With the end of 2021 in sight, taxpayers should consider some important tax planning aspects for the upcoming tax filing season.

On October 4th, 2021, Governor Pedro Pierluisi announced the Energy Incentive Program with the purpose to assist small and medium business in the development of energy conservation initiatives and green energy investments ("Program”). This alert will summarize criteria for eligibility and the application process.

The minimum global tax continues to be a hot topic in 2021. Negotiations in the implementation of a 15% global corporate minimum tax continue to strengthen and evolve as more countries endorse a deal on a global tax.

The Puerto Rico Department of Treasury (now on referred as to “Hacienda”) has recently issued multiple official publications to address new tax developments or amend previous publications to clarify their intentions. In this article, we will address some of them.