Services
We approach each audit with sharp thought, straight talk and common sense. In addition to verifying that financial results are fairly presented and meet...
-
Financial statements audits
Financial statement audits
-
Compliance audits
Compliance audits
-
Compilations and reviews
Compilations and audit
-
Agreed-upon procedures
Agreed-upon procedures
At Kevane Grant Thornton, tax is a key part of our organization and our award-winning teams can offer you a range of solutions, whatever the size of your...
-
Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
-
International tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
-
Tax compliance
Business Tax
-
Individual taxes
Individual taxes
-
Estate and succession planning
Estate and succession planning
-
Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
-
Sales and use tax and indirect taxes
SUT/ VAT & indirect taxes
-
Tax incentives program
Tax incentives program
-
Transfer Pricing Study
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
As your business grows, our advisory services are designed to help you achieve your goals. Successful growth often means navigating a complex array of...
-
Business consulting
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
-
Forensic and investigative services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
-
Fraud and investigations
The commercial landscape is changing fast. An ever more regulated environment means organizations today must adopt stringent governance and compliance processes. As business has become global, organizations need to adapt to deal with multi-jurisdictional investigations, litigation, and dispute resolution, address the threat of cyber-attack and at the same time protect the organization’s value.
-
Dispute resolutions
Our independent experts are experienced in advising on civil and criminal matters involving contract breaches, partnership disputes, auditor negligence, shareholder disputes and company valuations, disputes for corporates, the public sector and individuals. We act in all forms of dispute resolution, including litigation, arbitration, and mediation.
-
Business risk services
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
-
Internal audit
We work with our clients to assess their corporate level risk, identify areas of greatest risk and develop appropriate work plans and audit programs to mitigate these risks.
-
Service organization reports
As a service organization, you know how important it is to produce a report for your customers and their auditors that instills confidence and enhances their trust in your services. Grant Thornton Advisory professionals can help you determine which report(s) will satisfy your customers’ needs and provide relevant information to your customers and customers’ auditors that will be a business benefit to you.
-
Transactional advisory services
Transactions are significant events in the life of a business – a successful deal that can have a lasting impact on the future shape of the organizations involved. Because the stakes are high for both buyers and sellers, experience, determination and pragmatism are required to bring deals safely through to conclusion.
-
Mergers and acquisitions
Globalization and company growth ambitions are driving an increase in M&A activity worldwide as businesses look to establish a footprint in countries beyond their own. Even within their own regions, many businesses feel the pressure to acquire in order to establish a strategic presence in new markets, such as those being created by rapid technological innovation.
-
Valuations
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
-
Recovery and reorganization
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
Our outsourcing services allow you to save time and money in order to concentrate on the competencies and the core business activities.
Careers page for Kevane Grant Thornton
The Kevane Grant Thornton Difference
Grant Thornton prides itself on being a values-driven organization and we have more than 56,000 people in over 140 countries who are passionately committed to...
Diversity helps us meet the demands of a changing world. We value the fact that our people come from all walks of life and that this diversity of experience...
Many Grant Thornton member firms provide a range of inspirational and generous services to the communities they serve.
Experienced hires
Students
Jobs at Kevane Grant Thornton
Familia Kevane reflects the sentiment that our partners and team members express about their experience in the firm and that steers the pillars that define our...
Emerging markets and shifting consumer demand are creating new opportunities in food and beverage, with business leaders investing in new products, markets and...
Optimism is slowly returning to the global economy, but the financial services industry needs to regain the trust of public and private bodies. To succeed,...
At Kevane Grant Thornton we provide services to the Healthcare industry
Rapid change and complexity are norms, and innovation the fuel in the technology industry. Today’s revolutions – including cloud, as-a-service, social media...
At Kevane Grant Thornton we provide services to the Industrial products industry.
Across the globe, not for profit organizations are increasingly expected to deliver more, while at the same time facing cuts in government funding and...
We work with all types of agencies, including central and state government, local government, donors (including bilateral and multilateral international...
While the impact of the prolonged downturn continues to be felt, pockets of opportunity and optimism have emerged within the retail estate and construction...
At Kevane Grant Thornton we provide services to the Services industry.
Dynamic businesses need to move with speed and purpose if they want to capitalise on opportunities in hospitality and tourism. At Grant Thornton, we know...
For many years, there has been plenty of public discussion around incentives available to resident individual investors (“RII”) that relocate to Puerto Rico, and the last couple of months have not been the exception. This Alert will summarize important recent developments regarding RII incentives, with a focus on Senate Bill 490.
Contents
Senate Bills
- Senate Bill 40 - filed on January 4, 2021, authored by Senator María de Lourdes Santiago and Senator Jose Vargas Bidot – proposes the revocation of Act 20-2012 and Act 22-2012. Had three public hearings in the Senate during the month of July. The Department of Economic Development and Commerce appeared during the public hearings and submitted its position of not supporting the bill. Proposed effectiveness is upon the approval of the law.
- Senate Bill 284 - filed on April 5, 2021, authored by Senator Carmelo Ríos – seeks to amend Section 6020.10 of Act 60-2019 to eliminate the current rule that at least $5,000 of annual charitable contributions be destined to certain non-profits related to childhood poverty and included in a list of the Legislative Assembly. Rather, by eliminating such a condition, grantees would be able to donate $10,000 to the non-profit of choice. Had three public hearings in the Senate during the month of July. Proposed effectiveness is upon the approval of the law.
- Senate Bill 490 (“Bill”) - filed on July 13, 2021, authored by Senator Tomás Rivera-Schatz – proposes comprehensive reform to tax incentives available to RII. This alert will provide an overview of its most important provisions.
Senate Bill 490
Effectiveness
The effectiveness of the proposed law is upon the enactment of the law. The Bill indicates that it will apply to applications that have not been approved on the date of enactment of the law.
Proposed regime
The Bill restructures incentives available to new individuals with grants of tax exemption for RII (“Grant”). The tax rates offered will depend on whether the individual made capital investments that result in job creation in Puerto Rico, as discussed below. The statement of motives of the Bill recognizes the economic impact of incentives granted to RII. However, the Bill indicates, it is necessary to amend said provisions so that there is a better balance between attracting individuals to Puerto Rico, job creation, investment of capital in the island, and government revenues that can be reinvested in the Island for the benefit of all Puerto Ricans. The statement of motives also states that the Legislative Assembly respects obligations of the government of Puerto Rico in connection to existing grants but aims to create a more balanced scenario for new grantees by increasing tax rates while keeping them well below the national average.
Eligibility
Currently, individuals that were not residents of Puerto Rico from January 17, 2006 to January 17, 2012 are eligible to apply for a Grant. The Bill modifies this rule and establishes that individuals that were not residents of Puerto Rico during the five calendar years prior to his or her application for individual investors will be eligible for incentives.
Eligible Investment
The Bill proposes enhanced incentives if the RII makes an Eligible Investment. Eligible Investment is defined as follows:
- investment of capital - $5 million investment made on or after the date of filing the RII Grant application. The investment shall generally be completed within the 3-year period from the effectiveness of the Grant in exchange for equity in an Eligible Investment Entity. The latter term is defined as a domestic for-profit legal entity dedicated to the following activities:
- export services, pursuant To Chapter 3 of Act 60-2019
- Finance, investment and insurance, pursuant To Chapter 4 of Act 60-2019
- visitor’s economy, pursuant to Chapter 5 of Act 60-2019
- manufacturing, pursuant to Chapter 6 of Act 60-2019
- infrastructure and energy, pursuant to Chapter 7 of Act 60-2019
- Agroindustries, pursuant to Chapter 8 of Act 60-2019
- creative industries, pursuant to Chapter 9 of Act 60-2019
- other industries, pursuant to Chapter 11 of Act 60-2019
- job creation - the Eligible Investment Entity will be subject to compliance to the job creation provision, which requires the creation of at least 10 direct employees within a 3-year period from completed the Eligible Investment.
The Bill proposes rules that apply if an Eligible Investment Entity ceases operations. The grantee is required to complete an Additional Eligible Investment into an Eligible Investment Entity within a 12-month period and will be subject to the job creation rule applicable to the initial Eligible Investment.
Incentives for RII
Other provisions
- penalties
- penalties of $10,000 for failure to comply with the requirements of the Grant (i.e. capital investment, job creation) will be imposed and should be payable within a 60-day period.
- financial commitment
- all grantees shall open a bank account in Puerto Rico that should be kept during the effectiveness of the Grant.
- annual report
- the November 15 date to submit an Annual Report is eliminated from the legal provisions related to annual reports and instead, the proposed language delegates the power to request information to the Secretary of Treasury.
- annual donation
- establishes that the $10,000 annual donation to a non-profit can not be made to an entity controlled by relatives within the fourth degree of consanguinity or second degree of affinity, and individuals with an Act 22-2012 grant.
Caroline López, CPA, Esq.
Tax Manager
Collaborated in the preparation of this article.
We are committed to keeping you up to date with all tax-related developments. Please contact our Tax Department should additional information be required regarding this or any other tax issue. We will be glad to assist you.
