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Financial statements audits
Financial statement audits
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Compliance audits
Compliance audits
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Compilations and reviews
Compilations and audit
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Agreed-upon procedures
Agreed-upon procedures
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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.
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International tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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Tax compliance
Business Tax
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Individual taxes
Individual taxes
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Estate and succession planning
Estate and succession planning
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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.
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Sales and use tax and indirect taxes
SUT/ VAT & indirect taxes
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Tax incentives program
Tax incentives program
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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
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Business consulting
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
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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.
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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.
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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.
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Business risk services
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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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.
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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.
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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.
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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.
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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.
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Recovery and reorganization
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
Most recent amendments to incentive acts in Puerto Rico
23 Aug 2017In search of sustainable economic growth through the exportation of services from Puerto Rico and in light of the proposed Tax Reform Bill that is looming on the horizon, on August 8, 2017, the Governor of Puerto Rico signed Acts Nos. 91 and 94 of 2017 (“Act 91-2017” and “Act 94-2017”), which respectively amended Act No. 187 of November 17, 2015 (“Act 187-2015”), as well as Act 20 of January 12, 2012 (“Act 20-2012”).
Change to Act 187-2015
Certificate of Compliance, and Certifying and Granting Agencies’ functions
As noted in our December 28, 2016 Tax Alert, Act 187-2015 was approved to create the Interagency Validation Portal for the Granting of Incentives for the Development of Puerto Rico (the “Portal”). Basically, the Portal aims to, among other things, be used as a vehicle through which Certifying (Issuing) Agencies (“CIA”) and Granting (Recipient) Agencies (“GRA”) will communicate to process, oversee, validate and award the tax incentives from a number of legislative acts which promote the economic development of Puerto Rico. In addition, through the issuance of a Certificate of Compliance (“Certificate”), both CIA and GRA validate that the person or entity (“Grantee”) meets the specific requirements of the law by virtue of which a particular privilege is granted and, therefore, qualifies for the tax incentives.
Considering that the government of Puerto Rico is currently working on an Incentives Code to validate the concession of tax incentives by estimating its economic impact in the Island, and a Tax Reform is expected to be presented before the Legislature of Puerto Rico during this year, Act 91-2017 amends Act 187-2015 by adding Article 115, which defers the effectiveness of Act 187-2015 until January 1, 2018. During this period, both CIA and GRA will be exempted from the issuance and receipt, respectively, of the Certificate of Compliance and any other documentation related to it. To this effect, applications under the tax incentives laws as described by Act 187-2015, must be evaluated and processed without them being subjected to the Certificate of Compliance requirement.
Change to Act 20-2012
Base Period Income Limitation
Pursuant to Article 4(c) of Act 20-2012 an eligible business that at the time of filing its exemption application, is engaged in an export activity covered by Act 20, will enjoy its tax incentives but only in relation to that portion of net income that exceeds the average net income generated by such business during the three taxable years preceding the aforesaid application date (“base period”).
Mindful of the importance of maintaining economic stability and competitiveness through the exportation of services, Act 94-2017 amends the above referenced Article 4(c) to reduce the base period income amount by twenty-five percent (25%) annually, until it is reduced to zero (0) on the fourth taxable year of the Exempt Business’ decree term (the “Phase Out”). It is important to note that Phase Out will only apply to tax exemption decrees granted after June 30, 2017.
