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Taxation in Puerto Rico consists of taxes paid to the United States federal government and taxes paid to the Government of the Commonwealth of Puerto Rico.Payment of taxes to the federal government, both personal and corporate, is done through the federal Internal Revenue Service (IRS), while payment of taxes to the Commonwealth government is done through the Puerto Rico Department of Treasury ...
The Puerto Rico Center for Investigative Journalism found that incoming capital from these investors compounded with a rise in short-term rentals and lack of affordable housing have contributed to ...
Act 22 of 2012 —also known as the Act to Promote the Relocation of Investors to Puerto Rico (Spanish: Ley para Incentivar el Traslado de Inversionistas a Puerto Rico)— is an act enacted by the 16th Legislative Assembly of Puerto Rico that exempts local taxes on certain passive income generated by individuals that reside in Puerto Rico.
The Internal Revenue Code of Puerto Rico (Spanish: Código de Rentas Internas de Puerto Rico) is the main body of domestic statutory tax law of Puerto Rico organized topically, including laws covering income taxes, payroll taxes, gift taxes, estate taxes, and statutory excise taxes. [1]
Since Act 20 was enacted in 2012, the Puerto Rico Department of Economic Development has approved at least 3,198 tax exemption decrees, according to data from the Puerto Rico Institute of Statistics.
The list focuses on the main types of taxes: corporate tax, individual income tax, and sales tax, including VAT and GST and capital gains tax, but does not list wealth tax or inheritance tax. Personal income tax includes all applicable taxes, including all unvested social security contributions.
The present rate of tax on corporate income was adopted in the Tax Reform Act of 1986. [15] In 2010, corporate tax revenue constituted about 9% of all federal revenues or 1.3% of GDP. [16] The corporate income tax raised $230.2 billion in fiscal 2019 which accounted for 6.6 percent of total federal revenue and had seen a change from 9 percent ...
This IRS section was critical to the economy, as it established tax exemptions for U.S. corporations that settled in Puerto Rico and allowed their insular subsidiaries to send their earnings to the parent corporation at any time, without paying federal tax on corporate income. Puerto Rico has been able to maintain a relatively low inflation in ...