Introduction to Laws › Act 20 / Act 22 of Puerto Rico

Introduction to Laws › Act 20 / Act 22 of Puerto Rico

4 years ago 4494

Puerto Rico, the smallest isle of the Greater Antilles and with a population of approximately 4 million, boasts one of the most dynamic economies in the Caribbean. With a GNP of approximately $64.84 billion, the island has the highest GNP per capita of Latin America. For the past 50 years, the island has been a manufacturing powerhouse. Many of the top prescription drugs in the U.S. as well as medical devices are manufactured in Puerto Rico. In the financial sphere, Puerto Rico is home to one of the most sophisticated financial markets in the hemisphere. The island has a vibrant mutual funds market of $14 billion and financial firms on the island manage client assets that exceed $34 billion. Yet, as a place for doing business, Puerto Rico is still a well-kept secret. As a Commonwealth of the U.S., Puerto

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Export Services Act

4 years ago 7

On January 17, 2012 Puerto Rico enacted Act No. 20 of 2012, as amended, known as the “Export Services Act” (the “Act”), to offer the necessary elements for the creation of a World Class International Service Center. The Act provides tax exemptions and tax credits to businesses engaged in eligible activities in Puerto Rico. To avail from such benefits, a business needs to become an exempt business by applying for a tax concession and obtaining a tax exemption decree. [symple_box color=”white” text_align=”left” width=”100%” float=”none”] Eligibility Act 20 provides benefits for services provided from Puerto Rico to outside markets. Eligible activities to receive benefits under the Act are services in the following areas: —  Research and development. —  Advertising and public relations. —  Economic, scientific, environmental, technological, managerial, marketing, human resources, engineering, information systems, auditing and consulting services. —  Consulting services

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