19 Sep Objectives and Principles of the Puerto Rico Tax Incentives Code – Act 60-2019
Tax Incentive Code Objectives
- This new tax incentive consolidates, considers, and extend in a single tax code most of Puerto Rico’s previous tax incentives available.
- It redesigns the incentives structure in order for those to be in accordance with Puerto Rico’s needs.
- Provides guidance and respective tools for the government to measure performance and validate incentives effectiveness
- Develops and promotes Puerto Rico’s economy by creating a single development tool
- Update Puerto Rico most common and most successful tax incentives including emerging industries
Tax Incentives Code Principles
- To measure and facilitate the Return of Investment (ROI) analysis
- Avoid duplicity of incentives or rules
- Promote reciprocity with other jurisdictions
- Transparency among decrees
- Facilitate the process of evaluation of new incentives by considering the Secretary of Economic Department and related agencies
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