Moreover, the Office of Industrial Tax Exemption (OITE) will perform an independent audit of exempt businesses at least every two years. Under the new law, exempt businesses with actual or projected total revenue of more than $3 million must directly employ at least one full-time employee, which may be the business owner. It introduces significant changes relating to employment, oversight, eligible businesses, tax exemptions, and municipal contributions. The Incentives Code consolidates various tax decrees, incentives, subsidies, and benefits, including Act 20, the Promotion of Export Services Act, and Act 22, the Act to Promote the Relocation of Individual Investors to Puerto Rico.Ĭhapter 3 of the Incentives Code replaces Act 20 and governs the exportation of goods and services. 8, 2019 /PRNewswire-PRWeb/ - Former Governor of Puerto Rico, Ricardo Rosselló, signed Act 60–2019, commonly known as the Puerto Rico Incentives Code, into law on July 1, 2019, with an effective date of January 1, 2020.
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