The Commonwealth of Puerto Rico offers lucrative tax breaks that are designed to attract high-net-worth individuals and businesses to the island and boost its local economy. Under the Puerto Rico Incentives Code of 2019.

On September 17, 2022, Puerto Rico Governor Hon. Pedro Pierluisi issued Executive Order No. OE-2022-045, declaring a state of emergency due to the passing of Hurricane Fiona through the Island. Likewise, on September 21, 2022.

On October 14, Puerto Rico enacted legislation, Act 117, which provides technical amendments to the major tax legislation, Act 40, enacted earlier this year.

The jurisdiction of Puerto Rico is something of a hybrid. From afar, it looks very much like the 51st state of the USA. Closer up, you discover it has the fiscal independence of a separate jurisdiction.

Speaking of Eternity, I must admit that I am a big fan of gospel music. While I like old school or traditional gospel, I prefer the newer R&B urban sound.

The corporate income tax is the higher of a regular tax ranging between 20% and 39% of net income and an alternative minimum tax of 22 % of "alternative minimum net income". For taxable years ending prior to January 1, 2012 the 39% rate is increased to 40.95%.