To combat exposure to COVID-19, Puerto Rico Governor Wanda Vázquez Garced issued Executive Order EO-2020-023 on March 15, 2020, ordering an island-wide lockdown and curfew.

On September 23, 2024, the Puerto Rico Treasury Department opened a public consultation process to determine a path forward for the possible implementation...

In 2021, the IRS started an enforcement campaign to investigate individuals claiming the benefits of Puerto Rico Act 20, Act 22, Act 60 and presumably other Puerto Rico incentives acts.

On June 30, 2022, the Government of Puerto Rico enacted Act 52-2022 ("Act 52"), known as the "Puerto Rico Public Finance Stability Act"...

The Department of Treasury's Financial Crimes Enforcement Network ("FinCEN") issued a final rule on September 30, 2022 (the "Final Rule") implementing Section 6403 of the Corporate Transparency Act ("CTA").

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

Puerto Rico's Tax Incentives Code (Act 60) provides major tax advantages, but only for taxpayers who meet strict residency and sourcing requirements.

Act No. 1 of January 31, 2011 establishes a new Puerto Rico Internal Revenue Code ("2011 Code") and repeals the Puerto Rico Internal Revenue Code of 1994, as amended ("1994 Code") almost in its entirety.

On March 12, 2024, the Office of Management and Budget issued Circular Letter No. 002-2024 ("Circular Letter") setting forth relevant dates in connection with the filing of volume of business declarations ("VOBD").