Act 20, which provides incentives for export service companies of bona-fide residents of Puerto Rico provides certain incentives in the form of a grant. The grant that is issued is actually a form of contract between the Puerto Rico resident and the government of Puerto Rico. As such, the export services rendered and the services described under the under the contract must be materially be the same. For the activities described in the contract, a 4% income tax rate is applicable. However, for the services outside of those described in the contract, the regular Puerto Rico corporate income tax rate applies.
There are more rules and this post contains simplifications and is not comprehensive. Additionally, as always, a professional should be consulted and be presented with specific information.
***
Disclaimer
The information on this website is general information and is for educational use only and has not been verified for accuracy nor completeness. You, the reader, should further research your specific individual situation. In addition you should contact your accounting professional for professional advice derived from specific details from your structure and financial position.
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