News & Resources

On March 22, 2017, the Disbursement Authorization and Tax Concession Committee (the “Committee”) issued Resolution 2017-01 (the “Resolution”) establishing that a Granted Credit (as defined below) may be sold by its Holder (as defined below) or claimed against the income tax of the Holder for the 2016 Tax Year without additional restrictions than those imposed by the Puerto Rico Internal Revenue Code of 2011, as amended (the “Code”), or the special laws applicable to the Granted Credit.

Act 16 of March 8, 2017 requires public and private employers to provide equal pay to employees, regardless of their gender, that perform substantially the same work.

As a public policy matter, on February 21, 2017, the Government of Puerto Rico enacted Act 14-2017 to incentivize medical professionals to stay in Puerto Rico or move to Puerto Rico and practice medicine locally.

The Labor Transformation and Flexibility Act (“the Act”) provides that employees hired before the date of effectiveness will keep their current rights, as expressly provided in the articles of the Act.

The PR Department of Treasury (the “PR Treasury”) recently announced that it will begin the implementation of a new integrated tax platform in three phases beginning on October 15, 2016 through December 2018.

Tax Notes, a renowned United States tax magazine, published “Puerto Rico: A Tax Haven for Hedge Fund Managers”, an article written by our Counsel Fernando Goyco-Covas describing the United States federal and Puerto Rico income tax benefits afforded by Puerto Rico’s Acts 20 and 22 and the United States Internal Revenue Code to hedge fund managers that become bona-fide residents of Puerto Rico.

El Nuevo Día’s business correspondent Joanisabel González sat down for an interview with a group of PMA partners.

During the past year, our litigation practice group has been engaged in significant matters. We are pleased to share some of those engagements: · Co-Lead Counsel to major telecom company in 2 consumer class actions in PR Courts, alleging 2 types of excess charges.

The Puerto Rico Legislature recently adopted Act No. 217-2014, also known as the Digital Registry Act of Vending and Automated Machines.

216-2014The Puerto Rico Legislature recently adopted Act No. 216-2014, also known as the Fiscal Information & Permits Control Act.