Author: pmalaw

FAFAA issues rules for use of certain income

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.

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“Puerto Rico: A Tax Haven for Hedge Fund Managers”

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.

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