The Treasury Department released Informative Bulletin No. 16-11 of 6 May 2016 to pronounce that a restriction will be obligatory to the application of the investment, investigation and development tax credit which refers to a tax credit equal to 50% of investment made in Puerto Rico for a qualifying “exempt business” regarding to research and development, clinical trials, toxicology testing, infrastructure, renewable energy or intangible property. Exempt businesses can apply the CIID against the tax on income from certain particular operations. In addition, the CIID can be assigned, sold or otherwise transferred by exempt businesses or used against operating expenses of electricity, water and sewerage. These exempt businesses cannot use anymore the CIID to pay for their operational costs related with government provision of electricity, water and sewage services from 7 May 2016.
Related Posts
Puerto Rico: Treasury sets e-filing procedure for 2025 corporate income tax return
The Puerto Rico Department of the Treasury has issued Internal Revenue Circular Letter No. 26-06 on 13 March 2026, setting out the procedure for the electronic filing of the Corporate Income Tax Return for tax year 2025. The guidance is issued
Read MorePuerto Rico clarifies e-filing process for 2024 corporate tax returns
Puerto Rico's Department of Treasury issued Internal Revenue Circular Letter No. 25-07 on 15 March 2025, which outlines the process for electronically filing corporate income tax returns for the 2024 tax year. As stated in Internal Revenue
Read MorePuerto Rico extends 2023 annual report deadline again
Puerto Ricoβs Department of State (DOS) released Administrative Order No. 2024-03, on 15 October 2024, granting an extension for submitting 2023 annual reports, including audited financial statements, until 16 December 2024. This extension applies
Read MorePuerto Rico consults implementation of Pillar Two GloBE rules
Puerto Rico's Department of the Treasury has initiated a Public Consultation on the Implementation of the Pillar Two GloBE Rules in Puerto Rico, set to conclude on 10 October 2024. Pillar Two ensures that particular taxpayers are subject to a
Read MorePuerto Rico extends deadline for 2023 financial statements filing, property tax filing
Puerto Ricoβs Department of State announcedΒ on 12 August 2024, that it extended the deadline for filing the 2023 annual reportΒ with audited financial statements to those corporations or legal entities that accepted the second extension to
Read MorePuerto Rico: Nonprofit releases report on Pillar Two global minimum tax
Puerto Rican organisation Espacios Abiertos (Open Spaces) has released a report that quantifies and analyses the effect of the 15% global minimum tax (GMT) and the opportunities and risks that it represents for Puerto Rico. The study also discusses
Read More