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Puerto Rico

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Puerto Rico Planning Reforms including Several Tax Cuts

The Puerto Rican government is reportedly preparing legislation to be submitted to parliament that would cut the maximum business tax rate and eliminate the Sales and Use Tax (SUT) on B2B services. Particular changes include:

  • A reduction in the standard corporate tax rate from 20% to 19%, and a reduction in the progressive corporate surtaxes so that the top effective rate would be reduced from 39% to 31%;
  • A reduction in the SUT for certain professional B2B services from 4% to 3% in 2019 and a repeal of SUT on such services from 2020, as well as well as a reduction in the SUT on restaurant-prepared foods from 11.5% to 7.0% (including 1% municipal SUT) in 2019; and
  • An increase in the first individual income tax bracket (0%) from USD 9,000 to USD 12,500, the introduction of a 1% rate on income up to USD 21,000, and a reduction of the top rate to 31% along with an increase in the top rate bracket to USD 200,000.

As planned, the changes would begin from 2019.

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