Puerto Rico to Provide Refundable Tax Credit for Individuals for 2023 in Lieu of Tax Cut

Puerto Rico's Treasury Department announced on 13 December 2023 that the government will propose a new refundable credit for individual taxpayers in respect of the 2023 tax year. As previously reported, a tax relief bill was introduced in August 2023 that includes amendments to provide relief through revised income tax rates/brackets for individuals and lower/simpler progressive tax brackets/rates for companies, among other measures. The bill (HB 1839) was approved by the Legislative Assembl…