Puerto Rico Prepayment Agreement
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How to fill out Puerto Rico Prepayment Agreement?
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FAQ
Puerto Rico's Acts 20 and 22 (collectively, ?Act 60?),[1] since their inception in 2012, have encouraged U.S.-based individuals and companies to relocate to Puerto Rico for significant tax benefits.
While the Commonwealth government has its own tax laws, Puerto Rico residents are also required to pay US federal taxes, but most residents do not have to pay the federal personal income tax.
Act 20 gives businesses a chance to cut down on their tax rates immensely, while Act 22 exempts individual investors from paying high federal tax rates on their income.
Puerto Rico offers great tax incentives to LLCs and individuals who move to Puerto Rico, including a 4% income tax and exemptions from paying taxes on capital gains, interest, or dividends (for individuals and businesses that meet the requirements).
Act 52-2022?enacted into law in Puerto Rico on June 30, 2022?allows taxpayers to amend their existing tax decrees to replace the existing income tax and royalty withholding tax framework with a new income tax and royalty withholding tax framework.
Act 60 was intended to boost the Puerto Rican economy by encouraging mainland U.S. citizens to do business and live in Puerto Rico, and as is the case with many incentive programs, the opportunity and temptation to abuse these programs has led some to do just that.
The Tax Incentive Code, known as ?Act 60?, provides tax exemptions to businesses and investors that relocate to, or are established in, Puerto Rico.
As has been widely reported, Puerto Rico's Act #20 and Act #22 provides incentives for high net worth U.S. citizens to move to Puerto Rico and potentially reduce their 39.6% federal income tax (plus any applicable state tax) to a 0% ? 4% Puerto Rico income tax rate.