257 Decisions nullified by Law 22

Incentives office manager Department of Economic Development and Trade (DDEC), Carlos Fontan, affirmed yesterday that “we monitor like never before” compliance with tax ordinances.

“From January 2021 to the present, we have canceled 257 decisions under Law No. 22″, the official stated. Prior to that period, Fontaine specified that the agency had completed 29. “Except as I say, cancellations exist.”

In turn, Fontaine declared that “these censorship efforts will extend to other incentives.”

As a concrete example, DDEC Secretary Manuel Cedri confirmed yesterday that the agency is investigating whether Decree-Law 22 Brock Pierce has failed to comply with residency requirements in Puerto Rico, after Business She stated that the candidate for Federal Senate from Vermont also identifies as a resident of that state.

Law No. 22, enacted in 2012, grants tax concessions to investors who move to Puerto Rico and meet other requirements such as obtaining residency in a 24-month period, filing periodic reports with the DDEC and making an annual donation to the third sector. With the approval of Law 60-2019, this benefit for individuals became part of the Incentives Act.

On the other hand, Fontaine pointed out that Next June, the DDEC Information Access Portal will be updated, listing recipients of both individual and corporate incentives..

So far, the portal has revealed the beneficiaries of the export of services (formerly Law No. 20), Law No. 22, medical professionals (previously Law No. 14), filmmaking (previously Law No. 27), economic incentives (previously Law No. 73), and green energy (before Law 83). On the agenda is the addition of tax incentives from Law 135 of 1998, Tourism Development (Law 74) and international insurance companies.