Law 1 of 2011, approved by the Congress on 31 January 2011, effective retroactively from 1 January 2011, provides the "Internal Revenue Code for a New Puerto Rico" aiming to provide tax relief to individuals and companies, stimulate the economy, and generate employment.
The main amendments regarding corporate income taxation include:
Surtax rate
Reduction of the surtax rates (previously, the combined income tax rate was 39%), and broad…