Puerto Rico’s Act 60, known as the Tax Incentives Code, has attracted significant attention from entrepreneurs, investors, and cryptocurrency traders seeking favorable tax treatment. The statute provides substantial benefits for bona fide residents of Puerto Rico, but recent enforcement actions underscore the importance of adhering strictly to U.S. Internal Revenue Code (IRC) sourcing rules.
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Compliance Advisory: Puerto Rico’s Statutory Christmas Bonus Obligations
As the holiday season approaches, employers in Puerto Rico must remain vigilant in complying with the statutory requirements governing the annual Christmas Bonus. This obligation, codified under Act No. 148 of June 30, 1969, is not discretionary. It is a legal mandate designed to safeguard employee rights and ensure equitable treatment across the workforce.
