Client Alerts 
O’NEILL & BORGES LABOR NEWS ALERT PUERTO RICO GOVERNOR SIGNS LABOR REFORM LAW
On January 26, 2017, Puerto Rico Governor Ricardo Rosselló Nevares signed the Transformation and Labor Flexibility Act (“TLFA”). The new law will be effective immediately. TLFA represents a major overhaul of Puerto Rico’s employment laws, intended to make the Island a more attractive jurisdiction for job creation investments; provide a more business-friendly regulatory environment; and support the Administration’s economic growth initiatives. Download .
O’NEILL & BORGES’ LABOR NEWS ALERT PUERTO RICO APPROVES AGGRESSIVE EQUAL PAY LAW
On March 8, 2017, Governor Ricardo Rosselló Nevares signed the Puerto Rico Equal Pay Act (“PREPA” or Law No. 16:2017). This new law aims to address and eradicate pay disparities between men and women in the government and private sector workplace. However, the regulatory scheme adopted goes far beyond the requirements of the federal Equal Pay Act. As such, .
Circular Letter of Internal Revenue No. 17-05 Taxpayer Rehabilitation Program
Puerto Rico Treasury Department implements a new Taxpayer Rehabilitation Program with the purpose of reforming and rehabilitating taxpayers through the execution of payment plans on outstanding tax debts as adopted by Circular Letter of Internal Revenue No. 17-05, issued on March 17, 2017.
GOVERNMENT ADOPTS NEW LIMITATIONS ON ISSUANCE AND USE OF TAX CREDITS
The Puerto Rico Fiscal Agency & Financial Advisory Authority (“FAFAA”) issued on March 7, 2017, Administrative Order OA-2017-01, to stay the issuance of new tax credits by the Government of Puerto Rico under a number of tax incentives laws ranging from the promotion of manufacturing and R&D activities; tourism incentive laws; investment capital fund; urban renewal; housing incentive laws; film incentives law; and certain credits included in the Puerto Rico Internal Revenue Code of 2011, among others. The consideration and issuance of new tax credits, including applications that have been submitted but are pending authorization, will now fall under the purview and evaluation of a new government committee created under the Order known as the “Committee for the Authorization of Disbursements and Tax Concessions”. The Committee is composed by the Executive Director of the FAFAA, the Secretary of the Treasury, and the Executive Director of the Office of Management and Budget, or their delegates. Close monitoring of the implementation of this Order is advisable to determine with certainty the impact this Order will have on tax credits granted and the availability of tax credits for new projects and investments.
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O’NEILL & BORGES LABOR NEWS ALERT PUERTO RICO GOVERNOR SIGNS LABOR REFORM LAW
On January 26, 2017, Puerto Rico Governor Ricardo Rosselló Nevares signed the Transformation and Labor Flexibility Act (“TLFA”). The new law will be effective immediately. TLFA represents a major overhaul of Puerto Rico’s employment laws, intended to make the Island a more attractive jurisdiction for job creation investments; provide a more business-friendly regulatory environment; and support the Administration’s economic growth initiatives. Download .
O’NEILL & BORGES’ LABOR NEWS ALERT PUERTO RICO APPROVES AGGRESSIVE EQUAL PAY LAW
On March 8, 2017, Governor Ricardo Rosselló Nevares signed the Puerto Rico Equal Pay Act (“PREPA” or Law No. 16:2017). This new law aims to address and eradicate pay disparities between men and women in the government and private sector workplace. However, the regulatory scheme adopted goes far beyond the requirements of the federal Equal Pay Act. As such, .
Circular Letter of Internal Revenue No. 17-05 Taxpayer Rehabilitation Program
Puerto Rico Treasury Department implements a new Taxpayer Rehabilitation Program with the purpose of reforming and rehabilitating taxpayers through the execution of payment plans on outstanding tax debts as adopted by Circular Letter of Internal Revenue No. 17-05, issued on March 17, 2017.
GOVERNMENT ADOPTS NEW LIMITATIONS ON ISSUANCE AND USE OF TAX CREDITS
The Puerto Rico Fiscal Agency & Financial Advisory Authority (“FAFAA”) issued on March 7, 2017, Administrative Order OA-2017-01, to stay the issuance of new tax credits by the Government of Puerto Rico under a number of tax incentives laws ranging from the promotion of manufacturing and R&D activities; tourism incentive laws; investment capital fund; urban renewal; housing incentive laws; film incentives law; and certain credits included in the Puerto Rico Internal Revenue Code of 2011, among others. The consideration and issuance of new tax credits, including applications that have been submitted but are pending authorization, will now fall under the purview and evaluation of a new government committee created under the Order known as the “Committee for the Authorization of Disbursements and Tax Concessions”. The Committee is composed by the Executive Director of the FAFAA, the Secretary of the Treasury, and the Executive Director of the Office of Management and Budget, or their delegates. Close monitoring of the implementation of this Order is advisable to determine with certainty the impact this Order will have on tax credits granted and the availability of tax credits for new projects and investments.
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