Client Alerts 
LABOR & EMPLOYMENT ALERT
On June 30, 2015 the Obama administration officially proposed a new regulation to increase the minimum weekly salary required to exempt managerial (executive, administrator and professional) employees from the minimum wage and overtime pay rates under the Fair Labor Standards Act (“FLSA”). This minimum weekly compensation will increase from $455 per week to $970.00 ($50,440 annually) in the year 2016.
2015 Tax Reform Act
TAX ALERT - Act No. 72 of May 29, 2015 (the “2015 Tax Reform Act”or the “Act”) amends the Internal Revenue Code of 2011 (the “2011 Code”). Among other things, the 2015 Tax Reform Act increases the existing sales and use tax and provides for a value added tax system to substitute the Commonwealth sales and use tax, subject to certain conditions described below. The Act also amends certain income tax and excise tax provisions of the 2011 Code.
Income Tax Provisions of Tax Reform Proposal
TAX ALERT - On February 11, 2015, the Puerto Rico House of Representatives filed House Bill No. 2329 (the “Bill”) proposing the adoption of the “Puerto Rico Internal Revenue Code of 2015” and the transitory repeal of the Puerto Rico Internal Revenue Code of 2011, as amended (the “2011 Code”).
VALUE ADDED TAX PROPOSAL
TAX ALERT - On February 11, 2015, the Puerto Rico House of Representatives filed House Bill No. 2329 (the “Bill”) which proposes to enact a new Internal Revenue Code of 2015 and provides transitory provisions to repeal the Internal Revenue Code of 2011, as amended (the “2011 Code”).
Client Alerts
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LABOR & EMPLOYMENT ALERT
On June 30, 2015 the Obama administration officially proposed a new regulation to increase the minimum weekly salary required to exempt managerial (executive, administrator and professional) employees from the minimum wage and overtime pay rates under the Fair Labor Standards Act (“FLSA”). This minimum weekly compensation will increase from $455 per week to $970.00 ($50,440 annually) in the year 2016.
2015 Tax Reform Act
TAX ALERT - Act No. 72 of May 29, 2015 (the “2015 Tax Reform Act”or the “Act”) amends the Internal Revenue Code of 2011 (the “2011 Code”). Among other things, the 2015 Tax Reform Act increases the existing sales and use tax and provides for a value added tax system to substitute the Commonwealth sales and use tax, subject to certain conditions described below. The Act also amends certain income tax and excise tax provisions of the 2011 Code.
Income Tax Provisions of Tax Reform Proposal
TAX ALERT - On February 11, 2015, the Puerto Rico House of Representatives filed House Bill No. 2329 (the “Bill”) proposing the adoption of the “Puerto Rico Internal Revenue Code of 2015” and the transitory repeal of the Puerto Rico Internal Revenue Code of 2011, as amended (the “2011 Code”).
VALUE ADDED TAX PROPOSAL
TAX ALERT - On February 11, 2015, the Puerto Rico House of Representatives filed House Bill No. 2329 (the “Bill”) which proposes to enact a new Internal Revenue Code of 2015 and provides transitory provisions to repeal the Internal Revenue Code of 2011, as amended (the “2011 Code”).
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