The Puerto Rico Incentives Code, recently approved, amended Act 14-2017, and now governs the Incentive for the Retention and Return of Medical Professionals. It offers a series of tax benefits to qualified physicians in Puerto Rico.
Today, all physicians who comply with the geographical requirements set forth by the Department of Health, may be eligible for a 15-year term of the following benefits, among others:
• A 4% fixed income tax rate on eligible income.
• 100% tax exemption on up to $250,000 received from dividends.
• An increase to 25% of income as contributions to retirement plans.
• Renewable incentives for an additional 15 years.
• 4% tax incentive for resident students when studying in accredited programs.
Who is eligible for the 4% decree?
Any individual admitted to the practice of Primary Care or of any Specialty, Optometry, Podiatry, Audiology, Chiropractice, whether Dental Surgery or any other Odontology specialty may apply. Deadline for application is 30 June 2020.
• Primary Care Physicians [throughout Puerto Rico]
• Specialists [throughout Puerto Rico]
• Dentists [throughout Puerto Rico]
• Dental Specialists [throughout Puerto Rico]
• Optometrists [throughout Puerto Rico]
• Podiatrists [throughout Puerto Rico]
• Audiologists [throughout Puerto Rico]
• Chiropractice Specialists [throughout Puerto Rico]
WHY USE OUR SERVICES?
• We facilitate a bureaucratic process that tends to be strenuous for those who request it. We take care of everything, without you having to leave your office.
• We are one of the few firms certified by the Department of Economic Development and Commerce (Departamento de Desarrollo Económico y Comercio, DDEC) of Puerto Rico as a Certified Tax Incentives Promoter in Puerto Rico.
• Our team of consultants, lawyers, accountants, and tax experts are highly qualified and have years of experience managing, filing, and channeling tax incentive law applications for our clients. To date, we have an impeccable record, the decree for 100% of our clients having been approved.
• We are officially endorsed by the Puerto Rico Chapter of the American College of Surgeons and the Puerto Rico Association of Prosthodontists.
• Unlike other firms, who even though they lack experience, they still ask for disproportionate amounts for providing the same service, our fees are the most reasonable in the market.
“Puerto Rico Incentives Code”
In order to implement the “Puerto Rico Incentives Code”; consolidate the dozens of existing decrees, incentives, subsidies, monetary stimuli, reimbursements, or tax or financial benefits; to promote the environment, opportunities and adequate tools to foster the sustainable economic development of Puerto Rico; to establish the legal and administrative framework that will govern the application, evaluation, granting or denial of incentives by the Government…
Announcement from the Department of Health on the procedure for obtaining certification as a qualified Physician
Pursuant to Section 16 of Act 14, the Secretary of Health issues Secretary of Health Circular Letter No. 01-2017 (14). It outlines the procedure to be followed to obtain the Qualified Physician Certification.
“Incentives Act for the Retention and Return of Medical Professionals”
In order to enact the “Incentives Act for the Retention and Return of Medical Professionals” for the purpose of establishing a contribution rate on income and dividends earned in medical practice by physicians residing in Puerto Rico; to amend Article 4 of Act 187-2015, as follows…
A Summary of Act No. 14 of 2017, one page, prepared by Essèntium Group
“Incentives Act for the Retention and Return of Medical Professionals”. For your benefit, at Essèntium Group we took on the task of summarizing it in a graphic and simple way on a single page.
Detailed presentation of Act 14 of 2017, prepared by Essèntium Group
“Incentives Act for the Retention and Return of Medical Professionals”. At Essèntium Group we have prepared a presentation that contains valuable information about the benefits and other details related to Act 14.
Qualified Physician Application Form for physicians, surgeons and medical residents
This is the Form, DS-2017-14, issued by the Department of Health to obtain your Qualified Physician Certification. Such Certification is a prerequisite for application for the exemption decree under Act 14 of 2017.
Regulations on the Filing of Applications for Tax Benefits, Annual Report, Certification of Compliance and Collection of Fees under Act 14-2017
Regulations on the Filing of Applications for Tax Benefits, Annual Report, Certification of Compliance and Collection of Fees under Act 14-2017, known as the “Inventives Act for the Retention and Return of Medical Professionals”, enacted under Article 16 of said Act.
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