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New Legislation Affects Foreign Corporations
This revenue raising measure imposes taxes on certain non-resident individuals and foreign corporations and partnerships that previously were not taxed under Puerto Rico's existing tax regime. Under the new rules, foreign multinational's tax burden may be affected as corporate tax is likely to rise subject to certain parameters being put in place. However these new rules may not apply to manufacturers or service providing affiliates. They may also be affected by a new Excise Tax Withholding and new filing requirements that are also being put in place.
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