The DDEC reports sustained growth in decrees for export of qualified services

The Department of Economic Development and Commerce (DDEC), under the direction of secretary Manuel Ríos Pierluisi, published a sectoral report that shows continuous growth in the approval of decrees under Chapter 3 of the Incentives Code (Ley 60 of 2019, which integrated the former Ley 20 on Export of Services).

The rule offers a preferential fixed rate of 4 percent income tax and a full exemption on dividends for local and foreign companies that provide qualified services to clients outside Puerto Rico's jurisdiction. The most dynamic sectors include software-development firms, cybersecurity, engineering design, legal consulting, financial management, and telemedicine services.

Secretary Manuel Ríos Pierluisi highlighted that the services-export program has generated thousands of well-paid direct jobs for young professionals in San Juan, Mayagüez, and Guaynabo, transforming the profile of the island's services trade balance. The official said the DDEC will keep annual audits to verify that beneficiary entities meet the jobs and operations promised.

Source: Caribbean Business. https://caribbeanbusiness.com/ddec-crecimiento-sostenido-decretos-exportacion-servicios-ley-60/