Graham Michael Byers decodes “Act 60.”
Death and taxes, they say, are two things that cannot be avoided in life. While the former is unattainable, with the correct means, there are ways to reduce tax debt. Tax planners, optimizers, accountants, and lawyers are all available to assist individuals in minimizing or fully avoiding paying taxes in the United States while being compliant and avoiding fraud audits.
Graham Michael Byers is one of the many people who wants to help others reduce their tax obligation. Byers, a successful entrepreneur in his own right, has transferred his firm – and his life – to Puerto Rico to take advantage of Act 60, a tax incentive program that can assist businesses and entrepreneurs lower their tax burden dramatically.
Graham Michael Byers is currently working on a book about how others might migrate themselves after finding the shift to be helpful. He is more than willing to go into the nuances of Act 60 as a passionate supporter of the ideas advocated by it and as someone who has fallen in love with Puerto Rico.
What does Act 60 entail?
According to Byers, Act 60 was enacted in 2019 and is known as “The Code of Incentives.” The Act was enacted to control the consolidation and expansion of the numerous distinct tax incentive acts that existed at the time, such as Acts 20 and 22. The Act produced a more predictable and easier-to-navigate legal structure, with the ultimate purpose of promoting job creation, investment, and innovation in Puerto Rico, which is a designated Targeted Employment Area.
Through a variety of tax benefits, the Act makes Puerto Rico more appealing for investment. Some may recall the promise of a 0% capital gains tax for entrepreneurs who relocate to Puerto Rico, as well as a 4% corporate income tax for enterprises that relocate.
Who Is Affected by Act 60?
As Byers explains, Act 60 isn’t equally helpful to everyone. To get the most out of the Act, entrepreneurs must be in the suitable industry and, preferably, be willing to transfer both themselves and their businesses to Puerto Rico. Only Puerto Rican enterprises who also export services to third-party nations are eligible for the 4% corporate income tax. This strategy is particularly well-suited to internet enterprises that may hire a local workforce to provide services to customers in other countries.
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