PRMA hosting workshop for foreign companies
The Puerto Rico Manufacturers Association’s Tax Affairs and Buyers and Suppliers committees will host a workshop to explain to controlled foreign corporations doing business on the island how to reduce operational costs. The seminar also targets local “critical suppliers,” who will learn how to boost their sales.
The event will take place Oct. 25, from 9:30 a.m. to 11 a.m.
The seminar will provide a run-down on how to benefit from an incentive provided by Law 154, which levies taxes on purchases by foreign companies from their local subsidiaries. However, the law also provides the benefit of allowing the tax to be credited based on purchases the local subsidiary makes from so-called “critical” Puerto Rico suppliers. Critical suppliers, among other things, are those whose goods are necessary to manufacture the final product sold.
The workshop will present a report on the figure of the critical supplier. Through this presentation, the companies will learn the requirements to apply for this tax credit and suppliers will learn about the requirements to become a critical supplier and its benefits.
The conference will be presented both live and online.