Fundraising Begins

See the official fundraising page for more details: https://fundrazr.com/b1esic?ref=ab_c8yp12

Puerto Rico violated your tax Act 22 decree?

NOW you can fight back.

Act 22 requires an the filing of an exempt annual report by all decree recipients, and Puerto Rico charges a related “filing fee”. That fee is clearly a tax.

Decrees generally provide that recipients are entitled to all the benefits, exemptions and tax rates in effect on the date decrees were signed. Despite this fact, Puerto Rico recently increased the filing fee tax from a mere $300 per recipient per year to a full $5,000 per recipient per year. A married couple both of whom are recipients will now pay nearly $10,000 per year in higher taxes than they were promised in their decree.

While many decree recipients can certainly afford to pay the tax increase, some cannot. But far more importantly, the arbitrary nature of the increase, passed in obvious contravention of the spirit and letter of Act 22 and the related grants, has destroyed trust in Puerto Rico and made it a far less attractive destination for new businesses, new capital and new talent. Unless Puerto Rico’s arbitrary breach of contract and unjust enrichment is successfully challenged, the incentives programs will be neutered as nothing will prevent Puerto Rico from raising future “filing fees” to any arbitrary level it prefers.

After raising sufficient funds, we intend to contract with legal firm, AMG, to launch a class action lawsuit against the Commonwealth of Puerto Rico to challenge the arbitrary increase in the filing fee tax.

ABOUT AMG

Since its founding in 1994 the San Juan law firm of Adsuar Muñiz Goyco Seda & Perez-Ochoa, P.S.C. has provided comprehensive business-related legal services to companies throughout Puerto Rico, and to business interests based in the continental United States or abroad that have financial interests in Puerto Rico. AMG’s team of lawyers brings years of experience and a wide range of professional credentials to every matter we handle.

AMG has prominent tax attorneys, including Best Lawyers® 2016 Tax lawyer of the year in San Juan, Puerto Rico and a former Assistant Secretary of the Puerto Rico Treasury Department. Members of our firm are frequent lecturers and speakers about tax and estate matters. Our tax attorneys regularly negotiate with the Puerto Rico Treasury Department and have a successful track record of tax litigation.

https://amgprlaw.com

LEGAL TEAM ASSIGNED TO OUR CASE