Puerto Rico Lower House Considers Bill to Phase Out Special Tax on Insurance Premiums

The Puerto Rican House of Representatives May 5 accepted for consideration Bill No. PC0590, to amend the Puerto Rico Insurance Code to phase out the special tax on insurance premiums. The bill includes measures to: 1) reduce to 0.5 percent from 1 percent the special premium tax on net reinsurance premiums earned after June 30, 2025, for taxable periods beginning after Dec. 31, 2024; and 2) impose the tax until the taxable period ending Dec. 31, 2027. The law would enter into force upon approval. [Puerto Rico, Government Legal Database, 05/05/25]

Reference:
View Bill No. PC0590. View Legislative History ...