The IRS is reportedly deploying undercover agents to investigate crypto traders and hedge fund managers that may be illegally benefitting from Puerto Rico’s hefty tax breaks.
Recalling a conversation with a U.S. federal prosecutor, attorney Carlos Ortiz said the prosecutors were working with “IRS agents” as well as officials from Puerto Rico.Since Puerto Rico introduced its new tax policy in 2012, more than 5,000 American individuals relocated to the country, one of the benefits of doing so includes saving on federal income tax.
Additionally, more than 3,600 businesses have been able to avoid paying tax on dividends from earnings and profits and are only required to pay 4% tax on exports.
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