General Physicians have until June 30th to File Request for Tax Incentives
On April 28, 2020, the Governor of Puerto Rico signed into law House of Representatives Bill No. 2375, that became Act 47-2020 amending the Puerto Rico Incentives Code (the “Code”) to broaden the extent of the qualified medical physicians definition to include all health professionals. You must act before June 30th, 2020 to take full advantage of this amendment!
Qualified Medical Physicians
Previously, the scope of the definition of a Qualified Medical Physician included individuals who had been admitted to the medical practice, podiatry, any specialization in odontology and dental surgeons. Additionally, the Secretary of the Department of Health had to determine if there were shortages in particular specialties or geographic regions.
With this recent amendment, the scope of the definition is extended to include any individual who has been admitted to the medical practice for general medicine or any specialization in podiatry, audiology, chiropractic, and optometry, or is a dental surgeon or practices any specialization in odontology.
Now, the shortages in specialties or geographic regions ceased to be a constraint to grant the incentives and the main criteria to evaluate an individual for the issuance of a Decree for Qualified Medical Physicians is the best interest of Puerto Rico’s economy and society.
The definition continues to include medical residents who have graduated from an accredited medical school and hold a medical degree and the medical practice must be carried on a full-time basis.
Any individual who has been admitted to the medical practice and meets the requirements of the Code can file a request to benefit from the incentives. Qualified Medical Physicians who are either Puerto Rico residents or non-residents will have until June 30th, 2020 to submit the application.
BDO professionals are available to consult and assist in the application process to obtain a Qualified Medical Physician Grant.