The powerhouse team at McConnell Valdés LLC remains a marker leader, advising domestic corporates, household-name financial institutions (such as UBS) and global brands (including Google, Coca-Cola, Shell and Hewlett Packard) on a diverse spectrum of tax matters. With a client base spanning sectors ranging from chemicals, tech and pharmaceuticals to retail, beverages, telecoms and energy, the practice’s comprehensive service covers tax incentives and exemptions, consumption tax, advice for non-profit organisations on the structuring and establishing of operations in Puerto Rico, tax litigation and the tax aspects of M&A and deal structuring. The practice is headed by tax practice chair Isis Carballo-Irigoyen, who assists with start-up operations, reorganisations, acquisitions, financings and competent authority proceedings before the Puerto Rico Department of Treasury and the Internal Revenue Service, and vice-chair Yamary González-Berríos, who specialises in corporate and partnership tax. Other key figures include Rubén Méndez-Benabe, who represents clients in tax controversy and litigation matters, including tax audits and examinations, administrative appeals and court proceedings, and Lillian Toro-Mojica, who advises on employee benefits, and income and property taxes.

The market-leading team at O'Neill & Borges advises insurers, government agencies and multinational corporates across sectors ranging from financial services, consumer products, healthcare and manufacturing to real estate, tech, energy, telecoms and hospitality, on the full range of tax matters. The practice’s comprehensive service covers the tax aspects of M&A, the determination of tax-efficient structures, administrative procedures, tax incentives, transactional work related to bond issuances and financing transactions, tax registrations and compliance, pension and employee benefits, and tax litigation challenging tax impositions by the Puerto Rico Secretary of the Treasury, the Municipal Revenue Collection Centre and various municipalities. The practice is headed by Amaya Iraolagoitia, who brings expertise in tax exemptions related to industrial and renewable energy projects, and who provides representation in judicial and administrative tax procedures, and Rosa González-Lugo, who draws on over three decades' experience in tax planning and structuring, and in tax compliance matters related to commonwealth and municipal taxes. Other key figures include Cristina Morazzani-Jové, who specialises in tax issues related to market entry; Michelle Marichal-Soderberg, who negotiates economic incentives contracts with the Department of Economic Development and Commerce of Puerto Rico; Denisse Ortiz-Torres, who advises financial vehicles on the creation of private equity funds; and Odalys Fuentes Cruz, who was promoted to partner in December 2023.

The experienced team at DLA Piper Puerto Rico brings expertise to advising insurers, domestic financial institutions and multinational corporates (including Citibank, Southwest Airlines and Air Canada) on tax planning and structuring, transfer pricing, complex financial transactions, tax audits and appeals, and tax litigation. The group’s active client base spans sectors ranging from aviation, financial services and energy to food and beverages, tech and telecoms. The team is led by Manuel López-Zambrana, an expert in tax controversies who assists clients with complex US federal and Puerto Rican income tax matters and with obtaining Puerto Rican tax incentives for manufacturing and IP licensing activities. Other key figures include of counsel Edwin Figueroa Alvarez, who provides support to start-ups and businesses on the tax aspects of local market entry.