Law 1 of 2011, approved by the Congress on 31 January 2011, effective retroactively from 1 January 2011, provides the "Internal Revenue Code for a New Puerto Rico" aiming to provide tax relief to individuals and companies, stimulate the economy, and generate employment. The main amendments regarding corporate income taxation include: Surtax rate Reduction of the surtax rates (previously, the combined income tax rate was 39%), and broadening of the tax bands, as follows: Taxable years 2011, 2012 and 2013 (USD) Rate (%) up to 750,000 20 750,000 – 1,750,000 25 over 1,750,000 30 Taxable years 2014 and onwards (USD)...