Carlos E. Serrano 

Mr. Serrano served as Assistant Secretary for Internal Revenue of the Puerto Rico Treasury Department until 2008. While at the Puerto Rico Treasury Department, Mr. Serrano led the drafting of the proposed 2006 Puerto Rico tax reform and later was responsible for implementing the Puerto Rico sales and use tax. During his term, he spearheaded municipal sales and use tax simplification, which led to the centralized administration of the tax on behalf of 22 municipalities. Furthermore, he acted as Competent Authority for Puerto Rico dealing with double taxation cases of Section 936 to CFC exit strategy audits and as representative of Puerto Rico in the Streamlined Sales Tax Project.

From 1997 until 2004, Mr. Serrano handled corporate taxation, tax exemption, income taxation, property taxation, municipal taxation and tax litigation matters at McConnell Valdés. His record of expertise covers Puerto Rico income transactions of foreign and resident entities, industrial, tourism and urban center development incentives, excise taxes, sales and use tax, and tax controversy support.

In his professional experience, Mr. Serrano has served as board member and officer of both for-profit and non-profit entities.

He has been an active member of the Puerto Rico Certified Public Accountants Society gaining recognition as an instructor during the sales tax implementation and is also a member of the American Institute of Certified Public Accountants.

Mr. Serrano has been a speaker and instructor for organizations such as the Puerto Rico Society of Certified Public Accountants, the Puerto Rico Bar Association, the Government Development Bank, the Puerto Rico Manufacturer's Association, and the Food Industry's Distribution & Marketing Association (MIDA) amongst others. His participation has covered subjects such as Commonwealth and municipal sales and use taxes, local taxation of e-commerce, tax considerations for exempt organizations, tax incentives for the manufacturing and tourism industries, corporate reorganizations and developments in tax legislation and regulations.

Mr. Serrano is a Certified Public Accountant.