Carlos E. Serrano

E-mail address: ces@mcvpr.com
Phone number: (787) 250-5698
Fax number: (787) 620-8303

Mr. Serrano is a Capital Member of the Firm and Chairman of the Tax Practice Group. Prior to re-joining the Firm, he was Assistant Secretary for Internal Revenue of the Puerto Rico Treasury Department.

Practice Areas and Experience

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.

He was also in charge of policy setting and regulations in areas such as industrial, tourism and urban center development incentives, excise taxes, sales and use tax, alcoholic beverage taxes and REITs. 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, before joining the Puerto Rico Treasury Department, he handled tax exemption, income taxation, property taxation, municipal taxation and tax litigation matters at McConnell Valdés.

Education

Mr. Serrano obtained a bachelor's degree in business administration with a major in accounting from the Sacred Heart University (cum laude), and a juris doctor from the University of Puerto Rico School of Law.

Admissions

Mr. Serrano is a Certified Public Accountant and a registered Notary Public. He is admitted to practice in all courts of the Commonwealth of Puerto Rico, the United States District Court for the District of Puerto Rico and the United States Court of Appeals for the First Circuit.

Memberships

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 and the Puerto Rico Bar Association.

Publications and Speaking Engagements

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.