San Juan, P.R. 18 January, 2008. Carlos E. Serrano, former Assistant Secretary for Internal Revenue at the Puerto Rico Treasury Department, has rejoined the McConnell Valdés LLC law firm, as Capital Member and Chair of the Tax Practice Group. He had worked at McConnell Valdés LLC's tax department from 1997 to 2004. In January 2005 he was recruited by then Treasury Secretary Juan Carlos Méndez to join his Treasury team.
During his tenure at the Treasury Department, Mr. Serrano spearheaded the agency's efforts to implement the proposed 2006 tax reform. He was subsequently responsible for implementing Puerto Rico's sales and use tax, established in 2007.
As Assistant Secretary, Mr. Serrano was charged with setting public policy and formulating regulations to support development incentives for the tourism, manufacturing and urban development sectors of the economy. He was also instrumental in the enactment of the Acevedo Administration's new regulations in the areas of excise taxes, alcoholic beverages and REITs, and for the implementation of the sales and use tax. In his position as Assistant Secretary he represented Puerto Rico in issues regarding double taxation cases of Section 936 beneficiaries who had reorganized as CFCs and in the Streamlined Sales Tax Project.
Arturo J. García Solá, Managing Director for McConnell Valdés LLC, said that he was "particularly pleased with Carlos's return to the firm. He has an established record at McConnell Valdés and is well-known, liked and respected by our clients. As with so many members of our firm throughout its history, Carlos chose to work for the people of Puerto Rico as a public servant. We admire and respect his sense of service and duty to our country and we now welcome him back to the firm."
"Our Tax Practice Group is a diverse group of attorneys that possesses a wealth of experience in a wide range of tax law disciplines such as Puerto Rico and federal income tax, sales tax, excise and municipal licenses and taxes, and tax exemption. " said García Solá. "Carlos' return to McConnell Valdés is a significant addition to our distinguished tax practice. He will add depth and expertise to this group in the areas of international, federal and local tax planning, sales and use tax, and taxation-related regulatory and legislative affairs. His vast management experience will be invaluable to support our commitment to our clients for tax advisory services that add value and further their business objectives," concluded Arturo García Solá.
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