Isis Carballo focuses her practice on complex corporate tax matters, including startup operations, inbound and outbound corporate reorganizations, acquisitions, financings, exit strategies, legislative affairs, tax incentives and exemptions, and competent authority proceedings between the Puerto Rico Treasury Department and the Internal Revenue Service.
A substantial part of her practice is devoted to tax minimization strategies through Puerto Rico's various tax incentive programs under Act 60-2019 including export services, resident individual investors, industrial/manufacturing, and agriculture tax exemptions, as well as municipal incentives.
Many of her clients are global manufacturing companies in the pharmaceutical, medical devices and electronics sectors, as well as major retail companies, e-commerce companies, companies engaged in blockchain and cryptocurrency transactions, export service companies, and high net worth individuals.
Isis has extensive practical experience handling government tax and tax incentives compliance audits, as well as negotiating closing agreements and requests for rulings on various tax matters with the Puerto Rico Treasury Department.
Together with other members of the legal and accounting profession, she commented on and proposed changes to the bills which eventually became the Puerto Rico Tax Reform Act of 1987, the Puerto Rico Tax Reform Act of 2015, and the Excise Tax Act of the Commonwealth of Puerto Rico of 1987. Isis has spearheaded various amendments to Puerto Rico’s Internal Revenue Code, the industrial tax incentives acts of 1998 and 2008, as well as the Puerto Rico Incentives Code of 2019.
She is the author of various tax articles, including "Economic Incentives for the Development of Puerto Rico Act: The Last Frontier in Tax Incentives Legislation," which was published in the June 2009 edition of the Journal of Multi State Taxation and Incentives, and of "Puerto Rico's Subchapter N Eliminates Double Taxation," and "Puerto Rico Offers Tax Exemption for Services to Foreign Markets," which were published in the Journal of International Taxation.
She also has been a lecturer in various corporate tax and tax incentives seminars sponsored by the Puerto Rico Manufacturers Association, the Solar + Energy Storage Association of Puerto Rico, and other private organizations.
Credentials
Bar Admissions
- Commonwealth of Puerto Rico
- U.S. Court of Appeals First Circuit
Education
B.A., Cum Laude, Woodrow Wilson School of Public and International Affairs, Princeton University
- Concentration: Economics
J.D., Columbia Law School
Memberships
American Bar Association, Tax Section
Hispanic National Bar Association
Puerto Rico Manufacturer's Association, Tax Section
Honors & Recognition
Isis is ranked as one of Puerto Rico’s Leading Attorneys in the Tax field by Chambers & Partners. She is also ranked as one of Puerto Rico’s Leading Attorneys in the Tax field by Legal 500 and in the Tax field of The Best Lawyers in Puerto Rico guide.
Isis was named a Highly Regarded Tax attorney and selected as Women in Tax Leader by ITR World Tax, the most comprehensive guide to the world's leading tax firms.
Community Involvement
Isis is a valued and active contributor of McV’s Pro Bono Program, demonstrating a strong commitment to service and social impact.
She has served as Chairman of the Board of Directors of Adopta Ahora Inc. and as member of the Board of Directors of various manufacturing corporations.
Isis is member of the Columbia University Alumni Association of Puerto Rico, member and past President of the Princeton University Alumni Association of Puerto Rico and has served as Chairperson of Princeton University’s Schools Committee in Puerto Rico, and as a member of Princeton University’s National Schools Committee.
News & Publications
Publications
Contact
Leadership Roles
- Chair, Tax Practice Group
- Leader, Act 60 Practice Team
- Leader, Tax Exemption Practice Team
- Member, Practice Management Committee
- Member, Business Development Committee
