Pursuant to Section 4041.03 of the PR Code, every merchant who is not a withholding agent for sales and use tax (“SUT”) purposes shall send a notice, on or before January 31 of each year, to all Puerto Rico purchasers who acquired merchandised from said...
On December 31, 2018, the PRTD issued Internal Revenue Circular Letter 18-21, to notify the applicable limits to qualified retirement plans for the tax year 2019. For more detail on such limits, please use the following link: [button size='' style='' text='LEARN MORE' icon='' icon_color='' link='http://hacienda.pr.gov/publicaciones/carta-circular-de-rentas-internas-num-18-21-cc-ri-18-21'...
* Certain requirements and conditions apply. Please see below for more information. ** Portal was supposed to be available as of June 1, 2018; however, it is not operational yet. We understand it shall be available in the next following days. Background The Disaster Tax Relief and Airport...
The Treasury Department (the “Department”) issued Administrative Determination No. 18-07 (the “Determination”). The Determination basically discusses two items. First, it extends the automatic extension terms from three to six months. Second, it provides some guidelines to request the waiver of additions to the tax for...
Treasury issued Administrative Determination 18-05 (“Determination”), which provides how individuals will claim any losses suffered as consequence of Hurricane María. The determination is aimed at individual losses not related to a trade or business. In the case of individuals the Puerto Rico Internal Revenue Code of...
On March 1, 2018, the Treasury issued Informative Bulletin 18-08 (“the Bulletin”) with the purpose of extending the due date for the Informative Returns (Declarations) for the 2017 tax year, until March 6, 2018. The extension covers only the Declarations indicated below: Form 480.6A "Informative Return...
On February 12, 2018, the Supreme Court of Puerto Rico published their most recent tax case, Demeter International v. Secretario de Hacienda, 2018 TSPR 21. In summary, the Puerto Rico Department of Treasury (“the Treasury”), notified tax deficiencies to Demeter International Inc. (“the Taxpayer”), for...
The Treasury issued on January 30, 2018, the Internal Revenue Circular Letter No. 18-01 to establish the procedures and documents required to claim the deduction of mortgage interest paid or accumulated by a person other than the mortgage loan debtor or co-debtor. To be eligible...
On January 30, 2018, the Puerto Rico Treasury Department (“Treasury”) issued Internal Revenue Informative Bulletins 18-04, 18-05 and 18-06 to announce the release of the Spanish version of the following 2017 income tax returns with their corresponding instructions and schedules: Form 482.0 – Individual Income...