11 Mar New Annual Informative Declaration for Payments Received on Advertising, Insurance Premiums, Telecommunication, Internet Access and Cable or Satellite Services
n response to a recent court case, the PRTD issued the Internal Revenue Circular Letter 20-17 (“Letter”) to notify the release of the new Form 480.7F – Annual Declaration of Payments Received on Advertising, Insurance Premiums, Telecommunication, Internet Access and Cable or Satellite Services (“Annual Declaration”– to be prepared by the Payee pursuant Section 1063.16 of the PR Code. The Annual Declaration must be provided to the payer by electronic means or by any other method. Payers who do not receive the Annual Declaration may file a complaint with the Fiscal Audit Bureau of the PRTD.
As part of this filing requirement, the Payee will be required to file an Annual Declaration Summary (“Summary”) with all the information from the Annual Declarations. To complete the electronic filing of the Summary, the Payee will need to access its SURI account and complete it through the option “Send a message”.
Please notice that only the Summary is required to be filed electronically. The Annual Declarations shall be prepared and provided to each payor.
Please contact us for additional information or assistance.