Businesses now have the opportunity to come up to date with their obligation to file their annual reports before the Department of State. Through Administrative Order, Puerto Rico’s Department of State has approved a waiver on the payment of penalties regarding late electronic filing of Corporations Annual Reports. Businesses will have until October 21, 2016,
Read More...It has already been a couple of years since the Municipal Revenue Collections Center (CRIM) imposed compulsory electronic filing of personal property tax returns. However, now, Act 180-2016, establishes electronic filing and payment as a law requirement. Act 180-2016 also authorizes the CRIM to issue electronic legal notifications to property owners in relation to real
Read More...Act Number 249 of December 29, 2015 creates a tax exempt program with respect to the Department of Treasury of Puerto Rico for the benefit of homeowner associations or associations of condominium organized under the laws of Puerto Rico. Homeowners associations that have not yet presented their Applications for Exemption as per Section 1101.01 of
Read More...Administrative Determination Number 15-25 (AD 15-25), issued on December 29, 2015 by the Puerto Rico Treasury Department, states that generally all merchants that are withholding agents of sales and use taxes (i.e., with green merchant certificates) must file Form SC 2915F even if the services rendered are partially or totally exempt from the sales and
Read More...Administrative Determination Number 15-23, issued on October 30, 2015 by the Puerto Rico Treasury Department, establishes that the Monthly Return Applicable to Services Rendered to Other Merchants and Designated Professional Services, Form SC 2915 F, is an additional return that only applies to merchants that render services to other merchants and those that render designated
Read More...Act 20 of January 17, 2012, Act 273 of September 25, 2012 and Act 399 of September 22, 2004 (Export Service Acts) all provide tax incentives to certain eligible businesses that export certain services. Administrative Determination 15-22 issued by the Department of Treasury on October 13, 2015 summarizes the guidelines applicable to shareholders or partners
Read More...Informative Bulletin 15-14 issued on September 28, 2015 notifies that IVU Loto will no longer have regular drawings, special additional drawings nor extraordinary special drawings (drawings). The last special additional drawing and extraordinary special drawing were held on September 5, 2015 and the final regular drawing was held on September 29, 2015. However, merchants will
Read More...Currently merchants who are dedicated to the rendering of legal services and other designated professional services that are regulated by the corresponding Examination Boards at the Department of State (Agronomists, Architects and Landscape Architects, CPA’s, certain Real Estate Professionals, Draftsmen/women, Geologists, Engineers and Land Surveyors) are exempt from collecting sales and use tax on the
Read More...As mentioned in our prior Newsletter of May 29, 2015 as per Act 72 of May 29, 2015 (Act 72), the sales and use tax (SUT) will increase to 11.5% starting July 1, 2015 (10.5% State Portion, 1% Municipal Portion). This increase will apply to articles and services that are currently taxable. Senate Bill 1433,
Read More...Prepayment Window Prepayment options on certain assets, undistributed accumulated amounts of Individual Retirement Accounts, and undistributed accumulated amounts of variable annuity contracts, introduced by Act No. 77-2014 and Act No. 238-2014, were extended until April 30, 2015 by Act No. 44-2015. In addition, Act No. 44-2015 incorporates prepayment options for educational IRAs, dividends distributions and
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