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Performance-driven risk management is a key characteristic of some of the world’s most successful companies. Integrated risk management is an essential step in achieving performance-driven risk management.

The Puerto Rico Treasury Department (PRTD) has issued the Informative Bulletin 17-06 announcing changes on informative returns reporting requirements for taxable year 2017.

The FASB has issued a proposed ASU, Leases (Topic 842): Targeted Improvements, to provide entities with an additional transition method when applying ASC 842, Leases, and to provide lessors with a practical expedient when separating non-lease components from lease components under the new leasing guidance.

Income Tax Returns for individuals and corporations are due on or before the 15th day of the fourth month following the close of the entity’s taxable year. For calendar year taxpayers whose tax year ended on December 31, 2016 the corresponding due date this year is April 18, 2017.

On January 9, 2017, Governor Ricardo Rosselló Nevárez’s Administration, through the House of Representatives’s majority delegation, introduced House Bill No. 451 (“Bill 451”) to, among others, amend Section 2101 Puerto Rico Internal Revenue Code of Puerto Rico of 1994 (the “1994 Code”), in order to extend the term of the excise tax on certain tangible property and services.

On January 2, 2017, House Bill No. 3 (“Bill 3”) was filed in the Puerto Rico House of Representatives. The legislative piece aims to promote the retention and return of professionals to Puerto Rico by providing more flexibility and continuing to expand the creation of retirement plans.