Read our insights

Digitization is allowing tax authorities in Puerto Rico to collect tax data in real time or near real time, and use the information to respond quickly and in targeted ways to perceived compliance risks.

The Disaster Tax Relief and Airport and Airway Extension Act of 2017 (the “Act”) allows relief measures for zones and areas that were affected by Hurricanes Harvey, Irma and Maria. Of particular interest was the concession of a business tax credit to employers for employee retention on disaster areas under the U.S. Internal Revenue Code of 1986, as amended (the “IRC”).

On April 27, 2018, The Puerto Rico Department of Labor and Human Resources informed the intention to adopt a new regulation for the administration of the unemployment insurance program.

In recent years, the world has seen exponential growth in the amount of data being captured, processed and stored by organizations, mirrored by a relative reduction in the cost of data storage itself. As a result, the timely, accurate analysis and appropriate management of these vast amounts of data (‘big data’) is where organizations can recognize real business value.

The Puerto Rico Treasury Department (the “PRTD”) issued Internal Revenue Circular Letter No. 18-06 to establish the terms and conditions for the procurement and issuance of Payment Plans for the 2017 Income Tax Return.

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.