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Financial statements audits
Financial statement audits
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Compliance audits
Compliance audits
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Compilations and reviews
Compilations and audit
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Agreed-upon procedures
Agreed-upon procedures
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Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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International tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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Tax compliance
Business Tax
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Individual taxes
Individual taxes
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Estate and succession planning
Estate and succession planning
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Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
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Sales and use tax and indirect taxes
SUT/ VAT & indirect taxes
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Tax incentives program
Tax incentives program
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Transfer Pricing Study
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
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Business consulting
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
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Forensic and investigative services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
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Fraud and investigations
The commercial landscape is changing fast. An ever more regulated environment means organizations today must adopt stringent governance and compliance processes. As business has become global, organizations need to adapt to deal with multi-jurisdictional investigations, litigation, and dispute resolution, address the threat of cyber-attack and at the same time protect the organization’s value.
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Dispute resolutions
Our independent experts are experienced in advising on civil and criminal matters involving contract breaches, partnership disputes, auditor negligence, shareholder disputes and company valuations, disputes for corporates, the public sector and individuals. We act in all forms of dispute resolution, including litigation, arbitration, and mediation.
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Business risk services
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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Internal audit
We work with our clients to assess their corporate level risk, identify areas of greatest risk and develop appropriate work plans and audit programs to mitigate these risks.
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Service organization reports
As a service organization, you know how important it is to produce a report for your customers and their auditors that instills confidence and enhances their trust in your services. Grant Thornton Advisory professionals can help you determine which report(s) will satisfy your customers’ needs and provide relevant information to your customers and customers’ auditors that will be a business benefit to you.
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Transaction advisory services
Transactions are significant events in the life of a business – a successful deal that can have a lasting impact on the future shape of the organizations involved. Because the stakes are high for both buyers and sellers, experience, determination and pragmatism are required to bring deals safely through to conclusion.
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Mergers and acquisitions
Globalization and company growth ambitions are driving an increase in M&A activity worldwide as businesses look to establish a footprint in countries beyond their own. Even within their own regions, many businesses feel the pressure to acquire in order to establish a strategic presence in new markets, such as those being created by rapid technological innovation.
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Valuations
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
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Recovery and reorganization
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
Tax Alert
17 Mar 2017Tax season is upon us and thus, the filing and payment of taxes becomes the main topic. Though dreaded by both taxpayers and tax professionals, April 15 merely a road post signaling that the tax season has merely just begun.
Income Taxes
As a general rule, the Income Tax Return for individuals and corporations is due on or before the 15th day of the fourth month following the close of the entity’s taxable year. For calendar year taxpayers - that is, those whose tax year ended on December 31, 2016 - the corresponding due date this year is April 18, 2017.
A three-month extension is allowed for both individuals and corporations. An additional extension is granted to individuals located outside of Puerto Rico whenever appropriate evidence is presented.
In the case of partnerships, special partnerships and corporation of individuals, the corresponding income tax returns are due on the 15th day of the third month following the close of its taxable year. This means that for entities using a calendar year end, taxes will be due on March 15. A three-month extension is also allowed.
For its part, 2017 estimated income tax payments for Corporations and Pass-Thru Entities are due on:
- April 18, 2017
- June 15, 2017
- September 15, 2017, and
- December 15, 2017
In the case of individuals, installments are due on:
- April 18, 2017
- June 15, 2017
- September 15, 2017, and
- January 15, 2018
Property Taxes
Taxpayers that are required to file Personal Property Tax returns must do so no later than May 15, 2017. A three-month extension is available upon request. The extended filing date for this year is August 15, 2017.
Similarly to Income Tax, estimated Personal Property Tax payments are made in four installments:
- August 15, 2017
- November 15, 2017
- February 15, 2018, and
- May 15, 2018
Annual Reports
Corporations must file an annual report on or before April 15. Said report must be filed electronically by an officer of the Corporation or authorized representative, and if the annual volume of business exceeds $3,000,000, must be accompanied by the Corporation’s balance sheet at the close of the preceding fiscal year, audited by a certified public accountant licensed in Puerto Rico who cannot be a stockholder or employee of the corporation.
Each annual report must be accompanied by a $150 fee.
For the Taxable Year 2016, the filing date is April 17, 2017.
If unable to file on the specified date, an extension must be requested which grants additional time until June 16, 2017. Notwithstanding, an additional extension may be requested until July 17, 2017 subject to a $30 fee.
In the case of Limited Liability Companies, the corresponding annual report is known as the Annual Fee and is subject to the same filing fee as the regular corporations. Nonetheless, extensions are not allowed for the filing of Annual Fees.
Volume of Business Declaration (Municipal License Tax)
The municipal license tax annual return or declaration must be filed every year on or before April 15, or within five working days after April 15. The municipal license tax may also be paid in two equal installments, with the first installment payable on or before July 15, while the second installment is due on or before January 15. Nonetheless, if the total municipal license tax is paid by April 15, a 5% discount will be applied.
The Municipality can allow a six-month filing extension, at the taxpayer’s request.
However, the phrase “within five working days” has been subject to diverging interpretations from municipalities causing issues in determining when the actual due date should be. On this regard, it is highly recommended that these returns be filed no later than April 18, 2017 to steer clear of contradicting interpretations and avoid any late filing issues.
Note that the aforementioned returns allow for filing extensions – not payment.
Therefore, the tax responsibility due for each of these must be paid on the initial filing date.