-
Financial statements audits
Financial statement audits
-
Compliance audits
Compliance audits
-
Compilations and reviews
Compilations and audit
-
Agreed-upon procedures
Agreed-upon procedures
-
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.
-
International tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
-
Tax compliance
Business Tax
-
Individual taxes
Individual taxes
-
Estate and succession planning
Estate and succession planning
-
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.
-
Sales and use tax and indirect taxes
SUT/ VAT & indirect taxes
-
Tax incentives program
Tax incentives program
-
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
-
Business consulting
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
-
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.
-
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.
-
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.
-
Business risk services
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
-
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.
-
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.
-
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.
-
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.
-
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.
-
Recovery and reorganization
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
Governmental measures due to the landfall of Hurricane Fiona
On September 17, 2022, the Governor of Puerto Rico issued Executive Order 2022-045 declaring a state of emergency due to the threat of the atmospheric event named Fiona.
The afternoon of September 18, 2020, Hurricane Fiona made its landfall in the Southwest coast of Puerto Rico bringing with it 85 mph winds and a large amount of rain. This event caused many rivers to overflow their banks, causing emergencies around the Island.
As a result of these events, the Puerto Rico Department of Treasury (“PRTD”) issued two important publications in relation to the Puerto Rico Sales and Use Tax (“SUT”), which are summarized below:
Administrative Determination 22-06 (AD 22-06)
The PRTD determined to extend until Tuesday, September 27, 2022, the deadline to file the Monthly SUT Return corresponding to August 2022, which was due no later than Tuesday, September 20, 2022. Likewise, the deadline to deposit the sales and use tax which expiration date is September 20, 2022, and which was supposed to accompany the SUT Monthly Return, will be extended.
The PRTD also determined to eliminate the imposition of the penalties provided in Subtitle F of the Puerto Rico Internal Revenue Code (“the Code”)related to the filing and payment of the Monthly SUT Return to any taxpayer who demonstrates that has carried out all the pertinent steps in an exercise of good faith to comply with the provisions of the Code and that submits the required return and payment no later than Tuesday, September 27, 2022.
In the case of the imposition of a late filing or payment penalty, the taxpayer must request its elimination through SURI, along with the filing and payment evidence, and a copy of AD 22-06.
Municipal SUT Returns
COFIM also confirmed that the filing of the municipal SUT returns has been extended according to the date established in AD 22-06. Therefore, the Municipal filings for the month of August 2022 that will be filed through COFIM will be due on September 27, 2022.
Since some of the municipalities have their own filing and payment systems (i.e. San Juan, Guaynabo and Carolina), if you operate in a municipality whose return is not filed through COFIM, we recommend confirming with the finance office the due date of the return for August 2022.
Administrative Determination 22-07 (AD 22-07)
The PRTD determined to temporarily exempt from the state and municipal Sales Tax the Prepared Foods acquired by any natural person located in Puerto Rico (“Temporary Exemption from SUT on Prepared Foods”). The merchant shall report such sales in the Sales and Use Tax and Import Tax Monthly Return (Form SC 2915) in the line “Sale of Exempt Tangible Movable Property” of said form.
The Temporary Exemption of SUT on Prepared Foods will begin at 12:01 a.m. on Thursday, September 22, 2022, and will conclude at 11:59 p.m. on Thursday, October 6, 2022.
The exemption shall not apply to the sale of alcoholic beverages. However, it will be applicable to Prepared Foods that are usually sold with utensils to be eaten or ingested by a natural person in Puerto Rico due to their flavor or nutritional value.
If a merchant, by action or omission, charges a consumer the SUT on a sale of Prepared Foods, the merchant will be obliged to immediately reimburse the amount of SUT charged to the consumer. According to Section 4020.08(c) of the Code, the tax collected that is not refunded to a purchaser but was collected from the purchaser under the representation that it was a tax, constitutes funds of the Government of Puerto Rico from the moment of collection.
Any breach related to the provisions of AD 22-07 may be reported through “SURI Confidencia” on the PRTD website using the link: https://suri.hacienda.pr.gov.
The agency also informed that despite the effects of the atmospheric event they are currently processing the excise tax and SUT declarations of imports for shipments received at the docks. They have a group of employees working remotely assisting with the release authorizations for merchandise and cars imported.
In addition, as of Tuesday, September 20, services will be offered in the satellite offices of the Consumption Tax Bureau as well as in the collector’s office at the port area of Puerto Nuevo.
