During the past few weeks the Puerto Rico Treasury Department has issued new guidelines on due dates after the passage of hurricane María.
Administrative Determination 17-15
- those merchants with monthly sales tax deposits for the prior year in excess of $2,000 will not have to make the semi-monthly sales tax deposits from the tax period that began on September 1, 2017 until the tax period ending on November 30, 2017
- commencing on December 1, 2017, these merchants should start computing again the semi-monthly tax deposits
- does not apply to large taxpayers
Administrative Determination 17-17
- the Sales and Use Tax exemption on the acquisition of prepared food has been postponed indefinitely
Informative Bulletin 17-21
- for taxpayers that are not considered large taxpayers, any return, declaration, payment or deposit whose expiration date, including
- extensions, ranges between September 19, 2017 and October 20, 2017, is postponed for a period of 20 calendars days
- any return, payment or declaration whose original due date was postponed by Circular Letter 17-13, Informative Bulletin 17-17 or 17-18, is automatically postponed for 20 calendar days
- in the case of large taxpayers, certain exemptions for SURI and excise taxes apply
Informative Bulletin 17-22
- no penalties, fines, interest or surcharges will be charged to those taxpayers that comply with the deadlines established in the Informative Bulletin 17-21
In addition, the Internal Revenue Service provided affected taxpayers until January 31, 2018, to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporations returns, trust returns; estate and gifts returns, among others). This relief also includes the filing of Form 5500 series returns that were required to be filed on or after September 17, 2017 and before January 31, 2018.
At Kevane Grant Thornton we are ready to support you and Puerto Rico in recovering. Please contact us should additional information or assistance is required in complying with the new due dates.