Puerto Rico extends 2023 annual report deadline again
Puerto Rico’s Department of State (DOS) released Administrative Order No. 2024-03, on 15 October 2024, granting an extension for submitting 2023 annual reports, including audited financial statements, until 16 December 2024. This extension applies
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Puerto Rico consults implementation of Pillar Two GloBE rules
Puerto Rico's Department of the Treasury has initiated a Public Consultation on the Implementation of the Pillar Two GloBE Rules in Puerto Rico, set to conclude on 10 October 2024. Pillar Two ensures that particular taxpayers are subject to a
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Puerto Rico extends deadline for 2023 financial statements filing, property tax filing
Puerto Rico’s Department of State announced on 12 August 2024, that it extended the deadline for filing the 2023 annual report with audited financial statements to those corporations or legal entities that accepted the second extension to
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Puerto Rico: Nonprofit releases report on Pillar Two global minimum tax
Puerto Rican organisation Espacios Abiertos (Open Spaces) has released a report that quantifies and analyses the effect of the 15% global minimum tax (GMT) and the opportunities and risks that it represents for Puerto Rico. The study also discusses
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Puerto Rico unveils new tax return for exempt businesses
Puerto Rico's Treasury Department released a new income tax return for businesses that earn income under various tax exemption incentive decrees. Previously, different tax return forms were needed depending on specific tax exemptions, which included
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Puerto Rico: Governor proposes tax relief for individuals and corporations
On 6 February 2023, Mr. Pedro Pierluisi, Governor of Puerto Rico unveiled a set of proposals aimed at enhancing and streamlining Puerto Rico's tax system. The proposals include reducing the tax burden for individuals and corporations by over $500
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Puerto Rico extends tax returns and payment deadline due to Hurricane Fiona
On 27 September 2022, the Puerto Rico Treasury Department (PRTD) issued Administrative Determination No. 22-08 extending the due date for income tax returns and tax payments due to Hurricane Fiona. The PRTD extends the tax returns deadline until
See MorePuerto Rico extends tax returns and payments deadlines for the tax year 2021
On 8 April 2022, the Puerto Rico Treasury Department (PRTD) issued Administrative Determination No. 22-03 extending the due date for income tax returns and tax payments for the tax year 2021. The PRTD determines to postpone the deadline to file
See MorePuerto Rico: Treasury Department clarifies guidance on transfer pricing studies
On 20 September 2021, the Puerto Rico Treasury Department (PRTD) has issued Administrative Determination (AD) No. 21-08, which amends AD No. 21-05 of 11 May 2021. The AD 21-08 clarifies guidance on submitting transfer pricing studies (TPS). AD
See MorePuerto Rico extends the due date for filing annual corporate reports for 2020
On 20 September 2021, the Puerto Rico Department of State has issued Administrative Order 2021-05, extending the due date to 22 November 2021 for filing annual corporate reports for 2020 due to the ongoing Covid-19 pandemic. Previously, taxpayers
See MorePuerto Rico extends tax returns and payments deadlines due to COVID-19 outbreak
On 23 March 2021, the Puerto Rico Treasury Department (PRTD) has issued Administrative Determination No. 21-04 extending the due date for income tax returns and tax payments due to the ongoing COVID-19 pandemic. As a general rule, individuals,
See MoreUS: IRS announces tax relief for tropical storm ‘Isaias’ victims in Puerto Rico
On 10 September 2020, the Internal Revenue Service (IRS) has announced tax relief for tropical storm ‘Isaias’ victims in Puerto Rico. IRS states that tax returns and makes tax payments for individual and business has been extended until 30
See MorePuerto Rico extends certain filing and payment due dates due to ‘Isaias’
On 3 August 2020, the Puerto Rico Treasury Department has published Administrative Determination No. 20-20 of 31 July 2020 postponing all filing and payment deadlines until 7 August 2020 that were due 31 July 2020 due dates due
See MorePuerto Rico: Governor signs additional economic relief package for COVID-19
On 14 June 2020, the Puerto Rican Office of the Governor has signed Law 57-2020 "Complementary Law to Address the Effects of the Puerto Rican Economy Caused by the COVID-19 Emergency". The new legislation includes the following main tax
See MorePuerto Rico extends sales tax exemption in response to COVID-19 pandemic
On 2 June 2020, the Puerto Rico Treasury Department has announced a new period of exemption from payment of sales and use tax in response to COVI-19 pandemic. Through Administrative Determination 20-16, the Treasury Department extends the sales
See MorePuerto Rico: Governor signs amendments to the Tax Reform
On 19 April 2020, the Puerto Rican Office of the Governor has announced that Governor Wanda Vázquez Garced has signed tax reform bill for individuals and businesses. The bill includes the following tax measure: an additional reduction of 3% on
See MorePuerto Rico: Additional tax filing deadlines due to COVID-19 outbreak
On 24 March 2020, Puerto Rico Treasury Department (PRTD) Administrative Determination No. 20-09 (AD 20-09) and Administrative Determination No. 20-10 (AD 20-10) extending the filing dates for tax returns and for tax payments due to the
See MorePuerto Rico extends tax filing deadlines due to COVID-19 outbreak
On 15 March 2020, Governor of Puerto Rico has issued Executive Order No OE-2020-023 ordering a lockdown in Puerto Rico. Pursuant to, Puerto Rico Treasury Department (PRTD) extended tax filing deadlines. PRTD has extended the due date for income
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