March 20, 2020
Puerto Rico: Volume of business declarations due date for 2020 - 2021 follows Puerto Rico Treasury Department extension
The Puerto Rico Office of Management and Budget has clarified (Circular Letter (CL) 004-2020) that the due date to submit the 2020 - 2021 volume of business declaration will be 22 May 2020 instead of 22 April 2020. This responds to the COVID-19 pandemic and the 15 April extension granted by the Puerto Rico Treasury Department to 15 May.
Businesses that want to take advantage of the 5% discount must pay the total tax balance due with the filing of the volume of business declaration or extension request on or before 22 May 2020. Taxpayers that request an extension will have a maximum extension of up to six months, until 23 November 2020, to file the volume of business declaration.
The six-month extension of time to file the volume of business declaration is not automatic. Therefore, it is important to confirm the declaration’s extended due date with each of the municipalities.
For additional information with respect to this Alert, please contact the following:
Ernst & Young Puerto Rico LLC, State and Local Taxation Group, San Juan