Sign up for tax alert emails    GTNU homepage    Tax newsroom    Email document    Print document    Download document

March 20, 2020
2020-5416

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.

Implications

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

ATTACHMENT

 
 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

Copyright © 2024, Ernst & Young LLP.

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

Any U.S. tax advice contained herein was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.

 

"EY" refers to the global organisation, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.

 

Privacy  |  Cookies  |  BCR  |  Legal  |  Global Code of Conduct