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30 September 2021

Puerto Rico’s Treasury Department clarifies guidance on transfer pricing studies and certification required with income tax return

The Puerto Rico Treasury Department (PRTD) has clarified (Administrative Determination (AD) 21-08) prior guidance in AD 21-05 on submitting transfer pricing studies.

In AD 21-05, the PRTD stated that taxpayers had to file Form 6175, "Certification of Compliance with Sections 1033.17(a)(16) and (17) of the Code," within 30 calendar days of a request. AD 21-08 clarifies that the transfer pricing study, not Form 6175, must be submitted to the PRTD within 30 days of a request. The PRTD also clarifies in AD 21-08 that the certification must be signed by the taxpayer; the guidance in the original determination required the signature to be from the same person who signs the return.

For more information on complying with the requirement to submit a transfer pricing study, see EY Global Tax Alert, Puerto Rico issues guidance for complying with the requirement to submit a transfer pricing study, dated 14 May 2021.

Implications

For income tax returns for tax year 2020 and thereafter, the duly completed and executed Form 6175 must be uploaded to SURI at the time of filing the income tax return.

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For additional information with respect to this Alert, please contact the following:

Ernst & Young Puerto Rico LLC, State and Local Taxation Group, San Juan

Document ID: 2021-6009

 
 

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