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November 4, 2021
Puerto Rico’s Treasury Department announces new monthly return for consolidated sales and use tax and tax on imports effective for the month of October and subsequent periods
In Informative Bulletin (IB) 21-08, the Puerto Rico Treasury Department (PRTD) announced the release of new Form AS 2915.1, “Sales and Use Tax and Tax on Imports Monthly Return” (New SUT Monthly Return), which replaces both Form AS 2915.1D, “Tax on Imports on Monthly Return,” and Form AS 2915.1, “Sales and Use Tax Monthly Return.” Therefore, for the return corresponding to October 2021, merchants must file the New SUT Monthly Return on or before 22 November 2021.
Merchants must file the New SUT Monthly Return electronically through the Internal Revenue Integrated System (SURI).
The PRTD also indicates that merchants “must restore the portion of the bond being used in the Declarations of Imports (Form AS 2970.1)” to complete the filing of the New SUT Monthly Return. Any additional payment that may be reflected in the New SUT Monthly Return, not related to the restoration of the bond, must be paid through SURI as part of the monthly filing on or before the due date, to avoid the imposition of any applicable surcharges, penalties and interests.
Additionally, merchants that claim the credit for sales of merchant’s property or the bad debts credit should retain all supporting evidence for the credits. The PRTD may request that evidence before granting the credits.
Act 173 – 2020 moved the due date for the monthly use tax on imports to the 20th of the following month. As such, starting with the filing for the month of October 2021, both the use tax on imports and the sales tax obligation are due on the same date, calculated and paid using one single monthly return—the New Monthly SUT Return.
According to IB 21-08, the changes made to the return reflect the PRTD’s intention to simplify the filing process for merchants.
Bonded merchants should consider completing the filing of the New SUT Monthly Return early in the month in case additional action is required for the first filing related to the use tax on imports. The expectation is that SURI will automatically require the payment of any amount needed to restore the bond balance. Once this is satisfied, the system should allow the merchant to continue with the process of filing and paying any additional SUT that corresponds to the month.
For additional information with respect to this Alert, please contact the following:
Ernst & Young Puerto Rico LLC, State and Local Taxation Group, San Juan