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April 25, 2022
2022-5422

Puerto Rico extends due date for volume of business declarations

Puerto Rico’s Office of Management and Budget (OMB) has extended (Circular Letter 003-2022) the due date for filing the volume of business declarations and extension requests from 25 April 2022 to 2 May 2022. Taxpayers that pay the tax due with the volume of business declaration filing or extension request may apply a 5% discount to the amount due.

Taxpayers that have their extension request granted for the maximum six-month period must file their volume of business declarations on or before 2 November 2022.

For more information on extended due dates, see EY Global Tax Alerts, Puerto Rico's Treasury Department extends due date for certain income tax returns, dated 11 April 2022 and Puerto Rico's Department of State extends due date for filing annual reports and paying annual fees, 12 April 2022.

Implications

The volume of business declaration or extension request is due annually on or before the fifth business day after 15 April. Due to the extension of the income tax return due date until 25 April 2022 (for individuals and calendar year-end taxpayers), the OMB recognized that the due date for filing the volume of business declaration or extension request should be extended to 2 May 2022.

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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

 
 

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