Newsletter:

Possible Need to Amend Your Tax Grant After Hurricanes’ Impact

06 November 2017

On November 2, 2017, the Office of Industrial Tax Exemption (“OITE”) issued Informative Bulletin 2017-04 (the “Bulletin”) acknowledging that the operations of many Grantees were affected by Hurricane María resulting, in some cases, in non-compliance with conditions of their tax grants.  If you are in that situation, the Bulletin indicates you need to request an amendment to your tax grant.

You need to file a petition for amendment explaining in detail the specific situation that has affected compliance with the grant and must include the requested remedy through a sworn declaration accompanied by the supporting evidence.   Each case will be evaluated in the light of the circumstances of each Grantee.

This mechanism is available to any holder of a tax exemption grant issued by OITE pursuant to Act 126-1966, Act 8-1987, Act 75-1995, Act 135-1997, Act 73-2008, Act 83-2010, Act 20-2012, Act 22-2012, and Act 273-2012.

Our BDO team can help you determine your compliance with the terms and conditions of your tax incentive grant and the need to file the referred petition for amendment. We are here to help you analyze your particular situation and to help you plan accordingly during these extraordinary times.

Please contact any of the members of the BDO team to continue the conversation.