Newsletter:

Tax Events - December 2018

November 29 2018

December 10

Deposit of 7% or 3% tax withheld from payments made during November for services rendered (Payment Voucher 480.9A). (NEW: electronic filing through SURI online site.)**

Use Tax on Imports Monthly Returns (Form SC 2915.1 D) for the month of November (electronic filing through SURI online site).

Monthly Excise Tax Return and payment (Form SC 2225). (NEW: electronic filing through SURI online site.)**

December 15

Last day to pay Christmas bonus required by Act 148 (June 30, 1969) as amended.

December 17

FICA monthly depositors, for the month of November (electronic filing through EFTPS online site).

Income Tax Withholding Deposit, monthly depositors, for the month of November. (NEW: electronic filing through SURI online site.)**

Bi-monthly Sales and Use Tax Estimated Payments for those who are regarded as a Large Taxpayer pursuant to PR IRC Section 1010.01(a)(35); and whose average monthly SUT deposited during the previous calendar year exceeded $2,000 (electronic filing through SURI online site).

Deposit of 4% monthly excise tax on foreign entities (Form 480.36).

Deposit tax withheld at source on dividends, partnership profit distributions, interests and 10% penalty on IRA during the month of November (Form 480.9).

Deposit of 29% tax withheld at source on payments to foreign persons in excess of $200 during the month of November (Form 480.31).

2017 PR Informative Income Tax Return for Entities (480.20(EC)) with year ended September 30, 2018.

Request of 6-month (pursuant to Administrative Determination 18-07) extension to file 2017 PR Informative Income Tax Return for Pass-Through Entities with fiscal year ended September 30, 2018. (Form SC 2644).

2017 PR Corporation Income Tax Return (480.20) and Exempt Business Income Tax Return (480.30(II)) for the year ended August 31, 2018.

Request of 6-month (pursuant to Administrative Determination 18-07) extension to file 2017 PR Corporation Income Tax Return and Exempt Business Income Tax Return for Entities with fiscal year ended August 31, 2018. (Form SC 2644).

Deposit of Estimated Income Tax by Corporations and Pass-through entities, Partnerships, Special Partnerships and Corporations of Individuals (voucher 480. E-1):

FISCAL YEAR

INSTALLMENT

December 31, 2018

4th Installment

March 31, 2019

3rd Installment

June 30, 2019

2nd Installment

August 31, 2019

1st Installment

December 20

Sales and Use Tax Monthly Return (Form SC 2915) for the month of November (electronic filing through SURI online site).

Sales and Use Tax Monthly Municipal Return for the month of November (electronic filing through SURI online site).                                                                                                                                                      

December 31

Affirmative Declaration of Transactional Accounts for applicable requests or extensions of credits approved by the financial business during the month of November.

Supplemental Schedules required pursuant to Act 163 of 2014 for corporations with year ended on January 31, 2018 with six-month extension, pursuant to Administrative Determination 18-07.

Supplemental Schedules required pursuant to Act 163 of 2014 for corporations with year ended on July 31, 2018, if Income Tax Return was filed in November.

Supplemental Schedules required pursuant to Act 163 of 2014 for Pass-Through Entities with fiscal year ended on February 28, 2018 with six-month extension, pursuant to Administrative Determination 18-07.

Supplemental Schedules required pursuant to Act 163 of 2014 for Pass-Through Entities with fiscal year ended on August 31, 2018, if Income Tax Return was filed in November.

Bi-monthly Sales and Use Tax Estimated Payments for those who are regarded as a Large Taxpayer pursuant to PR IRC Section 1010.01(a)(35); and whose average monthly SUT deposited during the previous calendar year exceeded $2,000 (electronic filing through SURI online site).

Submit application for the Refundable Tax Credit for Employee Retention after the 2017 hurricanes. See July 2018 BDO Tax Alert for information.

**Important Information

Effective on December 10th SURI will integrate other tax service types to the platform and change to the ACH Debit payment mechanism.

Taxpayers must ensure that, when making payments through SURI, the locking feature or protection of the bank account for unauthorized electronic collections is updated in order to confirm with the bank that the ACH Debit payments are processed and correctly applied by using the correct "Company ID" for each type of tax payment.

For example, the tax on sales and use will be #7660348572 = Hacienda IVU while Other tax paid through SURI will be #0660433481 = Hacienda Tax which currently represent payments for: excise tax, licenses issued by the PR Department of Treasury, income tax withholding at source for informative returns (Forms 480’s and W-2PR), and estate and gift taxes.

If taxpayers don’t perform these procedures, the bank may reject the payment and the PR Treasury Department may initiate collection procedures for the amount owed, including penalties and interest.