Newsletter:

Tax Events - January 2019

December 28 2018

December 31

Last day to make the $5,000 annual donation for Act 22 grant holders approved after July 11, 2017, to a charitable institution located in Puerto Rico and qualified under Section 1101.01(a)(2) of the Puerto Rico Internal Revenue Code or any previous equivalent law.

January 1

Date of assessment for personal and real property located in Puerto Rico for fiscal year 2019-2020.

Second Installment due for 2018-2019 real property tax. Discounts apply for prompt payment where payment for maximum discount needs to be made by January 31st

Volume of Business Tax Declaration (“Patente”) – Second Installment due for 2018-2019 (payment without discount can be made within first 15 days of the month).

January 7

Last day to complete the application (Form 900.24) and pay under the Room Occupancy Tax Incentive Plan pursuant to Act No. 137 of July 10, 2018 and Administrative Bulletin No. AF-18-2019 to the Puerto Rico Tourism Company (“PRTC”).**

January 10

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

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

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

January 15

FICA monthly depositors, for the month of December (Form 941) (electronic filing through EFTPS online site).

Income Tax Withholding Deposit, monthly depositors, for the month of December (Form 499 R-1B) (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 December (Form 480.9). (NEW: electronic filing through SURI online site.)

Deposit of 29% tax withheld at source on payments to foreign persons in excess of $200 during the month of December (Form 480.31). (NEW: electronic filing through SURI online site.)

2017 PR Informative Income Tax Return for Entities (480.20(EC)) with year ended October 31, 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 October 31, 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 September 30, 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 September 30, 2018 (Form SC 2644).

Deposit of 4th Quarter Estimated Income Tax Installment for US and PR Individuals (Payment Voucher 1040-ES for US and 480.E-1 for PR).

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

January 31, 2019

4th Installment

April 30, 2019

3rd Installment

July 31, 2019

2nd Installment

September 30, 2019

1st Installment

January 18

Second Installment of the Annual Payroll to the State Insurance Fund of Puerto Rico 2018-2019 related to the Workmen’s Compensation Insurance Premium (CFSE 693).

January 21

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

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

January 31

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

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

Supplemental Schedules required pursuant to Act 163 of 2014 for Pass-Through Entities with fiscal year ended on March 31, 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 September 30, 2018, if Income Tax Return was filed in December.

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).

PR Gift Tax Return for gifts made during calendar year 2018 in excess of the $10,000 annual exclusion per donee (Form SC 2788 A) (a 3 months automatic extension available and a 6 months automatic extension available if the donor is outside of PR). (NEW: electronic filing through SURI online site.)

Last day to furnish to each employee Copies B and C of the Withholding Statement (W-2 PR) and to file Copy A together with Annual Reconciliation Statement (499R-3). (NEW: electronic filing through SURI online site.)

Request for automatic extension (30 days) to file the Annual Reconciliation Statement (499R-3).

Employer’s Quarterly Return of Income Tax Withheld for the quarter ended December 31, 2018 (Form 499 R-1B).

FICA Quarterly Tax Return (941-PR) and FUTA Tax Return (940-PR) for the quarter ended December 31, 2018.

PR Unemployment and Disability Contribution Report for the quarter ended December 31, 2018 (Form PR-UI-10 and PR-UI-10A) (electronic filing also available).

Annual Informative Return to report Mortgage Interest (Form 480.7A). (NEW: electronic filing through SURI online site.)

Debt discharge informative return (Included in Forms 480.6A and/or 480.6G). (NEW: electronic filing through SURI online site.)

Quarterly Excise Tax Return pursuant to Act 154 from 2010 (Form 480.36Q).

**Important Information

The application can be obtained by accessing the following electronic address:  https://roomtax.prtourism.com and/or via email at roomtaxpr@tourism.pr.gov adding the text INCENTIVES PLAN – Hotelier Number i.e. (INCENTIVES PLAN-xx-xx-xx-xxxx) and the office staff will send the application via email.

The plan provides two alternatives:

  1. Payment in full of the principal amount owed without any additions (interest, surcharges and or penalties); or
  2. Payment Plan – 20% of principal amount owed initial payment and 25% of the accumulated interest, surcharges and or penalties (therefore obtaining a 75% discount on the additions to the principal amount).  The 25% will be included to the principal remaining balance after the initial payment is discounted.

For further advice please refer to the PRTC AB No. AF-18-003.