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Newsletter:

Tax Events - December 2020

December 01 2020

December 10

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) (Electronic filing through SURI online site).

December 15

Deposit of 10% or 6% of income tax withheld from payments made during November for services rendered (Payment Voucher 480.9A) (Electronic filing through SURI online site).

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

Employer’s Income Tax Withholding Deposit, monthly depositors, for the month of November (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 of 29% tax withheld at source on payments to foreign persons in excess of $200 during the month of November (Form 480.31). (Electronic filing through SURI online site).

Deposit of Estimated Income Tax by Corporations (except years ending June 30th and August 31st, 2021) and Pass-through entities, Partnerships, Special Partnerships and Corporations of Individuals (electronic remittance through SURI online site)*:

FISCAL YEAR

INSTALLMENT

December 31, 2020

4th Installment

March 31, 2021

3rd Installment

June 30, 2021

2nd Installment

August 31, 2021

1st Installment

Deposit of 1st Installment Estimated Income Tax for corporations with fiscal year ending August 31st (electronic filing through SURI online site). NEW DUE DATE May 15th and/or August 15th, 2021.*

Deposit of 2nd Installment Estimated Income Tax for corporations with fiscal year ending June 30th, 2021 (electronic filing through SURI online site). NEW DUE DATE March 15th and/or May 15th, 2021.*

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

PR Informative Income Tax Return for Entities (Form 480.20(EC)) with year ended September 30, 2020.

PR Corporation income tax return (Form 480.20) for the year ended August 30, 2020.

Income Tax Returns for Exempt Businesses (Form 480.30(II) series), Non-for-Profit Organizations (Form 480.70 (OE)), and Insurance Companies (Form 480.4 series) for the year ended August 31, 2020. NEW DUE DATE February 15th, 2021.**

December 21

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 (depending on the municipality, electronic filing through Municipal Financing Corporation “COFIM” www.cofim.pr.gov; electronic filing through independent/separate municipality platforms; or paper filing).

December 31

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

Bi-monthly Sales and Use Tax Estimated Payments for those who are regarded as a Large Taxpayers 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).

Supplemental Schedules required pursuant to Act 163 of 2014 for applicable entities which were required to file their PR income tax return by October 15th, 2020 and, if eligible to do so, did not file a request for extension by such deadline.

Important Information

*Pursuant to Administrative Determination 20-10, the first and second estimated tax installments for the year 2020 may be remitted with the third and fourth installments without incurring penalties in response to the COVID-19 pandemic.

** Change in deadline brought forth by Act 40 of April 16, 2020, amending income tax return deadline for certain types of taxpayers, among other amendments.