Newsletter:

Tax Events - November 2019

November 01 2019

November 12

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

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

November 15

Second installment of estimated 2019 Personal Property Tax. (Electronic filing through www.crimpr.net online site).

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

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

Employer’s Income Tax Withholding Deposit, monthly depositors, for the month of October (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 October (Form 480.31). (Electronic filing through SURI online site).

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

November 30, 2019

4th Installment

February 28, 2020

3rd Installment

May 31, 2020

2nd Installment

July 31, 2020

1st Installment

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

PR Informative Income Tax Return for Entities (Form 480.20(EC)) with year ended August 31, 2019.

Request 6-month extension to file 2018 PR Informative Income Tax Return for Pass-Through Entities with fiscal year ended August 31, 2019.

PR Corporation income tax return (Form 480.20) and Exempt Business Income Tax Return (Form 480.30(II)) for the year ended July 31, 2019.

Request 6-month extension to file 2018 PR Corporation income tax return and Exempt Business Income Tax Return for Entities with fiscal year ended July 31, 2019.

Exempt Annual Report to be filed with OECI (electronic filing through website) – Individuals and calendar year corporations; only for those who timely requested an Automatic Extension of Time (6 months).

First day within the 30-day time period employers have to make total or partial payment of the applicable Christmas bonus. *

Last day to complete and submit the Claim of the Refundable Tax Credit for Employee Retention after 2017 hurricanes pursuant to the third additional extension and provisions included in Informative Bulletin 19-12. **

November 20

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

Sales and Use Tax Monthly Municipal Return for the month of October (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).

November 30

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

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 corporations with year ended on December 31, 2018 that timely filed their 6-month income tax return extension.           

Supplemental Schedules required pursuant to Act 163 of 2014 for corporations with year ended on June 30, 2019, if Income Tax Return was filed in October.

Supplemental Schedules required pursuant to Act 163 of 2014 for Pass-Through Entities with fiscal year ended on January 31, 2019 that timely filed their 6-month income tax return extension.

Supplemental Schedules required pursuant to Act 163 of 2014 for Pass-Through Entities with year ended on July 31, 2019, if Income Tax Return was filed in October.

Last day to submit claim to PR Department of Labor for total or partial exemption from paying Christmas bonus.

Important Information

* Pursuant to Regulation No. 5281 of September 18, 2017 on the Christmas Bonus Act (Act 154 of June 30, 1969, as amended), the Christmas Bonus must be paid between November 15 and December 15 of each year.

** Informative Bulletin 19-12 provides additional time to those who started the process and could not finish it by July 10, 2019 (pursuant to Informative Bulletin 19-07 discussed in our Tax Events of July 2019). The refundable credits claims must be submitted via the PR Treasury Department’s website at www.hacienda.pr.gov by clicking in the “Hacienda Virtual” icon.