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Newsletter:

Tax Events - November 2020

November 01 2020

November 6

Filing of and payment  for the two extensions available to corporations for the 2019 Corporate Annual Report (annual reports were previously required to be filed in final form by October 31st, but an additional revised deadline was allowed pursuant to Administrative Order 2020-09 as part of an amnesty program).

November 9

2019 PR Personal Property Tax Return (Form AS 29-I) for taxpayers who filed 3-month extension by August 7th, 2020. (Electronic filing through www.crimpr.net online site) (revised deadline pursuant to Administrative Order 2020-14).

November 10

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 16

Second installment of estimated 2020 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 (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 (except years ending May 31st and July 31st, 2021) and Pass-through entities, Partnerships, Special Partnerships and Corporations of Individuals (electronic remittance through SURI online site)*:

FISCAL YEAR

INSTALLMENT

November 30, 2020

4th Installment

February 28, 2021

3rd Installment

May 31, 2021

2nd Installment

July 31, 2021

1st Installment

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

Deposit of 2nd Installment Estimated Income Tax for corporations with fiscal year ending May 31st, 2021 (electronic filing through SURI online site). NEW DUE DATE February 15th and/or April 15th, 2021.*

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, 2020.

PR Corporation income tax return (Form 480.20) for the year ended July 31, 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 July 31, 2020. NEW DUE DATE January 15th, 2021.**

Exempt Annual Report to be filed with OECI (electronic filing through website) – Individuals and calendar year corporations. **

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

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 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.

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

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.

*** 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.