The Puerto Rico Department of Treasury issued guidance providing tax relief for those taxpayers affected by the earthquakes in January 2020.
This tax relief applies with respect to Puerto Rican taxes. The IRS subsequently issued guidance concerning federal tax obligations: TaxNewsFlash
This circular letter postpones the filing deadline for certain returns or declarations and delays the date for payment of certain taxes that are normally due during the month of January 2020. The circular letter also provides that no interest, surcharges or penalties will be imposed if filings and payments are made by the postponed date.
The Puerto Rico Department of Treasury extended the filing or payment dates as follows:
If the second bimonthly SUT pre-payment corresponding to the month of January 2020, and those taxpayers with revenue licenses with a renewal period expiring during the month of January 2020, the deadline established in the Puerto Rico tax law is still applicable—that is, January 31, 2020. The postponement established by the circular letter does not apply to them. The provisions of this circular letter will not apply to the following forms and, therefore, the filing deadlines will be the ones established in the Puerto Rico tax law:
This administrative determination (AD) temporarily exempts individuals from paying sales tax for taxable items acquired in Puerto Rico that are considered prepared foods, carbonated drinks, confectionery products, and sweets (collectively, “prepared foods”).
The Department exempts from state and municipal sales tax (established in sections 4020.01, 4210.01 and 6080.14 of the Puerto Rico tax law) prepared foods purchased by any natural person located in Puerto Rico until January 31, 2020, at 11:59 p.m.
Merchant will report these sales of prepared foods eligible for this exemption from sales tax in their monthly sales and use tax return (Form SC 2915) on the line “Sale of Exempt Tangible Personal Property.”
This exemption does not apply to the sale of alcoholic beverages.
For more information, contact a KPMG tax professional in Puerto Rico:
Carlos A. Molina | +1 (787) 622-5311 | email@example.com
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