Puerto Rico Enacts 2015 Amnesty Program

Puerto Rico has enacted a tax amnesty program, effective March 30, 2015 and ending June 30, 2015. The amnesty program applies to corporate and personal income taxes (excluding taxable years beginning after December 31, 2013), estate and gift taxes, sales and use taxes (for taxable periods ended before July 1, 2014), and excise taxes. The program allows certain taxpayers that duly filed declarations or returns to elect to pay, on or before June 30, 2015, the principal balance on tax liabilities already assessed, or awaiting assessment as of December 31, 2014 and to have the interest and penalties waived on the overdue amounts. (Act 44 (H.B. 2316), Laws 2015, effective as noted)

Posted on June 23, 2015